Guan Cha Zhe Wang·2025-12-30 06:36Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is launching an IPO to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) upon listing on the Hong Kong Stock Exchange [1] Group 1: IPO Details - The IPO will issue 25.43 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The company has secured a cornerstone investment team of 18 top investors, including ZTE Corporation (Hong Kong) and UBS AM Singapore, committing to purchase shares worth HKD 1.583 billion [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software, later shifting to general-purpose GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: R&D and Financial Performance - As of June 30, 2025, the R&D team will exceed 480 members, with over one-third having more than 10 years of experience in chip design and general-purpose GPU software development [2] - Revenue for 2022, 2023, and 2024 is projected at RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are expected to increase due to rising R&D, administrative, and sales expenses [4][5] Group 4: Market Position and Competition - The company has launched two product lines: "TianGai" for training and "ZhiKai" optimized for AI inference, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024 [3] - In the AI chip market, the top two players (NVIDIA and Huawei HiSilicon) hold a combined market share of 94.4%, indicating a highly concentrated competitive landscape [5]