The "Four Little Dragons of Domestic GPUs" ILUVATAR COREX is going public with an entry fee of HKD 14,605, and Huatai is the exclusive sponsor

Today, three new stocks are being offered for subscription on the same day, including TianShu ZhiXin (9903), one of the "four little dragons of domestic GPUs," which will be open for subscription from today (30th) until next Monday (5th). It plans to issue 25.4318 million H shares, with 10% for public offering in Hong Kong, at an offer price of HKD 144.6, raising approximately HKD 3.68 billion. Each board lot consists of 100 shares, with an entry fee of HKD 14,605.83. It is set to officially list on January 8 next year, with Huatai International as the sole sponsor. Introduction of 18 Institutional Investors The stock has introduced 18 institutional investors, including ZTE Corporation (Hong Kong), XN Mountain, Wind Sabre, UBS AM Singapore, Huasheng Tiancheng (Hong Kong), Qin Wan, OCM, Ocean Fine Industrial, Huatai OTC Swap - Hengxin Fund Management, Fourth Paradigm, Anqing International, Duckling Fund, DeepRoot Alpha, Huitianfu (Hong Kong), China Orient, Huaxia Fund (Hong Kong), Chip Xin Holdings, and Mingshan Capital, with a total investment amount of approximately HKD 1.583 billion, accounting for about 43%. TianShu ZhiXin provides general GPU products and AI computing power solutions tailored for different industries. Its product portfolio mainly includes general GPU chips and accelerator cards, as well as customized AI computing power solutions (including general GPU servers and clusters). As of the end of June this year, the group has delivered over 52,000 general GPU products to more than 290 customers from various industries. Its products and solutions have been deployed and applied over 900 times in key areas, including financial services, healthcare, and transportation, while also supporting the industrial digital transformation from manufacturing to retail, as well as basic research and educational computing applications. Rapid Expansion of China's General GPU Market According to Frost & Sullivan, China's general GPU market is rapidly expanding, with shipments expected to reach 16 million units in 2024, and a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024. The market is expected to maintain strong growth, with shipments projected to grow at a CAGR of 33% from 2025 to 2029. As the growth rate of shipments from domestic GPU companies surpasses that of international competitors, the domestic market share continues to rise, with the share of domestic general GPU products increasing from 8.3% in 2022 to 17.4% in 2024, and is expected to exceed 50% by 2029. In terms of performance, TianShu ZhiXin recorded revenue of RMB 540 million last year, an increase of 87% year-on-year, with a loss of RMB 892 million during the period, widening by 9% year-on-year. For the first half of 2025, revenue is recorded at RMB 320 million, an increase of 64% year-on-year, with a loss of RMB 610 million during the period, widening by 51% As for the net proceeds from this fundraising, approximately 80% will be used for research and development of products and solutions; about 10% will be used for sales and marketing; and approximately 10% will be used for working capital and general corporate purposes. Related article: "The first stock of large models" Zhipu IPO, with a maximum refund of 20% of the entry fee of 11,737 yuan