记者丨孙燕 编辑丨卜羽勤 12月15日，证监会国际合作司披露了关于上海壁仞科技股份有限公司（以下简称"壁仞科技"）境外发行上市及境内未上市股份"全流通"备案通 知书。 根据备案通知书，壁仞科技拟发行不超过372458000股境外上市普通股并在香港联合交易所上市。 该公司57名股东拟将所持合计873272024股 境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 壁仞科技是"国产GPU四小龙"中唯一选择港股"全流通"上市的企业。 而在此之前，该公司曾于2024年9月在上海证监局办理科创板IPO辅导备 案。 市场端同样对壁仞科技给予高度关注。2025年胡润百富独角兽排行榜显示，其估值已达160亿元人民币。 前商汤科技总裁 掌舵 壁仞科技由前商汤科技总裁张文于2019年创立。 基于BR100及其衍生产品（如BR104），壁仞科技打造了壁砺系列商用硬件产品线，已量产落地。该系列包含液冷/风冷OAM模组、推理AI加 速卡等，依托原创的GPGPU芯片架构以及BIRENSUPA软件开发平台，支持业内主流的深度学习框架与模型，为广泛的AI计算场景提供高能效 比、高通用性的强大算力。 研发方面，截至2025年9月3 ...

12月15日消息，中国证监会国际合作司发布了关于上海壁仞科技股份有限公司（以下简称"壁仞科技"）境外发行上市及境内未上市股份"全流通"备案通知 书。 根据该备案通知书显示，国产AI芯片初创企业壁仞科技拟发行不超过372,458,000股境外上市普通股并在香港联合交易所上市。公司57名股东拟将所持合 计873,272,024股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 | 索 引 号 | bm56000001/2025-00014557 | સે 炭 | 结果公示,备案管理 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2025年12月15日 | | 名 称 | 关于上海壁仍科技股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书 | | | | 文 물 | 国合函〔2025〕2217 号 | 主题词 | | 早在今年年初，就有传闻称，壁仞科技计划赴港交所IPO，拟募资3亿美元。 随后路透社在今年6月报道称，壁仞科技完成了约15亿元人民币的赴港IPO前的最后一轮融资，分别由一家广东的国资支持的基金和一家来自上海的国资 基金领投。壁仞科技该轮 ...

Core Viewpoint - The article discusses the rapid progress of Chinese GPU companies, particularly Muxi and Moer Thread, in their IPO processes amidst a changing market landscape, highlighting the opportunities and challenges they face in competing with established players like NVIDIA [1][3][6]. Group 1: Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. was established in 2020 and focuses on developing and selling full-stack GPU products for AI training, inference, general computing, and graphics rendering [5]. - Moer Thread, also founded in 2020, has successfully passed the IPO review process and aims to become a leading GPU company, directly competing with NVIDIA [3][6]. - Both companies have attracted significant investments and talent, positioning themselves to challenge NVIDIA's dominance in the Chinese market [1][6]. Group 2: Product Development - Muxi has launched the "Xisi N" series GPUs for intelligent computing inference and the "Xiyun C" series for integrated training and general computing, with the latest C600 model aligning with mainstream architectures [5]. - Moer Thread has introduced four generations of chips from 2021 to 2024, with the latest "Pinghu" chip supporting advanced model training and achieving significant revenue from AI cluster products [4][6]. - Both companies are developing products that aim to match or exceed the performance of NVIDIA's offerings, with Muxi's C500 reportedly achieving performance comparable to NVIDIA's A100 in certain scenarios [5][8]. Group 3: Market Dynamics - The market for AI GPUs in China is rapidly expanding, with projections indicating a growth from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [14]. - The changing geopolitical landscape, particularly U.S. export controls, has created a unique opportunity for domestic GPU companies as NVIDIA's market share in China has plummeted from 95% to nearly 0% [14]. - The shift towards domestic AI chips is being supported by both policy changes and market demand, providing unprecedented opportunities for companies like Muxi and Moer Thread [14]. Group 4: Competitive Landscape - The article highlights the significant gap in software ecosystems between domestic GPU companies and NVIDIA, with the latter having a well-established developer ecosystem based on its CUDA platform [8][9]. - Despite advancements in hardware, domestic companies face challenges in competing with NVIDIA's rapid product iterations and established market presence [9][11]. - The inference market is seen as a more attainable target for domestic companies, with lower computational requirements compared to training tasks, which are expected to grow significantly in the coming years [9].

Core Viewpoint - The IPO applications of Chinese GPU companies, including MuXi Integrated Circuit and MoEr Thread, are progressing rapidly, marking a significant moment for the domestic GPU industry as they aim to challenge NVIDIA's dominance in the market [1][4][11]. Group 1: Company Developments - MuXi Integrated Circuit, established in 2020, has developed the "XiSi N" series GPUs for intelligent computing inference and the "XiYun C" series for training and general computing, targeting AI training and inference scenarios [1][5]. - MoEr Thread, also founded in 2020, has successfully passed the IPO review process in a record 88 days, potentially becoming the largest IPO on the STAR Market this year [3][4]. - Both companies have seen accelerated IPO processes amid a changing market environment, with significant investments and talent acquisition aimed at capturing the lucrative GPU market [1][5]. Group 2: Market Environment - The market for AI GPUs in China is experiencing rapid growth, with the market size projected to increase from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [12]. - The exit of NVIDIA from the Chinese market due to U.S. export restrictions has created a unique opportunity for domestic GPU companies to fill the void [11]. - The competitive landscape is shifting, with domestic companies like MoEr Thread and MuXi aiming to establish themselves as viable alternatives to NVIDIA, which has seen its market share in China plummet from 95% to nearly 0% [11]. Group 3: Technological Challenges - Despite advancements, domestic GPU companies still face significant technological gaps compared to NVIDIA, particularly in software ecosystems and manufacturing processes [8][9]. - The transition costs for developers to switch from NVIDIA's CUDA to domestic alternatives remain a major hurdle for the adoption of domestic GPUs [8]. - The manufacturing capabilities of domestic companies are limited to 7nm or 14nm processes, while NVIDIA has moved to 4nm, posing challenges for future competitiveness [9]. Group 4: Future Outlook - The success of domestic GPU companies will depend not only on technological advancements but also on the maturation of the entire industry ecosystem [9]. - The push for domestic AI chip independence is gaining momentum, with increasing support from policies and market dynamics favoring local manufacturers [7][11]. - The rapid adaptation of domestic GPUs to emerging AI applications, such as DeepSeek, indicates a growing recognition of their capabilities in the market [12].

