Text ｜ Damo Finance

By the end of 2025, domestic GPU companies have accelerated their capitalization. The so-called "Four Little Dragons of GPU" - Moer Lineage (688795.SH), Muxi Shares (688802.SH), Biren Technology, and Suinyuan Technology have all entered the capital market.

On December 17, "the second GPU stock in China", Muxi Shares listed on the STAR Market. The issue price of Muxi Shares was 104.66 yuan per share, with a total fundraising amount of about 4.2 billion yuan. On the first day of listing, the company's stock price surged by 692.95% to 829.9 yuan per share, with a total market value reaching 332 billion yuan. This gain exceeded Moer Lineage's initial gain of 425.46%.

Calculating based on the closing price on the first day of listing, Muxi Shares' stock price ranked third in the A-share market, behind Guizhou Maotai and Hanwuji, and sixth in the STAR Market, slightly lower than the "first GPU stock in China" Moer Lineage that had recently listed. Moer Lineage's current stock price is 714.80 yuan per share, with a total market value of 336 billion yuan.

The wealth of Muxi Shares' founder Chen Weiliang has also risen significantly. Chen Weiliang directly holds 5.03% of Muxi Shares' shares and through two holding platforms, Shanghai Jiaomai and Shanghai Xijiji, holds an additional 9.12% of the company's shares, totaling a 14.15% stake. Based on the latest stock price, Chen Weiliang's net worth has reached 47 billion yuan.

Two leading GPU enterprises have listed consecutively, triggering a frenzy in the capital market. Behind this is the explosive growth in computing power demand driven by AI development. In order to enhance computing power, both domestic and international AI leaders have invested heavily in increasing computing equipment. As the "heart of computing power", GPUs have become the focus of market attention.

In this context, the four domestic "GPU Little Dragons" have accelerated their capital operations. Moer Lineage and Muxi Shares have already listed on the STAR Market. On the same day that Muxi Shares listed, Biren Technology successfully passed the Hong Kong Stock Exchange hearing. Suinyuan Technology is currently in the process of listing guidance and is advancing its STAR Market listing. In late October this year, the company filed for guidance registration with the Shanghai Securities Regulatory Bureau, and replaced its guidance institution with CITIC Securities.

Although they are collectively known as the "Four Little Dragons of GPU", the four companies have different technical routes and product positioning. Among them, Moer Lineage chose a full-function GPU path similar to NVIDIA, integrating multiple functions such as AI computing acceleration, graphics rendering, physical simulation, and video decoding.

Biren Technology and Muxi Shares are more focused, mainly developing general-purpose GPU (GPGPU) products. Among them, Muxi Shares' GPU covers scenarios such as general computing and graphics rendering, while Biren Technology's GPGPU products are mainly applied in cloud and computing power scenarios. Suinyuan Technology focuses on deep customization of products for AI training and inference loads, applied in cloud-based large model training and large-scale inference.

Muxi Shares, the "Chinese AMD" goes public

Muxi Shares was established in 2020, making it the latest of the four "GPU Little Dragons". The founder of Muxi Shares holds a master's degree in Microelectronics from Tsinghua University. He joined AMD in 2007 and served as the global GPU SoC design chief at AMD. The co-founders of the company, Peng Li and Yang Jian, also came from AMD, where Peng Li was the first Chinese female scientist at AMD, and Yang Jian was the first scientist in the Greater China region at AMD.

Since its establishment, Muxi Shares has mainly focused on R&D of general-purpose GPUs (GPGPUs). Its main product is the Xiyun C500 training and inference integrated chip. According to the prospectus, with FP16/BF16 as the standard for measuring computing power performance, the C500/C550 chips of the company fall within the computing power range of NVIDIA's A100.

Xiyun C500 was mass-produced in February 2024, and its shipment volume has continued to rise. In 2024 and the first quarter of this year, the revenue generated by this product accounted for more than 97% of the company's total revenue. According to the prospectus, the company's revenue was 426,400 yuan, 53,021,200 yuan, and 743 million yuan respectively between 2022 and 2024, with a compound annual growth rate of 4,074.52% during that period; the net loss attributable to shareholders was 777 million yuan, 871 million yuan, and 1.409 billion yuan, with a cumulative loss of 3.057 billion yuan over three years.

In the first half of this year, Muxi Shares' revenue was 915 million yuan, an increase of 404.51% compared to the previous year; the net loss attributable to shareholders was 186 million yuan, a reduction of 63.74% compared to the previous year. According to the prospectus, the company expects to achieve revenue of 1.5 to 1.98 billion yuan in 2025, with a net loss attributable to shareholders of 527 to 763 million yuan. Previously, the company stated that it is expected to reach the break-even point as early as 2026.

