Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

以收入多元化与极致效率重塑AI公司成长范式。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早知道消息， MiniMax Group Inc. （ 稀宇科技， 以下简称 "MiniMax" ）日前已通过港 交所聆讯并于 12 月 21 日披露通过聆讯后的资料集， 中金公司和瑞银集团 担任联席保荐人。 这意味着，这家成立于 2022 年 " 年轻极致的 AI 公司 " 有望成为从成立到 IPO 历时最短的 AI 公 司 —— 根据招股书披露， MiniMax 员工平均年龄仅为 29 岁，董事会平均年龄仅为 32 岁。 要知道，在 AI 这个领域，年轻不仅意味着精力，更意味着对原生 AI （ AI-native ）逻辑的本能理 解。这种极致的年轻化，使得 MiniMax 在组织效率上展现出一种 " 硅谷式 " 的灵动，同时将使其 成为 " 最具活力的 AI 标的 " 。 在视频生成方面， MiniMax2024 年 8 月发布的 Video-01 模型及海螺 AI 产品已达到当时业界顶尖 水平； 2025 年 6 月推出的升级版 Hailuo-02 ，在权威 ...

Core Viewpoint - The article highlights the recognition of Yu Hao, the founder and CEO of Chasing Technology, as a leading figure in the high-end technology sector, emphasizing his commitment to global market expansion and technological innovation that benefits the public [2][4]. Group 1: Company Overview - Chasing Technology, founded in 2017, has rapidly established itself as a global high-end technology brand, offering a diverse range of products including high-end smart home appliances, smart cars, and personal care devices [5]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship for Chinese technological innovation on the global stage [4][11]. Group 2: Strategic Focus - From its inception, Chasing Technology has aimed for global market positioning, ensuring that its technology and products meet international standards [7][8]. - The company emphasizes a strategy of high-end branding, focusing on "high-end, technology, and fashion" as core competitive advantages, while adhering to a long-term vision [9][10]. Group 3: Technological Innovation - Yu Hao believes that "core technology is fundamental," and has led the company to invest significantly in research and development, ensuring sustainable technological innovation [13][14]. - Chasing Technology allocates its R&D budget into three equal parts: existing technology iteration, existing technology innovation, and new field innovation, with the latter two being crucial for growth [15]. Group 4: Market Presence and Achievements - The company has successfully penetrated nearly 20 countries, including Germany, France, and Singapore, achieving the number one market share in these regions [11]. - Chasing Technology's products are now available in over 120 countries and regions, with more than 6,000 physical stores worldwide, serving over 30 million households [17]. Group 5: Future Outlook - Yu Hao anticipates a future where global resources, Chinese R&D, local manufacturing, and worldwide consumption converge, aiming to create a high-end technology enterprise that can significantly enhance productivity [19].

Core Viewpoint - The article discusses the launch of the "Huagang" architecture and the Wanka training cluster by Moole Technology, marking a new era of autonomous computing power in the high-end GPU sector, showcased at the first MUSA Developer Conference (MDC 2025) in Beijing [3]. Group 1: Key Achievements - The "Huagang" architecture was unveiled, supporting full precision calculations from FP4 to FP64, with a 50% increase in computing density and a 10-fold improvement in efficiency. Future chips based on this architecture include the "Huashan" chip for AI training and inference, and the "Lushan" chip for high-performance graphics rendering [6][11]. - The "Wanka" intelligent computing cluster was introduced, demonstrating its capability to support trillion-parameter model training, achieving international mainstream levels in several key precision metrics [7]. - A significant breakthrough in inference performance was achieved in collaboration with Silicon-based Flow, with the MTT S5000 single card achieving a Prefill throughput of over 4000 tokens/s and a Decode throughput exceeding 1000 tokens/s, setting a new benchmark for domestic inference performance [7]. - The MTT C256 super node architecture was shared, focusing on high-density hardware architecture aimed at achieving extreme intelligent computing performance [8]. - The AI computing notebook MTT AIBOOK, equipped with the intelligent SoC chip "Changjiang," was officially launched to empower 200,000 developers and learners at "Moore Academy" [9]. Group 2: Technological Innovations - The "Huagang" architecture features significant enhancements in computing performance, energy efficiency, precision support, interconnect capabilities, and graphics technology, with a robust patent barrier of 514 authorized patents as of June 30, 2025 [11]. - The architecture integrates a new asynchronous programming model and supports large-scale intelligent computing clusters with over 100,000 cards through the self-developed MTLink high-speed interconnect technology [11]. - The architecture includes an AI generative rendering framework and enhanced hardware ray tracing acceleration, fully supporting DirectX 12 Ultimate, facilitating a high degree of synergy between graphics rendering and intelligent computing [11]. - Future chip technology routes include the "Huashan" chip, focusing on AI training and inference with stable and efficient computing power for large-scale intelligent computing clusters, and the "Lushan" chip, which significantly enhances graphics performance, including a 64-fold increase in AI computing performance and a 50-fold increase in ray tracing performance [14][16].

