Tianshu Intelligent (09903) plans to globally issue 25.43 million H shares, introducing cornerstone investors such as ZTE Corporation and Beijing Teamsun Technology.

Tianshu Zhixin (09903) will open for public subscription from December 30, 2025 to January 5, 2026, intending to globally issue 25.4318 million H shares, with 10% in Hong Kong and 90% internationally. Each share will be priced at HK$144.6 and trading will be in units of 100 H shares per lot starting on January 8, 2026 at 9:00 am (Thursday) on the Hong Kong Stock Exchange. We offer general-purpose GPU products and AI computing solutions for different industries. Our product portfolio mainly includes general-purpose GPU chips and accelerator cards, as well as custom AI computing solutions (including general-purpose GPU servers and clusters), combining our hardware with proprietary software stack to meet the specific needs of customers in training and inference scenarios. Our revenue was RMB 189 million in 2022, RMB 289 million in 2023, RMB 540 million in 2024, RMB 197 million as of June 30, 2024, and RMB 324 million as of June 30, 2025. This growth is attributed to continuous iteration of our products and solutions, mature commercialization capabilities, and expanding customer base. Our customer base increased from 22 in 2022 to 65 in 2023, further to 181 in 2024, and from 81 as of June 30, 2024 to 106 as of June 30, 2025. As of June 30, 2025, we have served over 290 customers from different industries. Our general-purpose GPU product shipment volume increased from 7.8 thousand pieces in 2022 to 12.7 thousand pieces in 2023, further to 16.8 thousand pieces in 2024, and from 4.8 thousand pieces as of June 30, 2024 to 15.7 thousand pieces as of June 30, 2025. We have entered into cornerstone investment agreements with investors including ZTE Corporation (Hong Kong), XN Mountain, Wind Sabre Fund SPC, UBS AM Singapore, Beijing Teamsun Technology (Hong Kong), Qin Wan, OCM, Ocean Fine Industrial, Huatai OTC Derivatives - Hang Seng Fund Management, FOURTH PARADIGM, Anqing International, Duckling Fund, DeepRoot Alpha, Invesco (Hong Kong), China Eastern International, Huaxia Fund (Hong Kong), Xinxin Holdings, Mingshan Capital. We believe that the cornerstone investment demonstrates the commitment, confidence, and attention of cornerstone investors to the Company's business and prospects, and helps enhance the Company's image. The Company was introduced to these cornerstone investors through business partners or lead coordinators. Based on the offer price of HK$144.60 per share, we estimate that we will net approximately HK$3.4786 billion from the global offering, with about 80.0% to be used for research and development of our products and solutions; about 10.0% for sales and marketing expenses in the next five years; and about 10.0% for working capital and general corporate purposes.