Core Viewpoint - TianShu ZhiXin (09903) has successfully listed its shares, opening with a significant increase of 31.54% on its first trading day, indicating strong market interest and confidence in the company's potential in the GPU and AI solutions sector [1] Company Overview - TianShu ZhiXin is the first general-purpose GPU enterprise in China, offering a range of GPU products and AI computing solutions tailored for various industries [1] - The company’s product lineup includes general-purpose GPU chips, acceleration cards, and customized AI computing solutions, which are compatible with major domestic and international AI ecosystems and deep learning frameworks [1] Financial Performance - The company priced its shares at 144.6 HKD each, issuing a total of 25.43 million shares, resulting in net proceeds of approximately 3.509 billion HKD [1] - As of the latest report, the stock has risen to 190.2 HKD, with a trading volume of 414 million HKD [1] Client Growth and Market Penetration - From 2022 to 2024, the number of clients served by the company increased from 22 to 181, demonstrating significant growth in market adoption [1] - By June 30, 2025, the company is expected to have completed over 900 actual deployments across more than 290 clients, covering sectors such as financial services, healthcare, and transportation [1] Production and Sales Growth - The company’s shipment volume is projected to grow from 7,800 units in 2022 to 16,800 units in 2024, with an expected 15,700 units shipped in the first half of 2025, indicating a doubling of production within three years [1]

Group 1: Company Highlights - Three new stocks are set to be listed in Hong Kong on January 8, with all showing gains in the dark trading session prior to listing [1][2][3] - AI model developer Zhihui (2513.HK) closed at HKD 123.2, up 6.02% from the IPO price of HKD 116.2, indicating a profit of HKD 700 per lot of 100 shares [1] - Zhihui ranks first among independent general model developers in China and second among all general model developers, with a market share of 6.6% according to Frost & Sullivan [1] - Surgical robot company Jingfeng Medical-B (2675.HK) closed at HKD 60.15, a 39.11% increase from the IPO price of HKD 43.24, yielding a profit of HKD 1,691 per lot [2] - Jingfeng Medical focuses on designing, developing, and manufacturing surgical robots, with products in various stages of research and development [2] - General GPU chip and AI computing solution provider Tianshu Zhixin (9903.HK) closed at HKD 198.2, up 37.07% from the IPO price of HKD 144.6, resulting in a profit of HKD 5,360 per lot [2] - Tianshu Zhixin offers a range of general GPU products and AI computing solutions, targeting various industries including cloud computing and AI model development [2] Group 2: Market Performance - Zhihui's trading volume reached 3.5958 million shares, with a total market capitalization of HKD 54.236 billion [1] - Jingfeng Medical's trading volume was 1.7203 million shares, with a total market capitalization of HKD 23.321 billion [3] - Tianshu Zhixin's trading volume was 0.9513 million shares, with a total market capitalization of HKD 50.406 billion [3]

格隆汇1月7日｜中国首家通用GPU企业天数智芯(9903.HK)明日在港挂牌上市，在今日富途的暗盘交易 中，一度涨近50%至216港元；每手100股，不计手续费，一手赚7140港元。 本次IPO，天数智芯发售2543万股，每股发行价144.6港元。 来源：格隆汇APP 天数智芯提供针对不同行业的通用GPU产品及AI算力解决方案。有分析人士称，作为国内通用GPU领 域的头部企业，凭借其在核心技术与生态布局上的多重核心优势，有望借助资本赋能进一步扩大竞争壁 垒，其长期发展极具想象空间。 在国内通用GPU产业发展进程中，天数智芯书写了多个"行业第一"，公司不仅是首家实现推理型通用 GPU芯片量产的企业，亦是首家达成训练型通用GPU芯片量产的企业，更开创性地成为国内首家采用先 进7nm工艺技术达成该等里程碑的企业。这一系列里程碑式成就，不仅彰显了公司深厚的技术积淀，更 奠定了其在国内通用GPU领域的先发优势与行业地位。 ...

