TENCENT(HK:00700) Bei Jing Shang Bao·2026-02-02 14:03Core Viewpoint - The IPO application of Suiyuan Technology has been accepted, coinciding with Tencent's launch of its AI assistant "Yuanbao" and its new business initiatives, which may create new opportunities for Suiyuan's operations in the AI chip market [1] Group 1: Company Overview - Suiyuan Technology plans to publicly issue between 43.0352 million and 68.35 million shares, aiming to raise 6 billion yuan, focusing on the R&D and industrialization of fifth and sixth-generation AI chips [1] - Tencent holds a 20.26% stake in Suiyuan, making it the largest shareholder, and the two companies have established a long-term capital and business partnership [1][2] - The revenue from Tencent has increased significantly, from 8.53% to 71.84% of Suiyuan's total sales, indicating a deepening business relationship [2] Group 2: Market Environment - The global AI accelerator card market is projected to exceed $119 billion in 2024 and surpass $525 billion by 2028, with China's market expected to grow from 216.4 billion yuan in 2024 to over 1.1 trillion yuan by 2028 [5] - The demand for AI computing power is driven by the explosion of large AI models, with the daily token call volume of leading companies increasing from hundreds of billions to tens of trillions [5] - Suiyuan has developed a complete product system, including five cloud AI chips, and has adapted its software platform to over 400 mainstream models [6] Group 3: Financial Performance - Suiyuan's revenue has shown rapid growth, increasing from approximately 90 million yuan in 2022 to 722 million yuan in 2024, with 540 million yuan reported for the first nine months of 2025 [7] - Despite revenue growth, the company has faced significant net losses, with figures of approximately 1.116 billion yuan, 1.665 billion yuan, and 1.510 billion yuan for 2022, 2023, and 2024 respectively, and a loss of 888 million yuan for the first nine months of 2025 [7] - The company aims to use the funds raised from the IPO to accelerate technology iteration and improve its industry chain layout [7]