AlGaAs/GaAs HBTs have been fabricated using SABM (Self-Aligned Base Metal) process technique. The mesa type HBTs were fabricated through following steps: isolation implant, wet etching, metal lift-off, and airbridge interconnection process. The fabricated HBTs with 2umx10um size emitter showed a common emitter current gain of 10 at a collector current density of Jk=100kA/cm$^{2}$, a breakdown volgate BVCEO of 8V, and the ideality factors of base and collector junctions of 1.6 and 1.1, respectively. On-wafer S-Parameter measurement at 0.5~18GHz has been made for the characterization of the common emitter HBTx with a 2umx10um size emitter. The extrapolated current gain cut-off frequency of ft=30GHz and maximum oscillation frequency of fmax=23 GHz were obtained at a collector current density of Jc=70kA/cm$^{2}$. Small signal HBT equivalent circuit was extracted from the S-Parameter data.