"国产GPU四小龙"终于要齐聚资本市场。 继摩尔线程、沐曦股份、壁仞科技先后上市后，上海天数智芯半导体股份有限公司（下称"天数智芯"） 终于也要开启自己的资本首秀。 1月8日，天数智芯将以"9903"为股票代码在港交所挂牌上市。 以每股144.6港元的发行价计算，天数智芯此次募资额约为35亿港元，IPO市值将达354亿港元。 与其他"国产GPU四小龙"相比，天数智芯身上的特色明显。 它是这支队伍中资历最深的"老兵"，却也是行路最难的"探路者"。 成立于2015年的天数智芯，比摩尔线程等"后浪"早出发了近半个周期。但这十年的光景里，它并未享受 到先发者的安稳，反而拿了一份充满戏剧性的剧本：手握"首家实现训练通用GPU芯片量产"等技术的 桂冠，却同时也背负着创始人出走、两次换帅、战略反复摇摆的沉重注脚。 如今，天数智芯已演变为一家由财务投资人与职业经理人共治的企业，股权中不乏有大钲资本、红杉等 知名投资者。 在AI大模型市场的需求刺激下，2024年天数智芯的收入达到5.4亿元，同比增长了超8成。 随着此次登陆港股市场，天数智芯能否继续乘风而上，正受到关注。 摇摆的路线 天数智芯迄今已走过近10年的光景，头顶多个光 ...

Core Viewpoint - The article highlights the successful IPO of Birran Technology, marking it as the first general-purpose GPU company listed on the Hong Kong Stock Exchange, achieving record fundraising and subscription rates, and showcasing the potential of domestic computing power chips in the market [4][21]. Company Overview - Birran Technology went public on January 2, 2026, with a listing price of HKD 19.6 per share, raising HKD 48.55 billion, the largest IPO since the implementation of Hong Kong's Chapter 18C [4]. - The company's market capitalization reached approximately HKD 900 billion (around RMB 808 billion) shortly after its debut, with a stock price increase of over 110% on the opening day [4][21]. Founder Background - Zhang Wen, the founder of Birran, has a diverse background, including a Ph.D. from Harvard and a decade of experience as a lawyer on Wall Street, where he participated in mergers totaling over USD 15 billion [7][9]. - Zhang's transition to entrepreneurship began with his role as CEO of a semiconductor company, leading to the establishment of Birran in 2019, driven by the growing importance of general-purpose GPUs in China [12][18]. Talent Acquisition - Zhang leveraged his network to recruit top GPU talent, including former leaders from Huawei, AMD, and other tech giants, to build a strong R&D team for Birran [14][16]. - The initial investment round in 2019 valued Birran at RMB 1 billion, with significant backing from prominent venture capital firms [16][18]. Funding and Growth - Birran has undergone multiple funding rounds, raising a total of approximately RMB 40 billion by the B round, with a post-investment valuation exceeding RMB 130 billion [20]. - The company faced challenges during the pandemic but successfully launched its first product, the BR106, which generated over RMB 300 million in revenue by 2024 [21][30]. Market Position and Future Plans - Birran aims to develop next-generation GPUs, with the BR20X expected to surpass current domestic performance levels by 2026 [30][32]. - The company has established significant sales agreements with state-owned enterprises and internet companies, indicating a strong market presence [32][33].

上证报中国证券网讯（记者 刘逸鹏）1月2日，壁仞科技登陆港交所，上市首日一度涨超118%。截至10时25分,该股涨幅回落至86.43%，报36.54港元/股。 | 分时 | 五日 | 日K | 周K 月K | | 曲名, | | --- | --- | --- | --- | --- | --- | | 均价:37.371 最新:36.540 16.940 86.43% | | | | | | | 42.880 | | | | 118.78% 卖10 36.720 | | | | | | | 室d | 36.700 | | | | | | 卖8 卖7 | 36.680 36.660 . | | | | | | 卖6 | 36.640 | | | | | | 卖5 | 36.620 | | 19.600- | | | | ミイ | 36.600 2 | | | | | | 출3 | 36.580 | | | | | | 室2 | 36.560 | | | | | | 卖1 | 36.540 | | | | | | 元 | 36.520 | | | | | | 买2 | 36.500 | | | | | | ਜ਼ ...

