不同上市路径背后，是公司基于何种原因做出的战略考量？ 【摘要】据知情人士透露，天数智芯冲刺港股IPO进程加快，有望于春节前登陆港交所，与其同为赛道 龙头的燧原科技也在稳步推进A股IPO进程中。 若能成功进入二级市场，补充资金后，他们又将面临怎样的机遇与挑战？ 以下为正文： 在AI算力需求爆发与国产替代浪潮的双重驱动下，国产AI芯片企业正加速拥抱资本市场。 近期，天数智芯冲刺港股IPO的消息引发市场高度关注，知情人士透露，其可能于春节前上市，同为赛 道龙头的燧原科技也处于A股上市辅导阶段。 两者IPO进程出现分化，背后隐藏着公司在战略以及资本结构等方面的考量，也为国产AI芯片企业提供 了两种差异化的上市路径。 01 天数智芯冲刺港股：政策、技术和资本三重背书 此前据其他媒体报道，天数智芯自2025年8月传出筹备港股IPO的消息后，相关进程快速推进，目前已 进入初步讨论阶段，计划募资3-4亿美元（约23.4-31.2亿港元）。 知情人士进一步透露，天数智芯有望在春节前登录港交所，成为继摩尔线程、沐曦等之后又一家登陆资 本市场的国产GPU企业。 首先，从政策层面看，天数智芯选择港股而非A股，或在于此前申报上市时间点 ...

Core Viewpoint - The domestic GPU manufacturer Tian Shu Zhi Xin Semiconductor Co., Ltd. is considering an initial public offering (IPO) in Hong Kong, potentially raising between $300 million to $400 million [1][2]. Company Overview - Tian Shu Zhi Xin, established in 2015, is a provider of general-purpose GPU chips and computing systems in China, focusing on developing autonomous and internationally leading general-purpose GPU products [5]. - The company's GPU products include the Tian Yai and Zhi Kai series, which are designed for high efficiency, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [6]. Product Development - In December 2020, Tian Shu Zhi Xin successfully launched the "Tian Yai 100 chip," marking the first domestically developed cloud training chip based on a fully self-researched GPU architecture [6]. - In May 2022, the company introduced the Zhi Kai 100 inference chip, becoming the only domestic company to offer a complete solution for both cloud training and inference under GPU architecture [6]. - In November 2023, the Tian Yai 150 training chip supported the Zhiyuan Research Institute in completing heterogeneous mixed training of a large model, establishing the company as the first in China with heterogeneous computing power mixed training capabilities [6]. Market Position and Achievements - Tian Shu Zhi Xin's GPU products have assisted over 100 clients in training more than 500 models across over 20 industries [6]. - The company holds over 270 authorized intellectual property rights and has applied for more than 170 invention patents, receiving numerous accolades such as Shanghai's specialized and innovative enterprises and high-tech enterprises [6]. Financing History - The company has completed multiple rounds of financing, including a multi-hundred million yuan B round in 2019 led by Centurium Capital and Princeville Capital, and a 1.2 billion yuan C round in 2021 led by Yuanbo Capital and Centurium Capital [7]. - In the C+ and C++ rounds in 2022, investors included Financial Street Capital and HOPU Investment, raising over 1 billion yuan [9]. - Hainan Centurium Investment Partnership is the largest shareholder, holding 9.43% of the company, followed by Nanjing Youxun Equity Investment Partnership and Shanghai Xishi Enterprise Management Consulting Partnership with 8.52% and 7.13% respectively [9].