Ge Long Hui A P P·2025-12-29 23:09Core Viewpoint - The company, TianShu ZhiXin, is planning a global offering of 25.4318 million H-shares at a price of HKD 144.60 per share, aiming to raise approximately HKD 3.4786 billion for product development and market expansion in the AI and GPU sectors [1][4]. Group 1: Company Overview - TianShu ZhiXin provides general GPU products and AI computing solutions, including GPU chips, accelerator cards, and customized AI computing solutions [1]. - The company integrates hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2]. Group 2: Market Context - The rise of AI, particularly large language models, has significantly increased the demand for computing power, making general GPU products essential for supporting complex AI applications [2]. - The company's hardware architecture seamlessly integrates various chips and cluster systems, enhancing scalability from single-node to large-scale deployments [2]. Group 3: Investment Details - The company has entered into cornerstone investment agreements, with cornerstone investors committing to purchase a total of 10.9403 million shares at the offering price [3]. - The estimated net proceeds from the global offering will be approximately HKD 3.4786 billion, with 80% allocated for research and development of products and solutions [4]. Group 4: Fund Allocation - Approximately 50% of the net proceeds will be used for the R&D and commercialization of general GPU chips and accelerator cards over the next five years [4]. - About 25% will be allocated to developing proprietary software stacks by expanding the R&D team, while 5% will focus on AI computing solutions [4]. - The remaining funds will support sales and marketing efforts, operational costs, and general corporate purposes [4].