Core Viewpoint - TianShu ZhiXin is the first Chinese company focused on the research and commercialization of general-purpose GPUs, marking a significant transition from technological catch-up to commercial implementation in the domestic high-performance computing chip sector [3][5]. Group 1: IPO and Fundraising - TianShu ZhiXin initiated its IPO process on December 30, 2023, with plans to issue 25.43 million H-shares at an issue price of HKD 144.60 per share, aiming to raise approximately HKD 3.7 billion [3]. - The company has secured 18 cornerstone investors, who have subscribed to a total of HKD 1.583 billion in new shares, including notable institutions such as ZTE Corporation (Hong Kong) and UBS [3]. Group 2: Product Development and Technology - Since its establishment, TianShu ZhiXin has focused on the general-purpose GPU sector, creating a comprehensive computing service system that includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions [5]. - The company has achieved several breakthroughs in the general-purpose GPU field, launching its first training product, TianGai Gen1, in 2021, and subsequently introducing the inference series, ZhiKai Gen1 and Gen1X, in 2022 [5]. - Research and development expenditures have been significant, with amounts of RMB 456.6 million, RMB 615.9 million, and RMB 772.8 million over the past three years, representing 241.1%, 213.1%, and 143.2% of total revenue for those years, respectively [6]. Group 3: Ecosystem and Commercialization - TianShu ZhiXin has built a user-centered ecosystem that accelerates commercialization, achieving the earliest mass production and large-scale application among domestic general-purpose GPU companies [8]. - The company has expanded its customer base from 22 in 2022 to over 290 by June 30, 2025, serving various sectors including cloud computing, AI model development, and manufacturing [9]. - The revenue has grown from RMB 189.4 million in 2022 to RMB 539.5 million in 2024, with a compound annual growth rate of 68.8%, and a revenue of RMB 324.3 million recorded in the first half of 2025, representing a year-on-year growth of 64.2% [10].

Core Viewpoint - The future of TianShu ZhiXin is positioned as a "hard currency" in the AI era, with potential for generating excess alpha through its leading R&D, integrated hardware and software, and a commercial closed-loop model [2][5]. Company Overview - TianShu ZhiXin has successfully passed the Hong Kong Stock Exchange hearing and is set to begin its IPO process, aiming for a listing on January 8, 2026, filling a gap in the Hong Kong market for general-purpose GPU core assets [3]. - The company is recognized as a benchmark for domestic general-purpose GPU mass production, having overcome critical technological challenges with its pioneering 7nm advanced process technology [3][12]. Financial Metrics - TianShu ZhiXin's market capitalization at the IPO price is estimated at 367.74 billion HKD (approximately 331.27 billion RMB), with a revenue of 540 million RMB last year, resulting in a price-to-sales (PS) ratio of about 61.35 times [3][4]. - In comparison, the PS ratios for newly listed peers, MoEr Thread and MuXi Co., were significantly higher at 644.41 times and 446.89 times, respectively [4]. Market Position and Growth Potential - The company is projected to achieve a market value potentially reaching 100 billion RMB post-IPO, driven by the increasing demand for AI infrastructure and general-purpose GPUs [5]. - The general-purpose GPU market in China is expected to grow from 154.6 billion RMB in 2024 to 715.3 billion RMB by 2029, indicating a 4.6-fold increase [38]. R&D and Innovation - TianShu ZhiXin has invested nearly 2.3 billion RMB in R&D over the past three and a half years, with a significant focus on developing its next-generation products [11][16]. - The company has successfully launched its TianVai and ZhiKai series of GPUs, which support large-scale AI models and have achieved significant performance improvements [13][15]. Business Model and Ecosystem - The company has established a comprehensive ecosystem by integrating hardware and software, ensuring compatibility with various CPU architectures and optimizing its software stack for mainstream AI frameworks [25][27]. - TianShu ZhiXin has served over 290 clients across various sectors, delivering more than 52,000 general-purpose GPU chips and completing over 900 deployments [29]. Financial Performance - The company has demonstrated a compound annual growth rate (CAGR) of 68.8% in revenue from 2022 to 2024, with a revenue of 324 million RMB in the first half of 2025, reflecting a year-on-year growth of 64.2% [30]. - The gross margin for the first half of 2025 improved to 50.1%, indicating a positive trend in profitability [32]. Strategic Vision - The IPO will raise approximately 3.479 billion HKD, aimed at furthering R&D for next-generation products and enhancing collaboration within the industry [41]. - The company is positioned as a key player in the AI infrastructure landscape, contributing to the establishment of a robust domestic GPU ecosystem [19][41].

