China's first general-purpose GPU Tiansu Zhixin (09903) landed on Hong Kong stocks and opened with a sharp rise of 31.54%!

The Zhitong Finance App learned that on January 8, 2026, Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (stock code: 09903) was officially listed on the main board of the Hong Kong Stock Exchange. On the first day of listing, the opening price of Tianshu Zhixin was HK$190.2, which was a significant increase of 31.54% over the issue price of HK$144.6. This bright start not only highlights the market's high recognition of the company's core values, but also intuitively confirms investors' firm confidence in the domestic general GPU circuit.

In this IPO, Tiansu Zhixin raised a total of HK$3,677 billion. Investors participated enthusiastically. Of the 25.43 million shares issued globally, Hong Kong's public sale accounted for 10%, which was oversubscribed by about 414.24 times; international sales accounted for 90%, receiving 10.68 times oversubscription. The enthusiastic popularity of investors injected strong impetus into the company's subsequent development.

The full stack of software and hardware creates a complete ecological advantage

Tianshu Zhixin's successful listing on the Hong Kong Stock Exchange is by no means a simple capital jump; it is also a concentrated demonstration of the value of the domestic general-purpose GPU industry. The logic behind it is clear and solid: on the one hand, global demand for AI computing power is exploding exponentially; on the other hand, the demand for autonomous and controllable high-end domestic computing power is becoming more and more urgent. The intertwining of the two major trends has spawned a huge structural market gap, and to fill this gap, there is an urgent need for local enterprises that actually have core technology and large-scale commercial capabilities. The rise of Tianshu Zhixin is an accurate response to the propositions of this era.

Only by mastering core technology can we take the initiative to develop. Over the years, Tianshu Zhixin has always insisted on attacking the underlying technology, successfully created two core product lines, the “Tianyan” training series and the “Smart Armor” inference series, and built a full-scene domestic computing power system covering cloud training and edge reasoning to large-scale model deployment. From the launch of Tianyi Gen1 in 2021 to the release of the third-generation Tianyi Gen3 chip in 2024, with mass production scheduled for the first quarter of 2026, each generation of products accurately follows the pace of industry evolution and uses solid technology iterations to consolidate the ability to meet large-scale market demand.

The real barrier has never been the leading parameters of a single chip, but a complete ecosystem of “software and hardware collaboration”. Tianshu Zhixin is well aware of this and has carried the long-term principle throughout the entire capacity building process: from compilers and drivers to function libraries and frameworks, to achieve end-to-end autonomy and control. Through deep optimization, its self-developed software stack is fully compatible with mainstream AI frameworks such as PyTorch and TensorFlow, as well as large model inference engines such as VLLM, to truly achieve “one deployment and continuous adaptation”. This ability not only drastically reduces customer migration costs, enables “out-of-the-box use”, ensures stable operation in complex production environments, but also builds a closed-loop ecosystem integrating the “hardware-software-application scenario”, so that technical advantages can be effectively transformed into commercial value that customers can perceive and reuse — this is the core motivation for Tianshu Zhixin to win the trust of the market.

Commercial closed-loop landing leads the general-purpose GPU circuit

The value of technology is ultimately tested by commercial implementation, and capital recognition is often a leading indicator of business prospects. In the field of high-end chips, companies can only achieve sustainable growth if they receive double endorsements from the industry and capital market at the same time. Tianshu Zhixin attracted a great deal of attention during the IPO stage, which is proof that its technical route and business model have been widely verified.

The IPO introduced 18 cornerstone investors, with a total subscription amount of HK$1,583 billion. This lineup is extremely rich: the addition of industry leaders such as ZTE (Hong Kong) and Fourth Paradigm confirms the adaptability and practical value of their products in real business scenarios; the participation of top domestic and foreign financial institutions such as UBS (UBS), Huitianfu, and Huaxia Fund reflects the high optimism of the capital market for its long-term growth potential. More importantly, this dual recognition of “industry+capital” has been transformed into a real commercial achievement — Tianshu Smartchip has not only made domestic general-purpose GPUs “usable”, but has also achieved large-scale “easy use” in key industries, and completed a critical leap from technological breakthroughs to closed commercial loops.

Financial and operating data further confirm the company's high growth: from 2022 to 2024, revenue grew from 189 million yuan to 540 million yuan, with a compound annual growth rate of 68.8%; in the first half of 2025, revenue reached 324 million yuan, an increase of 64.2% over the previous year, and the growth momentum continued to be strong. As of June 30, 2025, the company has shipped more than 52,000 tablets, jumped from 22 in 2022 to 290 customers, and completed more than 900 actual deployments in key fields such as finance, medical care, transportation, and manufacturing. These solid figures clearly show that Tianshu Zhixin has successfully crossed the “proof of concept” stage and officially entered the golden period of large-scale commercial realization.

According to the prospectus, about 80% of the capital raised will be used for the development and commercialization of general-purpose GPU chips and AI computing power solutions over the next five years, including R&D and commercialization of general-purpose GPU chips and accelerator cards, expansion of R&D teams, and promotion of the construction of proprietary software stacks and AI computing power solutions; about 10% will be used for sales and market expansion; the remaining 10% will be used for working capital and general corporate use. This layout forms a clear positive cycle: raising capital to strengthen technology and market capabilities, further undertakes large-scale market demand, allows commercial value to feed back technology research and development, and pushes enterprises to continue to lead the domestic general-purpose GPU circuit.

The development path of Tianshu Zhixin is highly consistent with structural changes in China's general GPU market. According to the data, the market share of domestic general-purpose GPUs (based on shipment volume) has increased from 8.3% in 2022 to 17.4% in 2024, and is expected to exceed 50% by 2029. Behind this accelerated substitution is the continued implementation of the “demand driven - technological breakthrough - commercial verification” logic. The listing of Tianshu Smart Chip is not only a milestone in its own development, but will also use capital power to further activate the domestic computing power ecosystem, provide a solid foundation for AI transformation in thousands of industries such as finance, manufacturing, medical care, and transportation, promote the evolution of underlying computing power in the direction of high performance, high energy efficiency, and high security, and effectively empower the high-quality development of the real economy.

From accurately capturing market demand, to adhering to full-stack technology, to achieving closed-loop commercial verification, we have finally ushered in a new stage of capital empowerment — the growth trajectory of Tianshu Zhixin, clearly outlining the breakthrough paradigm of a domestic high-end chip company. This is not only an advanced story of a company, but also reflects the deep transformation of China's technology industry in the global AI wave: from “passively catching up” to “actively defining needs,” and from “usable technology” to “easy to use for business.” In the future, Tiansu Smart Core, which is capital-based and technology-centered, will surely inject more solid and lasting impetus into China's computing power autonomy process and write a new chapter in the development of the domestic general-purpose GPU industry.