Core Insights - Hanbo Semiconductor has signed a listing guidance agreement with CITIC Securities, officially aiming for an IPO on the A-share Sci-Tech Innovation Board [1] - The domestic GPU sector is experiencing intense competition, with several companies, including Moore Threads and Muxi, also pursuing IPOs [1] - The current GPU IPO wave is driven by technological maturity, rational capital focus, and an awakening ecosystem, marking a significant shift from the previous AI chip boom in 2018 [1] Company Overview - Hanbo Semiconductor, established six years ago, has achieved a valuation of 10.5 billion yuan after six rounds of financing [2] - The company is led by two former AMD leaders, Qian Jun and Zhang Lei, who aim to challenge NVIDIA's market dominance [3][4] - Hanbo's unique approach involves developing cloud AI inference chips based on domain-specific architecture (DSA), rather than replicating traditional GPU architectures [4] Financial Performance - Hanbo has completed six financing rounds totaling over 2.5 billion yuan, attracting investments from major players like Alibaba and Kuaishou [9] - The company has a strong R&D team of over 500 members, with 80% being technical experts, indicating a significant investment in talent [6] - Despite the rapid growth in revenue for some GPU companies, including Moore Threads and Muxi, most remain unprofitable due to high R&D costs [6][11] Market Dynamics - The Chinese AI chip market is projected to reach 1.34 trillion yuan by 2029, with GPUs expected to account for 77.3% of this market [11] - Recent changes in international regulations regarding AI chip exports to China have created strategic opportunities for domestic manufacturers like Hanbo [11] - The competitive landscape is intensifying, with many startups vying for market share, leading to a survival-of-the-fittest scenario [6][7]

Core Viewpoint - The Chinese GPU industry is experiencing a significant boom, with multiple companies preparing for IPOs, indicating a shift towards a more mature and competitive market [2][3][11]. Group 1: Industry Dynamics - Several domestic GPU companies, including Hanbo Semiconductor, Moer Technology, and Muxi, are actively pursuing IPOs, with Hanbo aiming for a valuation of 105 billion yuan after six rounds of financing [3][4][15]. - The current wave of IPOs is reminiscent of the 2018 AI chip startup boom, but the current market is characterized by technological maturity, rational capital focus, and an awakening ecosystem [3][11]. - The GPU market is projected to grow significantly, with the AI chip market expected to reach 1.34 trillion yuan by 2029, and GPUs accounting for 77.3% of that market [18]. Group 2: Company Profiles - Hanbo Semiconductor, founded by former AMD leaders, has developed a differentiated technology path focusing on domain-specific architecture (DSA) for cloud AI inference chips, rather than replicating existing GPU architectures [6][9]. - The company has achieved significant milestones, including the successful mass production of its second-generation GPU chip SG100 in 2023, and serves high-growth markets such as cloud gaming and industrial simulation [9][11]. - Hanbo's R&D team consists of over 500 members, with 80% being technical experts, and the company has invested heavily in R&D, indicating a commitment to innovation despite current losses [11][12][16]. Group 3: Financial Landscape - The financial health of emerging GPU companies is under scrutiny, with many reporting substantial losses despite revenue growth; for instance, Moer Technology's revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, reflecting a compound annual growth rate of 208.44% [11][12]. - The competitive landscape is intensifying, with over a hundred companies in the GPU sector, leading to a survival of the fittest scenario as firms race to secure funding and market share [12][13]. - The trend of rapid financing and IPOs is driven by the need for capital to sustain R&D efforts, with companies incurring significant financial advisory fees in the process [17][18].

Core Viewpoint - The article highlights the IPO progress of the domestic GPU company, Hanbo Semiconductor, which has initiated its A-share IPO counseling with CITIC Securities as the advisory institution [1]. Group 1: Company Overview - Hanbo Semiconductor, founded in December 2018, has a registered capital of 543 million yuan and is controlled by co-founders Qian Jun and Zhang Lei, who collectively hold 42.1465% of the voting rights [6][7]. - The company specializes in providing full-stack chip solutions for intelligent core computing and graphics rendering, with proprietary core IP and two generations of GPU chips [8][9]. - Hanbo's product lineup includes the server-level AI inference chip SV102 and the second-generation GPU chip SG100, designed under the Vast Unified Computing Architecture (VUCA) [9][10]. Group 2: Financial and Investment Background - Hanbo Semiconductor has completed several rounds of financing before its IPO, raising a total of several billion yuan, with notable investors including China Internet Investment Fund, Kuaishou, Alibaba, and MediaTek [2][3][30]. - The company's valuation has reached 10.5 billion yuan according to the Hurun Research Institute's 2025 Global Unicorn List [4][5]. Group 3: Talent and Leadership - The company boasts a research and development team of over 500 people, with more than 80% of its staff in R&D roles and over 70% holding master's degrees or higher [15]. - Co-founders Qian Jun and Zhang Lei have significant backgrounds in AMD, with Qian having nearly 30 years of experience in high-end chip design [16][17][21][23]. Group 4: Industry Context - The article notes that the past year has seen a surge in IPO activities among domestic GPU manufacturers, with companies like Suiruan Technology and Biran Technology also initiating their IPO processes [32][33][35]. - The competition for becoming the first domestic GPU stock is intensifying, as companies like Moer Thread and Muxi Co. have also entered the IPO counseling phase [38][39].