Core Viewpoint - Tian Shu Zhi Xin (9903.HK) officially listed on the Hong Kong Stock Exchange, becoming the second domestic GPU stock in Hong Kong, with an opening price of 190.2 HKD, a 31.54% increase from the issue price of 144.60 HKD, and a total market capitalization of 48.37 billion HKD [1]. Company Overview - Tian Shu Zhi Xin was established in 2015 and is a provider of general-purpose GPU chips and AI computing solutions. It is the first domestic chip design company to achieve mass production of inference and training general-purpose GPU chips and the first to use 7nm process technology to achieve this milestone [2]. Financial Performance - Revenue projections for Tian Shu Zhi Xin from 2022 to 2024 are 189 million CNY, 289 million CNY, and 540 million CNY, respectively, indicating a compound annual growth rate of 68.8%. In the first half of 2025, the company reported revenue of 324 million CNY, accounting for 60% of the total revenue expected for 2024 [3]. - Despite revenue growth, Tian Shu Zhi Xin remains in a loss position, with net losses of 554 million CNY, 817 million CNY, and 892 million CNY from 2022 to 2024. As of the first half of this year, the company recorded a loss of 609 million CNY [3].
“港股国产GPU第二股”天数智芯今日上市，开盘涨超30%