With the aim of achieving heterogeneous integration of compound semiconductors with silicon technology, the fabrication of an InP/InGaAs transferred-substrate HBT (TS-HBT) on a Si substrate is reported. A current gain of 70 and a maximum current density of 12.3 mA/µm2 were confirmed in a TS-HBT with a 340-nm-wide emitter. From microwave characteristics of the TS-HBT obtained after de-embedding, a cutoff frequency (fT) of 510 GHz and a 26% reduction of the base-collector capacitance were estimated. However, the observed fT was too high for an HBT with a 150-nm-thick collector. This discrepancy can be explained by the error in de-embedding, because an open pad is observed to have large capacitance and strong frequency dependence due to the conductivity of the Si substrate.