Core Insights - Domestic AI chip unicorns are set to list on the A-share main board, with Shanghai Suiruan Technology Co., Ltd. advancing its listing process on the Sci-Tech Innovation Board [1][3] - The approval of the IPO application for Moer Thread marks the arrival of the first domestic GPU stock on the Sci-Tech Innovation Board, potentially signaling the beginning of a wave of listings for domestic CPU forces [3][12] - The Shanghai Stock Exchange's Sci-Tech Innovation Board has optimized its review mechanisms to support key technology enterprises, reflecting a strategic consideration for domestic AI chip companies amid industry competition [3][12] Company Overview - Suiruan Technology was founded in March 2018 by Zhao Lidong and Zhang Yalin, both with extensive semiconductor industry experience, focusing on AI cloud computing products [4][5] - The company has demonstrated strong fundraising capabilities, completing over ten rounds of financing with a total amount exceeding 7 billion yuan, supported by major investors like Tencent and the National Fund [5][6] - Suiruan Technology has released multiple generations of AI chips, with its third-generation product, the Suiruan S60, achieving significant deployment and orders [7][9] Product Development - Suiruan Technology has established a comprehensive product line, including intelligent acceleration cards and high-density servers, with applications across various industries [9][10] - The Suiruan S60 chip has been deployed in over 70,000 units, supporting more than 300 application scenarios, and is positioned among the top tier of domestic AI acceleration cards [9][10] - The company is advancing its fourth-generation training and inference product, the L600, which features innovative low-precision computing capabilities [10][11] Market Outlook - The global AI chip market is projected to reach $150 billion by 2025, with significant growth anticipated in the GPU sector, particularly in China [12][13] - The Chinese GPU market is expected to grow from 30.8% in 2024 to 37.8% by 2029, indicating rapid growth and opportunities for domestic replacements [12][13] - Competition among domestic GPU unicorns like Suiruan Technology, Moer Thread, and others is intensifying, with a focus on technology development, product deployment, and market expansion [13]

Core Viewpoint - Suiyuan Technology, an AI chip "unicorn," has re-registered for listing guidance with a new advisory firm, CITIC Securities, due to changes in the capital market environment and strategic development needs, while continuing its progress towards listing on the Sci-Tech Innovation Board [1][4]. Group 1: Listing Guidance and Advisory Changes - Suiyuan Technology has changed its listing guidance advisory firm from China International Capital Corporation (CICC) to CITIC Securities as of November 1 [1][3]. - The company emphasizes its commitment to advancing its listing process on the Sci-Tech Innovation Board, which it believes supports the development of key technology enterprises [1][4]. Group 2: Company Background and Financials - Suiyuan Technology was valued at 20.5 billion yuan and ranked 395th on the Hurun Global Unicorn List published in June [5]. - The company has no controlling shareholder; its founders, Zhao Lidong and Zhang Yalin, collectively control 28.14% of the voting rights, down from 32.51% reported last year [5]. Group 3: Product Development and Market Position - The company launched its new AI chip, L600, which took two and a half years to develop, featuring 144GB of storage and a bandwidth of 3.6TB/s, suitable for both training and inference of large models [6]. - Suiyuan Technology's previous chip, S60, has shipped 70,000 units and is widely used across five major intelligent computing clusters in China [6]. Group 4: Investment and Financing - Tencent has been a significant investor in Suiyuan Technology, participating in six rounds of financing since 2018 [7]. - The latest financing round, E round, was completed in May with investments from Shanghai Guotou, Shanghai International Group, and Guotou Juliy [7].