“港股GPU第二股”上市首日，垫底了！

Core Viewpoint - The IPO performance of TianShu ZhiXin, the second domestic GPU company listed in Hong Kong, was underwhelming, with a first-day closing increase of only 8.44%, significantly lower than expectations compared to other recently listed GPU firms [1][8]. Group 1: IPO Performance - TianShu ZhiXin officially listed on the Hong Kong Stock Exchange on January 8, opening at HKD 190.2, a 31.54% increase from the issue price of HKD 144.6, but closing with only an 8.44% gain, resulting in a total market capitalization of HKD 398.77 billion [3][8]. - The company experienced an oversubscription of approximately 414.24 times in the public offering, raising a total of HKD 36.77 billion globally [7]. Group 2: Market Comparison - TianShu ZhiXin's first-day performance starkly contrasts with other domestic GPU companies, such as MoEr Thread and MuXi Co., which saw first-day increases of 425% and 693%, respectively, and BiRan Technology, which had a first-day increase of over 75% [7][8]. - Despite being the first company to achieve mass production of general-purpose GPU chips in China, TianShu ZhiXin's market response was relatively restrained, leading to the lowest increase among its peers on the same listing day [5][8]. Group 3: Financial and Strategic Challenges - TianShu ZhiXin has accumulated losses of nearly HKD 2.9 billion over the past three and a half years, with R&D expenditures consistently exceeding revenue [10][13]. - The company’s reliance on continuous financing is evident, as over 80% of the funds raised from the IPO will be allocated to R&D, indicating a persistent cycle of financing, R&D, and losses [14]. - The competitive landscape for domestic GPUs is intensifying, with other companies like HanGuang and MoEr Thread achieving significant revenue growth and market stability, while TianShu ZhiXin's revenue growth has not translated into substantial market share gains [15][16]. Group 4: Management and Strategic Direction - TianShu ZhiXin's management structure has shifted towards a professional manager-led model, moving away from founder-led leadership, which may impact strategic continuity [16]. - The company faces challenges in establishing a clear commercial path and proving its business model's viability to investors, especially in a market that favors companies with established revenue models [11][12].