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].