估值60亿，国产CPU公司被申请破产审查

Core Viewpoint - The news highlights the bankruptcy examination of He Xin Technology, a once-prominent domestic server CPU company, due to financial crises and inability to pay debts, marking a significant downturn in its trajectory from a valuation of 6 billion yuan in 2023 to its current struggles [1][3][4]. Company Overview - He Xin Technology was established in 2014 and was recognized as the only domestic company focused on high-end server CPU development based on the open-source RISC instruction set architecture [3][5]. - The company gained market attention during the domestic "IOE" (IBM, Oracle, EMC) replacement wave, achieving a valuation of 6 billion yuan in 2023, positioning itself as a "quasi-unicorn" [3][5][8]. Financial Crisis - By mid-2024, He Xin Technology faced severe financial issues, including employee salary disputes and the disappearance of key executives, leading to halted operations [3][9]. - Reports indicated that the company had delayed employee salaries for six months, affecting over 500 employees, and had multiple labor dispute cases filed against it [9][11]. Investment and Valuation - The company completed four rounds of financing from 2020 to the end of 2023, attracting state-owned capital from Guangzhou and Suzhou [7][8]. - The latest valuation of 6 billion yuan was based on the successful prototype verification of its second-generation server chip HX-C2000 in November 2023 [8][12]. Market Challenges - The decline of He Xin Technology is attributed to its reliance on the IBM Power architecture, which has become less competitive in the market due to its closed ecosystem and high adaptation costs [17][18]. - Despite the rising demand for domestic chip alternatives, He Xin Technology's lack of commercial viability and inability to innovate has led to its current predicament [18]. Future Prospects - The company announced a shift towards the open-source RISC-V architecture in 2023, but this initiative has not progressed beyond theoretical discussions, lacking substantial R&D investment [18]. - He Xin Technology's financial reports indicated a net loss exceeding 200 million yuan in 2023, with overdue commercial bills in 2024, leaving the company in a precarious position without new financing [18].