Hong Kong stocks welcome scarce hard technology targets. Tianji Intelligent Chips launches IPO. 18 cornerstone investors subscribed for over 1.583 billion Hong Kong dollars.

On December 30th, Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (referred to as Tianshu Zhixin) officially started its IPO and will end on January 5th, with plans to list on the Hong Kong Stock Exchange on January 8th with the stock code "9903". Tianshu Zhixin plans to issue 25,431,800 H shares, with 2,543,200 shares for public offering in Hong Kong and 22,888,600 shares for international offering. With an issue price of HK$144.60 per share, the company aims to raise approximately HK$3.7 billion, with a projected IPO market value of HK$35.442 billion. According to the global prospectus, the company has introduced a cornerstone team of 18 top investors who have committed to subscribe HK$1,583,195,754, including ZTE Corporation (Hong Kong), UBS AM Singapore, Beijing Teamsun Technology (Hong Kong), FOURTH PARADIGM, Fosun International, Fidelity (Hong Kong), Huaxia Fund (Hong Kong), Pintec Group, Mingshan Capital, among others. Prior to the IPO, Tianshu Zhixin had already built a highly diverse and deeply collaborative shareholder matrix. The company has received support from major institutions such as Dazheng Capital, Princeville Capital, Xingnahe Capital, Sequoia China, Yuanhe Fund, demonstrating strong capital recognition for the company. The investments from various capital sources essentially affirm the question of whether "domestically produced general-purpose GPUs can truly be implemented". The core logic supporting its high valuation is the systematic transformation of technological breakthroughs into verifiable commercial results. As China's first company to achieve mass production of both training and inference general-purpose GPUs, Tianshu Zhixin's self-developed architecture has successfully introduced the "Tiangai" series of training GPUs and the "Zhikai" series of inference GPUs, along with a complete software stack, ensuring efficient compatibility with mainstream AI ecosystems. Currently, the company's products, including the "Tiangai" and "Zhikai" series, have entered the stage of large-scale delivery. The prospectus data shows that from 2022 to 2024, the company's customer base has grown from 22 to 181, achieving a "three-level leap". By June 30, 2025, the products have been deployed over 900 times among more than 290 customers, covering various sectors such as financial services, healthcare, and transportation, with significant commercialization effects. The company's shipments increased from 7.8 thousand chips in 2022 to 16.8 thousand chips in 2024 and 15.7 thousand chips in the first half of 2025, doubling within three years. In terms of performance, Tianshu Zhixin has shown remarkable results, with revenues reaching RMB 189 million in 2022, RMB 289 million in 2023, and RMB 540 million in 2024, with a compound annual growth rate of 68.8%. In the first half of 2025, revenue reached RMB 324 million, a 64.2% year-on-year increase, demonstrating steady growth momentum. In recent years, domestically produced general-purpose GPUs have gained recognition in the capital market, leading to a restructuring of the valuation system for companies in this sector. Amid the backdrop of computing power sovereignty becoming a national strategic focus, the pricing of domestically produced general-purpose GPU companies in the capital market has shifted away from short-term profit orientation towards a focus on sustainable technical assets, delivery capability independent of external ecosystems, and certainty of substitution under policy and demand dual drivers. As a pioneer in the field of domestically produced general-purpose GPUs, Tianshu Zhixin has taken the lead in becoming China's first company to achieve mass production of general-purpose GPUs. Its self-developed full-stack capabilities, combined training and inference product matrix, effective integration of performance and ecological compatibility have enabled a progressive substitution from "usable" to "user-friendly" to "preferred", coupled with its commercialization capabilities. The company's leadership in the industry has already become apparent. With this Hong Kong IPO, Tianshu Zhixin not only provides a scarce and validated target for global investors in domestically produced general-purpose GPUs but also symbolizes China's possession of scalable, reliable, and autonomously evolving domestic capabilities in the core infrastructure of AI's computing power. With the continuous iteration of the "Tiangai" and "Zhikai" products and the deep penetration into application fields, Tianshu Zhixin is poised to continue leading the domestic general-purpose GPU industry, with its long-term value sure to be highlighted.