上市即赚57亿，“瑞幸操盘手” 黎辉重仓天数智芯，回报率超340%

Core Viewpoint - Tensent Intelligent Chip (天数智芯) successfully listed on the Hong Kong Stock Exchange, achieving a closing price of HKD 156.8 per share, an increase of 8.44%, with a total market capitalization of approximately HKD 40 billion [1]. Group 1: Company Overview - Tensent Intelligent Chip is a major player in the domestic AI chip industry, issuing 25.43 million H-shares at an initial price of HKD 144.6 per share, raising approximately HKD 3.7 billion for R&D and market expansion [1]. - It is the fourth domestic GPU company to go public, following Moer Thread, Muxi Co., and Birran Technology [1]. - Despite being one of the earliest companies to launch general-purpose GPUs, Tensent's price-to-sales ratio is significantly lower at around 56 times compared to its peers [1]. Group 2: Shareholder Structure - The largest shareholder group consists of employee and passive financial investors holding 21.25% of shares, while the largest external shareholder group, led by Dazhong Capital, holds 20.62% [2]. - Dazhong Capital, founded by investor Li Hui, has invested approximately CNY 1.67 billion in Tensent, resulting in a floating profit of over CNY 5.7 billion based on the first-day closing price [3]. Group 3: Management Dynamics - The company has experienced management turbulence, with founder Li Yunpeng resigning in 2021, followed by the appointment and subsequent resignation of CEO Diao Shijing in 2022 [5]. - The current chairman and CEO, Gai Lujian, lacks a GPU background and comes from a financial institution, with operational decisions made by a management committee [6]. Group 4: Product and Financial Performance - Tensent's product lineup includes training and inference GPUs, with significant revenue growth expected from the Tianhuai series, projected to increase from CNY 189 million in 2022 to CNY 370 million in 2024 [7]. - The company has not yet turned a profit, with cumulative losses reaching CNY 2.5 billion over three and a half years, despite raising over CNY 5.6 billion through 10 financing rounds [8].