The IPO of Suiyuan Technology on the Shanghai Stock Exchange Science and Technology Innovation Board has been inquired, making it one of the leading companies in China's cloud AI chip sector.

On February 11th, Shanghai Suiyuan Technology Co., Ltd. (referred to as Suiyuan Technology) applied for the change of its listing audit status on the Science and Technology Innovation Board of the Shanghai Stock Exchange to "enquiry received". CITIC SEC is its sponsor and it plans to raise 6 billion yuan. According to the prospectus, Suiyuan Technology was established in 2018 and is one of the leading companies in China's cloud AI chip field, committed to becoming a leader in "universal artificial intelligence infrastructure". The company adheres to the original innovation and independent research and development technology route, building a long-term sustainable core competitiveness and moat. In the nearly 8 years since its establishment, the company has independently developed and iterated four generations of architecture and 5 cloud AI chips, building a complete product system covering AI chips, AI acceleration cards and modules, intelligent computing systems and clusters, and AI computing and programming software platforms. In the core technology field, after years of accumulation, the company has formed three major categories of chip and hardware, software and programming platform, and computing cluster solutions, a comprehensive and three-dimensional core technology system. In terms of hardware, the company is based on its own instruction set, benchmarking Nvidia's Tensor Core acceleration computing unit and NVlink inter-card interconnection technology, creating the original independent architecture of GCU-CARE acceleration computing unit and GCU-LARE chip interconnection technology. The corresponding architecture not only has programming flexibility, but also deeply supports high parallelism accelerated computing for AI large models. On the software platform level, the company has independently developed a full-stack AI computing and programming software platform "Yule TopsRider" instead of following Nvidia's CUDA ecosystem, linking the company's hardware with AI applications, greatly reducing the programming development difficulty and migration cost of mainstream AI models based on the company's hardware, enabling the company's hardware products to better unleash performance in application scenarios. In terms of computing clusters, the company's Thousand Cards, Ten Thousand Cards Intelligent Computing Center project has achieved income during the reporting period. Currently, the company has already collaborated with customers to develop super node solutions and jointly create a commercially valuable Ten Thousand Cards high-speed interconnected cluster. In terms of ecosystem development, benefiting from years of deep cooperation with Internet giants in custom software and hardware, the company's multiple generations of products have been widely commercialized in various Internet AI scenarios, continuously providing support for AI computing power for national-level Internet applications from traditional AI models to AI large models. The company's continuous iterative development capabilities and product competitiveness have been validated and recognized by the market, gradually realizing the key transition from "technology product loop" to "business value loop". In addition, the company is fully leveraging its own advantages to build an ecosystem in collaboration with downstream partners. In addition to participating in the national "East Number West Calculation" hub node intelligent computing center project, the company is actively deepening cooperation with domestic network operators and exploring business opportunities in various vertical industries to provide inclusive computing support for AI empowering thousands of industries. Furthermore, in order to achieve sustainable development, Suiyuan Technology highly values long-term strategic cooperation with partners in the entire industry chain, such as EDA/IP, wafer manufacturing, packaging and testing, and system components, to ensure stable product development and supply delivery. According to the prospectus, the funds raised this time will be used for the research and industrialization projects of the fifth and sixth generation AI chip series products, as well as advanced artificial intelligence software and hardware collaborative innovation projects, which will help the continuous iteration of the company's core products, further ensure the stability of the supply chain, and lay the foundation for the realization of the company's business strategic goals. In terms of finances, in the 2022 fiscal year, the 2023 fiscal year, the 2024 fiscal year, and the January to September 2025 period, the company's operating income was approximately 90.10 million yuan, 3.01 billion yuan, 7.22 billion yuan, and 5.40 billion yuan respectively; during the same period, the company recorded net losses of approximately 1.116 billion yuan, 1.665 billion yuan, 1.510 billion yuan, and 8.88 billion yuan respectively.