Core Viewpoint - The IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review, marking a critical moment for the Chinese GPU startup as it aims to capitalize on the market opportunities created by the withdrawal of NVIDIA from the Chinese market [1][13]. Company Overview - Mu Xi was established in 2020 and has launched the "Xi Si N" series GPUs for intelligent computing inference and the "Xi Yun C" series GPUs for training and general computing [1][6]. - The company’s GPUs are optimized for cloud-based AI training and inference, addressing the bottleneck in large-scale AI computing power [1]. - As of September 5, 2025, Mu Xi reported an order backlog of 1.43 billion yuan, primarily from the Xi Yun C500 series [6]. Market Dynamics - The market for AI accelerators in China is dominated by NVIDIA (66%) and Huawei Ascend (23%), with other manufacturers, including Mu Xi and Mo Er Thread, collectively holding about 1% [12]. - The Chinese AI GPU market is projected to grow from 14.29 billion yuan in 2020 to 99.67 billion yuan by 2024, with a compound annual growth rate of 62.5% [14]. Competitive Landscape - The IPO progress of Mu Xi and Mo Er Thread reflects a broader trend of accelerated listings among Chinese GPU startups, driven by favorable market conditions following NVIDIA's exit from the Chinese market [7][13]. - Mo Er Thread, founded in 2020, has also made significant strides, with its IPO application approved in just 88 days, potentially becoming the largest IPO on the STAR Market this year [4][7]. Technological Challenges - Despite advancements, there remains a significant gap between domestic GPU companies and NVIDIA, particularly in software ecosystems and manufacturing processes [9][11]. - The current manufacturing capabilities of domestic GPUs primarily utilize 7nm or 14nm processes, while NVIDIA has advanced to 4nm technology [11]. Future Outlook - The shift in market dynamics, particularly the exit of NVIDIA from the Chinese market, presents unprecedented opportunities for domestic GPU companies to capture market share [13]. - The success of domestic companies in adapting to emerging AI applications, such as DeepSeek, is crucial for establishing their presence in the competitive landscape [14].

Core Viewpoint - The article discusses the competitive landscape of domestic GPU companies in China, highlighting the upcoming IPO of Mu Xi Integrated Circuit and the recent success of Mo Er Thread, emphasizing the importance of capital in advancing technology and market positioning in the AI computing sector [1][2][4][8]. Group 1: Mu Xi Integrated Circuit - Mu Xi Integrated Circuit's IPO on the Sci-Tech Innovation Board is set for review on October 24, following the successful listing of Mo Er Thread [1]. - The company focuses on high-performance GPU chip development, with a product matrix covering AI computing, general computing, and graphics rendering, achieving over 25,000 units sold [2]. - Mu Xi aims to leverage capital to overcome technical bottlenecks in high-performance GPUs and enhance penetration in vertical sectors like education, finance, and healthcare [2]. Group 2: Mo Er Thread - Mo Er Thread has set a benchmark by successfully passing its IPO review, with its MTT S5000 chip nearing the performance level of NVIDIA's A100 [4]. - The company reported a revenue scale of 1.8 billion yuan and has over 2 billion yuan in pending orders, indicating market recognition of its technology [4]. - Mo Er Thread plans to use its proposed fundraising of 8 billion yuan entirely for the development of next-generation chips targeting AI training and graphics rendering [4]. Group 3: Other Competitors - Suiruan Technology and Biran Technology are in the preparatory stages for their IPOs, with unique technological highlights: Suiruan focuses on a "reasoning before training" strategy, while Biran's BR100 chip boasts performance three times that of the A100 [4][6][7]. - The progress of these companies may influence the capital landscape of the domestic GPU industry [4]. Group 4: Market Context - The global GPU market has been dominated by foreign manufacturers, with NVIDIA's CUDA ecosystem presenting significant barriers to entry for domestic firms [7]. - The urgency for domestic GPU companies to achieve self-sufficiency in computing power is underscored by NVIDIA's H100 graphics card price soaring to 200,000 yuan per unit [7]. - The high investment and complexity of GPU R&D are highlighted, with Mo Er Thread having accumulated losses exceeding 5 billion yuan over three years, indicating the need for substantial funding to alleviate R&D pressures [8]. Group 5: Future Implications - The outcome of Mu Xi's IPO review on October 24 will be pivotal in the ongoing capital race among domestic GPU companies [8]. - The collective push for IPOs among these companies represents a critical step in overcoming technological barriers and advancing China's autonomous computing infrastructure [8].