腾讯坐镇，深圳超级IPO来了

Core Viewpoint - Cloud Leopard Intelligence is set to launch an IPO in the A-share market, aiming to become the first domestic DPU (Data Processing Unit) stock, marking a significant milestone for the semiconductor industry in Shenzhen [1][9]. Company Overview - Founded in 2020 by Dr. Xiao Qiyang and industry peers, Cloud Leopard focuses on DPU and solutions for cloud computing and data centers [1][3]. - The company has attracted investments from notable firms such as Tencent, Sequoia China, and IDG Capital, achieving a valuation of 14 billion RMB by November 2025 [1][6]. Market Context - The DPU market is currently valued at approximately 30 billion RMB, with projections suggesting it could reach 100 billion RMB in five years [3]. - The emergence of Cloud Leopard as a DPU leader is seen as a potential turning point for Shenzhen's semiconductor landscape, which has been relatively quiet compared to other regions [9]. Financing History - Cloud Leopard's financing journey began shortly after its establishment, securing seed funding from multiple investors within two months [4]. - The company completed several funding rounds, including a significant A-round in September 2021, where Tencent invested several hundred million RMB [5]. - By 2025, Cloud Leopard had become the first domestic DPU unicorn, with a series of successful funding rounds leading to its current valuation [6]. Industry Trends - The semiconductor IPO wave is gaining momentum, with recent successful listings of companies like Moer Thread and Muxi, indicating a robust market for tech IPOs [7][8]. - The anticipated IPO of Cloud Leopard is expected to contribute positively to the semiconductor ecosystem in Shenzhen and the Greater Bay Area [9].