Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (stock code: "9903") has initiated its IPO process, aiming for a listing on the Hong Kong Stock Exchange on January 8, 2026, with an issue price of HKD 144.60 per share and a total fundraising target of approximately HKD 3.7 billion, leading to a market capitalization of HKD 35.44 billion at IPO [1][4]. Group 1: IPO Details - TianShu ZhiXin plans to issue 25,431,800 shares at an IPO price of HKD 144.60, targeting a total fundraising of around HKD 3.7 billion [1]. - The company has secured cornerstone investors including ZTE Corporation (Hong Kong), XN Mountain, Wind Sabre, UBS AM Singapore, and others, with total subscriptions amounting to HKD 1.583 billion [1][2]. Group 2: Financial Performance - For the first half of 2025, TianShu ZhiXin reported revenue of RMB 324.26 million, a significant increase from RMB 197.43 million in the same period the previous year [10]. - The company’s revenue for 2022, 2023, and 2024 was RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million respectively, with corresponding gross profits of RMB 112.41 million, RMB 143.15 million, and RMB 265.08 million [8][10]. - The gross margin for 2022, 2023, and 2024 was 59.4%, 49.5%, and 49.1% respectively, indicating a declining trend in profitability [10]. Group 3: Product Offerings - TianShu ZhiXin has developed a comprehensive product system that includes general-purpose GPU products and AI computing solutions, addressing the full spectrum of AI computing needs [4][5]. - The flagship TianYuan series is designed for AI model training, while the ZhiKai series focuses on inference applications, both contributing to a complete AI computing solution [5][6]. Group 4: Market Strategy - The company employs a flexible market strategy, offering customized products and solutions tailored to the diverse needs of different industry clients [7]. - TianShu ZhiXin's delivery model includes product sales of general-purpose GPU acceleration cards and collaborative solution deployments with clients [7]. Group 5: Investment and Valuation History - TianShu ZhiXin has undergone multiple funding rounds, raising over RMB 3.5 billion in its B round, RMB 8.2 billion in its C round, and over RMB 14 billion in its D round, with pre-IPO valuations reaching RMB 10 billion [13][14]. - The company’s valuation has increased significantly over the years, reflecting strong investor confidence in its technology and growth prospects [13].
天数智芯开启招股：估值超350亿，第四范式与中兴认购，1月8日上市