天数智芯正式登陆港交所：市值超483亿港元，以硬核实力筑牢国产算力壁垒

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (天数智芯) is set to officially list on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "9903", marking a significant milestone for the domestic general GPU industry [2][4]. Group 1: IPO Details - TianShu ZhiXin issued a total of 25,431,800 shares in its IPO, with a subscription rate of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering [2]. - The company raised a total of 3.677 billion HKD through the IPO, with an opening price of 190.2 HKD per share, resulting in a market capitalization exceeding 48.3 billion HKD [4]. Group 2: Strategic Alignment and Product Development - The company has aligned its development path with national strategies, focusing on the general GPU sector, which is crucial for national technological security and industrial competitiveness [4][5]. - TianShu ZhiXin has achieved several milestones, including being the first in China to develop general GPU chips independently, launching its first product, TianYuan Gen 1, in 2021, and achieving mass production of inference GPUs in 2022 [4][6]. Group 3: Market Penetration and Financial Performance - The company's product matrix covers core application scenarios such as cloud training and edge inference, penetrating key industries like finance, healthcare, and education, supporting over 450 AI models [5][6]. - As of June 30, 2025, TianShu ZhiXin has shipped over 52,000 units and expanded its customer base from 22 to 290, achieving significant commercial deployment [8]. - Revenue has grown from 189 million CNY in 2022 to 540 million CNY in 2024, with a compound annual growth rate of 68.8%, and a 64.2% year-on-year increase in the first half of 2025 [8]. Group 4: Future Plans and Industry Impact - Approximately 80% of the funds raised will be allocated to R&D and commercialization of general GPU chips and AI solutions, while 10% will be used for sales and market expansion [8]. - The domestic general GPU market share is projected to rise from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, indicating a structural transformation in the industry [9].