中国首家通用GPU天数智芯(09903)登陆港股，开盘大涨31.54%！

Core Viewpoint - The successful IPO of TianShu ZhiXin Semiconductor Co., Ltd. on January 8, 2026, reflects strong market confidence in the domestic general GPU sector, with a significant opening price increase of 31.54% from the issue price [1][3]. Group 1: IPO and Market Response - TianShu ZhiXin raised HKD 36.77 billion through its IPO, with a remarkable oversubscription of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering, indicating robust investor enthusiasm [1]. - The company’s opening price was HKD 190.2, significantly higher than the issue price of HKD 144.6, showcasing market recognition of its core value [1]. Group 2: Technological and Market Positioning - The company has developed a comprehensive ecosystem through self-research in both hardware and software, focusing on core technologies that enable it to meet the surging global AI computing demand [3][4]. - TianShu ZhiXin has established a full-stack capability, including its "TianGai" training series and "ZhiKai" inference series, which cover cloud training, edge inference, and large model deployment [3]. Group 3: Business Model and Financial Performance - The company has attracted 18 cornerstone investors, raising HKD 15.83 billion, which reflects strong validation of its technology and business model from both industry leaders and top financial institutions [6]. - Financial data indicates a strong growth trajectory, with revenue increasing from CNY 189 million in 2022 to CNY 540 million in 2024, representing a compound annual growth rate of 68.8% [7]. Group 4: Market Trends and Future Outlook - The domestic general GPU market share has increased from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, driven by demand, technological breakthroughs, and commercial validation [8]. - The company’s growth trajectory aligns with the structural transformation of the Chinese general GPU market, positioning it to play a crucial role in the AI transformation across various industries [8].