据 IPO早知道消息，在 它石智航 日前 举办的 "TA来了，针功夫"技术首秀直播 中， 全球首个实现 自主刺绣的机器人正式亮相 ，以亚毫米级精细化操作能力让科技与创新完成耦合。 全球首个在机器人领域突破线束制造难题的企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 当指尖刺绣的 "针功夫"，拥有了迁移至工业场景的"真实力"，它石通过破局柔性精细制造，攻克了 线束这一工业自动化界的 "哥德巴赫猜想" 。这不只是单一场景的成功，更为具身智能 Scaling Law 的产业化落地，提供了可验证、可复制的工业级实践样本。 跨场景技术跃迁的背后，是它石对技术价值的核心坚守：致力于打造可信赖的 AI机器人解决方案 （Build Trusted AI Robotics Solution）， 正如创始人兼 CEO陈亦伦博士在直播中分享的："一 切技术的终极检验标准是：能否打造真正可靠、高效、可大规模部署的「有用」机器人。" 直播现场，它石展示了全球首个完成手工刺绣的机器人，复杂、精密的刺绣流程通过对针的精细控 制，完成了流畅的拉线、下针、穿刺动作，最终绣出的 "它石智航"Lo ...

据 IPO 早知道消息，红杉中国于 12 月 19 日宣布将收购全球新锐时尚领导品牌 Golden Goose 集团（ Golden Goose Group S.p.A. ）的控股股权，淡马锡及其全资持有的资产管理公司淡明资 本旗下基金将作为少数股东共同参投。 原股东 Permira 仍将保留少数股权，继续支持集团未来发 展。此轮投资后，红杉中国将帮助 Golden Goose 继续传承意大利匠心品牌基因，并且进一步加速 其全球扩张。 Golden Goose 是一家融合奢华格调、生活美学与运动风格的全球新锐时尚品牌。自 2020 年以 来，集团营收从 2.66 亿欧元增长至 2024 财年的 6.55 亿欧元，业绩持续盈利，且维持稳健、强 劲的增长势头。近年来， Golden Goose 大力推进直营零售（ DTC ）渠道布局，推出 Forward Store 概念店，丰富产品矩阵，并在共创（ Co-Creation ）体验项目上持续投入，与全球消费者建 立更深的情感联结。 2019 年以来， Golden Goose 全球直营门店数量从 97 家增长至 227 家， 且 2025 年的前 9 个月，得益于 ...

2024、2025年全球前十大新股融资规模 中国"十五五"规划提及的重点发展行业将更有利于A股上市。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据IPO早知道消息，12月18日，德勤中国资本市场服务部发布了《中国内地及香港IPO市场2025年 回顾与2026年前景展望》。 报告显示，受惠于8只超大型新股上市，且其中4只项目位列2025年全球十大新股之列，香港交易所 将以2025年新股融资总额位居榜首，纳斯达克位列第二，印度国家证券交易所超越纽交所跻身三 甲，上交所和深交所则排名第五和第八。预计2025年全球十大新股融资总额将较2024年增长 12%。 2025年 IPO融资额 前五大交易所（来源：德勤） | | | 2025年 | | | | 2024年 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 排名 | 公司 | 证券交易所 | 融资额 ( 亿港元) | 排名 | 公司 | 证券交易所 | 融资额 ( 亿港元 | | 1 | Medline Inc. | 纳斯达克 | 488 | 1 | Lineage ...