Core Viewpoint - The company TianShu ZhiXin is set to launch its IPO on the Hong Kong Stock Exchange, marking a significant milestone as China's first general-purpose GPU company to achieve mass production of both training and inference GPUs [2][3]. Group 1: IPO Details - TianShu ZhiXin will begin its IPO subscription on December 30, 2025, and end on January 5, 2026, with plans to list under the stock code "9903" on January 8, 2026 [2]. - The company aims to issue 25.43 million shares at a price of HKD 144.6 per share, targeting a total fundraising amount of approximately HKD 3.7 billion, resulting in a market capitalization of HKD 35.442 billion [2]. - A cornerstone investment team of 18 top investors has been established, with a total subscription amount of HKD 1,583,195,754, including notable firms such as ZTE Corporation (Hong Kong) and UBS AM Singapore [2]. Group 2: Company Overview and Product Offering - TianShu ZhiXin is recognized as the first company in China to achieve mass production of both training and inference general-purpose GPUs, with its "TianGai" training GPU and "ZhiKai" inference GPU series already in large-scale delivery [3]. - As of June 30, 2025, the company's products have been deployed in over 290 clients with more than 900 actual deployments, and the revenue for the first half of 2025 reached CNY 324 million, reflecting a year-on-year growth of 64.2% [3]. - The company emphasizes that the valuation of domestic general-purpose GPU companies is shifting from short-term profit focus to sustainable technology assets and delivery capabilities, driven by national strategies on computing sovereignty [3]. Group 3: Strategic Focus Areas - The company identifies four core breakthrough areas necessary for advancing domestic AI chips: architecture and precision optimization, software ecosystem enhancement, deep scene adaptation, and supply chain and capacity assurance [4][5]. - The focus on architecture includes self-developed general computing architecture to enhance computing density and memory bandwidth [4]. - The software ecosystem aims to unify programming models and optimize operator libraries to shorten model migration cycles [4].

Core Viewpoint - Shanghai Tensu Intelligent Chip Co., Ltd. (Tensu) is launching an IPO in Hong Kong, aiming to raise approximately HKD 3.7 billion with a share price of HKD 144.6, marking a significant step in the domestic general GPU market [1][2] Group 1: IPO Details - The IPO subscription period is from December 30 to January 5, with shares expected to begin trading on January 8 [1] - The offering consists of 25.43 million shares, with 10% allocated for public sale in Hong Kong and the remainder for international placement [1] - The net proceeds will primarily fund R&D for general GPU chips and solutions, with 80% allocated for product development, 10% for sales and marketing, and 10% for operational expenses [1] Group 2: Company Background and Market Position - Tensu is recognized as a leading player in the domestic general GPU sector, with a cumulative shipment of over 52,000 units and a revenue compound annual growth rate (CAGR) of nearly 70% over the past three years [2][4] - The company has established a comprehensive product matrix, including the "Tianhai" training series and "Zhikai" inference series, catering to diverse computational needs across various industries [4][11] - Tensu has achieved significant milestones, being the first in China to mass-produce both inference and training general GPUs, as well as the first to utilize 7nm advanced technology for these products [7][8] Group 3: Financial Performance - Revenue has shown substantial growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million for the first half of 2025, reflecting a year-on-year growth of 64.2% [11][12] - The company maintains a high gross margin, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a rebound to 50.1% in the first half of 2025 [12] Group 4: Market Trends and Opportunities - The domestic general GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with projections indicating a market size of CNY 1,546 billion by 2024 and CNY 7,153 billion by 2029 [14] - The market share of domestic general GPUs is expected to rise from 8.3% in 2022 to over 50% by 2029, highlighting the significant potential for domestic players like Tensu [14][15] - As a pioneer in the industry, Tensu is well-positioned to capitalize on market expansion and domestic substitution opportunities, supported by ongoing capital investment and a focus on next-generation chip development [15]