Core Viewpoint - Shanghai AI chip leader, Suiyuan Technology, is preparing for an IPO with a valuation set at 20.5 billion yuan, highlighting its journey from registration to product delivery and ownership structure [1][7][9]. Group 1: Company Development Timeline - Suiyuan Technology was established on March 19, 2018, and has undergone several key developments, including a first counseling record in August 2024 and a second in November 2024, with a change in counseling institution and legal representative [11]. - The company aims to deliver over 30,000 units of its second-generation AI acceleration cards and 50,000 units of its third-generation cards by the end of 2024 [4][6]. - By February 2025, Suiyuan plans to complete large-scale deployments of its AI models across various intelligent computing centers [6][11]. Group 2: Financial Backing and Ownership Structure - The company has raised over 5.1 billion yuan through multiple financing rounds, indicating strong external confidence and the pressure of rapid expansion and R&D investment [9][12]. - Tencent is the largest shareholder with a 19.95% stake, while founders Zhao Lidong and Zhang Yalin collectively control 28.14% of the voting rights through their partnerships [5][9]. - The ownership structure includes significant participation from national funds and various private equity firms, reflecting a diverse investor base [5][9]. Group 3: Product and Market Positioning - Suiyuan Technology focuses on cloud computing power and AI acceleration cards, positioning itself to support general artificial intelligence [4][6]. - The company has established a long-term partnership with Tencent since 2020, delivering thousands of units for applications in voice recognition, online meeting minutes, video recommendations, AI search, and gaming [6][11]. - The successful deployment of its products in real-world scenarios demonstrates the company's capability to transition from trial to commercial operations [6][9].