Core Viewpoint - Beijing Zhiyu Huazhang Technology Co., Ltd. (referred to as "Zhiyu") is poised to become the "global first stock of large models" after passing the Hong Kong Stock Exchange hearing, positioning itself as a significant competitor to OpenAI in the AGI space [2][4]. Group 1: Company Overview - Zhiyu, established in 2019, is recognized as China's largest independent large model vendor, achieving revenue growth from 0.57 million yuan in 2022 to 3.12 million yuan in 2024, with a compound annual growth rate (CAGR) of 130% [4]. - The company has completed eight rounds of financing, raising over 8.3 billion yuan from various investors, including major tech firms and venture capital [4][10]. - Zhiyu's models are utilized by nine out of the top ten internet companies in China, indicating strong market penetration [11]. Group 2: Product Development and Innovation - Zhiyu has pioneered several significant advancements in large model technology, including the first hundred billion model and the first open-source thousand billion model, establishing a comprehensive model portfolio [6][8]. - The flagship model GLM-4.5 was released in July 2025, achieving top rankings in various industry benchmarks, including being the third globally and first in China [6][7]. - The upgraded model GLM-4.6 was released in September 2025, achieving a historic milestone by ranking first in global coding competitions alongside models from OpenAI and Anthropic [7]. Group 3: Business Model and Revenue Growth - Zhiyu has established a robust business model with a focus on Model as a Service (MaaS), which has led to a doubling of revenue for three consecutive years while maintaining a gross margin above 50% [9][10]. - The MaaS platform has over 2.7 million enterprise and application developers, making it one of the most active large model API platforms in China [10][11]. - The company has seen significant adoption of its models in international markets, with notable clients in North America and Europe, further enhancing its revenue streams [11]. Group 4: Market Potential and Future Outlook - The Chinese large language model market is projected to grow from 5.3 billion yuan in 2024 to 101.1 billion yuan by 2030, with institutional clients being the primary growth driver [14]. - Following its anticipated IPO, Zhiyu is expected to leverage its leading position in revenue and paid traffic to further expand its influence in the global AGI industry [14].

Core Viewpoint - Shanghai TianShu ZhiXin Semiconductor Co., Ltd. is the first domestic company to achieve mass production of general-purpose GPU chips, focusing on continuous R&D investment and technological breakthroughs to establish core competitive barriers [1][2]. Product Development - TianShu ZhiXin has launched two major product series, "TianGai" and "ZhiKai," creating a complete general-purpose computing power system that meets diverse computing needs from AI model training to cloud and edge inference [2]. - The "TianGai Gen1," released in 2021, is China's first mass-produced general-purpose GPU, utilizing a 7nm advanced process, breaking the long-standing foreign monopoly and achieving mass production and commercialization in September 2021 [2]. - The "TianGai Gen2" is set for mass production in Q4 2023, with "TianGai Gen3" expected to be officially released in Q3 2024 and mass-produced by Q1 2026 [2]. - The "ZhiKai" series, optimized for AI inference, includes "ZhiKai Gen1" and "ZhiKai Gen1X," which were released in December 2022 and achieved mass production by February 2023 [2]. Market Performance - From 2022 to 2024, the number of customers for TianShu ZhiXin increased from 22 to 181, with over 290 clients served by June 30, 2025, across various sectors including cloud computing, AI model development, and healthcare [3]. - The shipment volume of general-purpose GPU products rose from 0.78 million units in 2022 to 1.68 million units in 2024, with 1.57 million units shipped in the first half of this year, indicating strong market recognition [3]. Financial Data - TianShu ZhiXin's revenue from 2022 to 2024 was 189 million yuan, 289 million yuan, and 540 million yuan, respectively, reflecting a compound annual growth rate of 68.8%. The revenue for the first half of this year was 324 million yuan, a year-on-year increase of 64.2% [4]. - The company has received support from various well-known institutions and local state-owned assets, indicating strong backing for its growth [4]. - The net proceeds from the IPO will primarily be used for R&D, sales and marketing, and general corporate purposes [4].

Core Viewpoint - The successful IPO of Xidi Zhijia marks a significant milestone for Lenovo Star, which has now achieved a total of 10 IPOs, showcasing the gradual realization of early-stage technology investments [2][6]. Group 1: Company Overview - Xidi Zhijia officially listed on the Hong Kong Stock Exchange on December 19, 2025, under the stock code "3881," becoming the first publicly traded company in Hong Kong focused on intelligent driving for commercial vehicles [2]. - As of the report, Xidi Zhijia's market capitalization exceeds 10 billion HKD [3]. Group 2: Investment History - Lenovo Star was an early investor in Xidi Zhijia, investing 4 million USD in February 2018 during the angel round, followed by an additional investment of 30 million RMB in August 2021, recognizing the company's growth potential [4]. - Over the past eight years, Xidi Zhijia has evolved into the "first stock of intelligent driving for commercial vehicles" in Hong Kong, following a successful investment strategy by Lenovo Star [5]. Group 3: Investment Strategy and Focus - Lenovo Star has focused on artificial intelligence since 2010, expanding its investments across various sectors, including autonomous driving, with nearly 20 companies in related fields and an overall investment scale reaching several hundred million RMB [5]. - The firm has identified autonomous driving as a key investment area since 2014, leading to significant returns from its investments in advanced driving assistance systems and related technologies [5]. Group 4: Future Outlook - Lenovo Star plans to continue supporting high-quality entrepreneurs and projects in cutting-edge fields, including embodied intelligence and AI in healthcare, as it enters a new phase of investment returns [6][7].