TL;DR
On September 11, 2026, Suiyuan Technology listed on the STAR Market of the Shanghai Stock Exchange, closing at ¥397, up 179.22% from its IPO price of ¥142.18, with a market cap of ¥170.85 billion. It became the fourth domestic cloud AI-chip company to list (after Moore Threads, Muxi and Biren), ranking second by market cap among the "GPU Five."
Event overview
On September 11, 2026, Suiyuan Technology, a cloud AI-chip maker focused on large-model training and inference, officially listed on the STAR Market of the Shanghai Stock Exchange. Founded in 2018, the company completed four architecture generations and launched 5 cloud AI chips over eight years, delivering AI accelerator cards and modules, AI computing systems and clusters, and an AI programming software platform.
Key facts
- IPO and open: IPO price ¥142.18/share, 43.0352 million shares issued, pre-listing valuation ~¥61.2B; opened at ¥410 on day one, up 188.37%, intraday high ¥475 (max gain over 230%).
- Close: Ended the day at ¥397, up 179.22%, market cap ¥170.85B, surpassing Moore Threads (¥168.2B) and HK-listed Biren (HK$91.1B) and Tianshu Zhixin (HK$83.4B), second only to Muxi (¥195.66B).
- Subscription: Online allocation rate just 0.02455%; only 17.9003 million freely tradable shares at listing, 4.16% of post-IPO share capital.
- Financials (prospectus): Revenue 2023–2025: ¥301M, ¥722M, ¥990M; net losses -¥1.665B, -¥1.510B, -¥1.164B (cumulative loss over ¥4.3B); 2025 gross margin 31.78%.
- Latest results: H1 2026 revenue ¥1.12B, up 279.08% YoY, already exceeding full-year 2025; net loss ¥632M; company guides Q1–Q3 2026 revenue of ¥2.3B–3.0B.
- Customer concentration: Tencent-affiliated parties are the largest shareholder and most important customer; related-party sales to Tencent reached 83.79% of revenue in 2025 (33.34% in 2023, 37.77% in 2024).
- Use of proceeds: ~¥6B raised; ~¥1.503B for Gen-5 AI chip R&D, ~¥1.197B for Gen-6, ~¥3.3B for AI software-hardware collaboration.
- Market context: In 2025, China shipped ~4 million AI accelerator cards; NVIDIA shipped ~2.2 million (~55% share); Suiyuan sold 66,000 cards, ~1.7% domestic share.
Official sources
- STAR Market listing disclosure and Suiyuan prospectus (IPO price, share count, financials)
- Ti Media: http://m.toutiao.com/group/7684261688439046671/
- TrendForce AI chip news: https://www.trendforce.cn/industry-news/semiconductors/ai-chips?page=1