国产算力“芯”力量登陆港股

Core Insights - Tian Shu Zhixin Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 8, 2026, with an opening price increase of 31.54%, achieving a market capitalization exceeding HKD 40 billion, marking a significant transition from industry development to capital advancement [1] - The IPO raised HKD 3.7 billion, with a total issuance of 25.43 million shares, where the Hong Kong public offering accounted for 10% and was oversubscribed by approximately 414.24 times, while the international offering accounted for 90% and was oversubscribed by 10.68 times [1] - The company is positioned as a key player in the domestic high-end chip industry, filling a critical gap in high-performance computing supply and contributing to China's transition from a "big computing power country" to a "strong computing power country" [1] Company Performance - Tian Shu Zhixin is the first general-purpose GPU enterprise in China and the first to achieve mass production of both training and inference GPUs, adhering to a full-stack self-research strategy [1] - The company has developed a comprehensive product matrix covering the "Tian Gai" training series and "Zhi Kai" inference series, addressing core application scenarios such as cloud training and edge inference [1] - Revenue growth from 2022 to 2024 is projected to rise from CNY 189 million to CNY 540 million, with a compound annual growth rate of 68.8%, and the first half of 2025 saw revenue of CNY 324 million, a year-on-year increase of 64.2% [2] Market Dynamics - The domestic general-purpose GPU market is undergoing structural transformation, with market share increasing from 8.3% in 2022 to 17.4% in 2024, and is expected to exceed 50% by 2029 [2] - Tian Shu Zhixin aims to leverage its listing to enhance its role in driving industry innovation and providing core computing power support for AI transformation across various sectors [2]