又一家国产GPU企业，冲刺港股IPO

Group 1 - The core viewpoint of the news is that the domestic general GPU industry is entering a critical phase of capital empowerment, with several leading companies successfully navigating the capital markets [1][3][9] - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, marking a significant step for the company as a leading provider of general GPU chips and AI computing solutions in China [1][3] - The domestic GPU industry is experiencing a surge in capital market activity, with companies like Moer Thread and Muxi Co., Ltd. successfully listing on the STAR Market, while Wallran Technology and Tensu Zhixin have also passed the listing hearings [3][9] Group 2 - Moer Thread achieved a remarkable 468.8% increase on its first trading day, reaching a market capitalization of 305.5 billion yuan, making it one of the top five companies on the STAR Market [3] - Muxi Co., Ltd. became the second domestic GPU manufacturer to list on the A-share market, with its stock price soaring by 692.95% on its debut [3] - Wallran Technology and Tensu Zhixin are competing to become the first domestic GPU company listed on the Hong Kong Stock Exchange, with Wallran focusing on general-purpose graphics processing units (GPGPU) and maintaining a high R&D investment ratio [5][9] Group 3 - Tensu Zhixin is the first domestic company to achieve mass production of general GPUs for both training and inference, with its product matrix covering all AI computing scenarios [6][9] - The company has seen significant growth in customer base and product shipments, with over 29 industry clients served and cumulative shipments exceeding 52,000 units by mid-2025 [7] - Tensu Zhixin has completed multiple rounds of financing, raising over 1.4 billion yuan and 2.05 billion yuan in its D and D+ rounds, respectively, with a pre-valuation of 12 billion yuan before the D+ round [7] Group 4 - The surge in domestic GPU companies entering the capital market reflects the explosive growth in domestic computing power demand and the urgent need for self-sufficiency [9] - The market for general GPUs is expanding due to the rapid development of core digital economy sectors such as AI, big data, and cloud computing, providing a broad market space for domestic GPU companies [9] - Industry experts believe that the collective listing of domestic GPU companies will accelerate resource integration and technological iteration, pushing the industry from "usable" to "user-friendly" [9] Group 5 - The domestic chip ecosystem is divided into two main routes: one led by companies like Tensu Zhixin and Muxi Co., Ltd. focusing on GPGPU compatibility with NVIDIA's CUDA, and another represented by Huawei's Mindspore aiming to establish a separate ecosystem [10] - Tensu Zhixin aims to strategically position itself in the market by adopting a core philosophy of hardware-software collaborative design to meet the growing demand for general GPUs driven by AI technology [10] - The company is expected to complete its Hong Kong listing by early 2026, potentially alongside Wallran Technology, marking a new chapter for domestic GPU companies in the Hong Kong market [10]