港股将迎通用GPU稀缺标的，天数智芯完成聆讯，预计1月上市

Core Insights - TianShu ZhiXin is the first company in China to achieve mass production of general-purpose GPUs, set to be listed on the Hong Kong Stock Exchange on January 2026, marking a significant milestone in its development and positioning it as a rare GPU entity in the Hong Kong market with "domestic substitution" and "full ecosystem compatibility" capabilities [2][9]. Business Operations and Core Advantages - TianShu ZhiXin provides general-purpose GPU products and full-stack AI computing solutions across various industries, including general-purpose GPU chips, accelerator cards, and customized AI computing solutions that integrate self-developed hardware and proprietary software stacks [4]. - The company has achieved several breakthroughs in the Chinese chip design sector, being the first to mass-produce inference and training general-purpose GPU chips, and the first Chinese general-purpose GPU design company to utilize advanced 7nm process technology for these milestones [4]. - As of June 30, 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPUs, leading the industry in shipment volume, with a revenue of 189 million yuan, 289 million yuan, and 540 million yuan over the past three years, and a market share of 9.8% in the domestic general-purpose GPU sector, ranking third [4]. Issuance and Fundraising Plans - The company plans to issue no more than 29,246,520 overseas listed ordinary shares and convert 219,670,165 shares held by 68 existing shareholders into overseas listed shares for trading on the Hong Kong Stock Exchange [6]. - The raised funds will primarily be allocated to R&D of products and solutions, including general-purpose GPU chips and accelerator cards, expanding the R&D team for proprietary software stack development, promoting AI computing solutions, sales and marketing over the next five years, and supplementing working capital for general corporate purposes [7]. Listing Progress and Management Team - TianShu ZhiXin is currently in the post-hearing stage and is expected to complete subsequent processes for trading, leveraging its competitive advantage as the first to achieve mass production and full compatibility with mainstream ecosystems [9]. - The management team possesses extensive international operational experience and top-tier technical backgrounds, including the CEO and Chairman, Gai Lujiang, with nearly 20 years in global professional services, and Vice President Sun Yile, who has over 20 years of chip development experience [10][12]. Conclusion - In the increasingly competitive landscape of domestic GPUs, TianShu ZhiXin, while not the most vocal player, has demonstrated its capabilities through the first mass production of both training and inference chips using 7nm technology, proving its ability to convert designs into products and scale shipments [14]. - The upcoming listing positions this technically robust enterprise to translate its full-stack self-research system and ecosystem compatibility into a clear and sustainable commercial path, offering investors a viable option with both technological strength and commercial validation [14].