Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (stock code: 9903) has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the domestic general GPU industry and reflecting the growing demand for AI computing power globally [1][6]. Fundraising and Investor Participation - TianShu ZhiXin issued shares at a price of HKD 144.60, raising approximately HKD 3.677 billion, with a net fundraising amount of about HKD 3.5 billion after deducting expenses [2][4]. - The cornerstone investors include notable firms such as ZTE Corporation (Hong Kong), XN Mountain, UBS AM Singapore, and others, collectively subscribing for HKD 1.583 billion [2][3]. Market Position and Product Development - The company focuses on developing general GPU chips and AI computing solutions, with around 80% of the raised funds allocated for R&D and commercialization over the next five years [4][10]. - TianShu ZhiXin has established a comprehensive product system, including general GPU products and AI computing solutions, and is recognized as the first domestic company to achieve mass production of inference and training general GPU chips [10][11]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 324.26 million, a significant increase from RMB 197.43 million in the same period last year, with a gross profit of RMB 162.43 million [12][13]. - The company has experienced substantial losses, with net losses of RMB 609.32 million for the first half of 2025, compared to RMB 403.99 million in the same period last year [14][15]. Industry Outlook - The general GPU market is expected to grow rapidly, with a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024, and continued strong growth projected from 2025 to 2029 [17]. - The demand for AI computing infrastructure is surging, driven by the rapid adoption of large language models in China, which is expected to significantly increase the need for AI chips [16][17]. Investment and Financing History - TianShu ZhiXin has successfully completed multiple financing rounds, raising over RMB 3.5 billion in its B round and RMB 8.2 billion in its C round, with a pre-financing valuation reaching RMB 100 billion in its D round [18][19]. Shareholding Structure - Major shareholders include DaChuang Capital with a 22.92% stake and other entities holding smaller percentages, reflecting a diverse investor base [20][22].

Core Viewpoint - The article discusses the successful IPO of TianShu Intelligent Chip Co., Ltd., a domestic GPU company, highlighting its market entry, growth trajectory, and competitive positioning in the GPU sector [3][4]. Group 1: Company Overview - TianShu Intelligent Chip was established in 2015 and is recognized as a pioneer in the domestic GPU market, being the first to achieve mass production of general-purpose GPU chips using 7nm technology [4][7]. - The company has raised over 5.5 billion RMB in funding prior to its IPO, supported by notable investors such as Dazhong Capital and Sequoia China [4][18]. - Following its IPO, the company achieved a market capitalization of 40.869 billion HKD, with a significant opening day stock price increase of over 30% [4][5]. Group 2: Business Development and Strategy - TianShu Intelligent Chip transitioned from focusing on computing acceleration hardware to specializing in general-purpose GPU chip development in 2018, aligning with industry trends [7][8]. - The company adopted a strategy of compatibility with the existing CUDA ecosystem to lower customer migration costs and facilitate market entry [9][10]. - By 2025, the company had expanded its customer base from 22 to 181, covering over 20 key industries and delivering more than 52,000 GPU chips [10]. Group 3: Financial Performance - The company reported revenues of 189 million RMB in 2022, 289 million RMB in 2023, and projected 539 million RMB in 2024, reflecting a compound annual growth rate of 68.8% [12][13]. - Despite significant revenue growth, TianShu Intelligent Chip has not yet achieved profitability, with cumulative losses reaching 2.872 billion RMB over the reporting period [13][14]. - The gross margin improved to 50.1% in the first half of 2025, up from 45.1% in the previous year, indicating a positive trend in profitability [14]. Group 4: Market Outlook - The general-purpose GPU market in China is projected to grow from 154.6 billion RMB in 2024 to 715.3 billion RMB by 2029, representing a 4.6-fold increase [20]. - The competitive landscape is intensifying as multiple domestic GPU companies, including TianShu Intelligent Chip, have entered the secondary market, shifting the focus from technological breakthroughs to large-scale production and market deployment [20].

又一家半导体公司冲击IPO。深交所官网显示，12月19日，粤芯半导体技术股份有限公司（下称"粤芯 半导体"）创业板IPO申请获受理。该公司是继大普微之后，深交所受理的第二家未盈利IPO，本次发行 拟募资75亿元。 今年下半年以来，在AI算力需求和国产替代双轮驱动下，半导体行业IPO热潮持续升温。A股市场上， 年内已有摩尔线程、沐曦股份等8家半导体企业登陆A股，合计募资超230亿元。同时，新增受理企业与 IPO辅导备案密集涌现，上市"后备军"不断扩充。 港股市场则凭借"特专科技公司上市制度"（18C章），成为国产GPU等高端芯片企业的重要融资阵地， 包括壁仞科技、天数智芯等公司上市进程提速；另有兆易创新（603986）、天域半导体、纳芯微等公司 谋求"A+H"上市。从材料设备到算力芯片，一场围绕半导体产业的资本盛宴正在上演。 募资规模、审核质效同步提升，上市"后备军"持续扩容 根据数据，按照二级行业分类，以上市日期计算，2025年以来，A股年内（年初至今年12月24日）共有 8家半导体企业登陆资本市场，累计募资金额为230.87亿元。这一数据较去年有明显增长。2024年，6家 半导体企业在A股上市，合计募资59 ...