To expand its business scale and capture the GPU market, Muxi Shares is also developing new chip products. According to the prospectus, the company is currently developing the next-generation training and inference integrated chips Xiyun C600 series and C700 series, as well as the intelligent computing inference GPU Xisi N series and the graphics rendering GPU Xicai G series.

For this listing, Muxi Shares plans to use the raised funds for the research and development and industrialization of new high-performance general-purpose GPUs, the research and development and industrialization of the next-generation artificial intelligence inference GPUs, and the research and development of high-performance GPUs for cutting-edge fields and emerging application scenarios.

In October this year, Muxi Shares publicly released Xiyun C600 in Nanjing. The company stated that the product's entire production process, including IP design, wafer manufacturing, and packaging testing, is completed domestically, and its performance is comparable to international flagship products.

In the prospectus, Muxi Shares stated that once Xiyun C600 is mass-produced, the product line will be further improved, and combined with the construction of intelligent computing centers and the release of procurement demands from operators and internet companies, the company's income structure is expected to be further diversified, with its market share and revenue growth rate expected to remain high.

Biren Technology and Suinyuan Technology Accelerate Capitalization

In the "Four Little Dragons of GPU", Moer Lineage and Muxi Shares have been listed successively, while Biren Technology and Suinyuan Technology are also advancing their IPO processes.

Biren Technology was founded in 2019 by Zhang Wen, former president of SenseTime. Zhang Wen worked in the United Nations and Wall Street for many years, serving as a senior lawyer and a senior investor in the Pan-American Asia market on Wall Street. In 2011, Zhang Wen became CEO of Yingsui Optoelectronics, which was founded by Zhang Ru Jing, the founder of SMIC. In 2018, he served as president of SenseTime.

After its establishment, Biren Technology has received eight rounds of financing, with many well-known institutions such as Qiming Venture Capital, IDG Capital, HD International, Zhongxin JuYuan, and Hillhouse Capital participating in the investment.

According to public information, Biren Technology submitted its prospectus to the Hong Kong Stock Exchange in August this year. On December 17, Biren Technology passed the Hong Kong Stock Exchange hearing. According to the prospectus, Biren Technology has successfully developed two chips, BR106 and BR110, with the former being mass-produced in January 2023 and the latter in October of last year. In addition, the company formed the BR166 chip by packaging two BR106 dies and four DRAMs, and some models of this product were mass-produced this year. In the future, Biren Technology plans to launch the BR20X series chips for cloud training and inference, which are expected to be launched in 2026.

In recent years, Biren Technology has developed rapidly, but it has not yet turned a profit. Between 2022 and 2024, the company's revenue was 499,000 yuan, 62 million yuan, and 337 million yuan, respectively; the net losses were 1.474 billion yuan, 1.744 billion yuan, and 1.538 billion yuan. In the first half of this year, the company's revenue was 59 million yuan, an increase of 49.89% compared to the previous year; the net loss was 1.601 billion yuan, an increase of 80.17% compared to the previous year.

As the earliest-established of the "Four Little Dragons of GPU", Suinyuan Technology was founded in 2018, but its IPO progress ranks the lowest among the four.

The founder of Suinyuan Technology, Zhao Liding, and co-founder Zhang Yalin also have AMD backgrounds. Zhao Liding graduated from the Department of Electronic Engineering at Tsinghua University and served as a senior director in the Product Engineering Department at AMD's headquarters in the United States. Later, he served as vice president at Unigroup. Zhang Yalin worked at AMD's Shanghai R&D Center for 11 years, holding positions such as senior chip manager and technical director.

Suinyuan Technology has strong ties with Tencent. Just five months after its establishment, Tencent participated in the investment in the company, and later invested in multiple rounds, becoming its largest institutional shareholder, with the latest holding ratio of 20.49%.

Since its establishment in 2018, Suinyuan Technology has released three generations of products, including training chips and inference chips, with the third generation of products being mass-produced in June of last year. Currently, the company has products such as the Suyuan S60 Intelligent Acceleration Card and the YunSui Intelligent Computing Cluster.

Since 2024, Suinyuan Technology has begun preparing for an IPO. In August of that year, it initiated the listing guidance process, with the guidance institution being CITIC Securities. In late October this year, the company restarted the listing guidance process, and the guidance institution was changed to CITIC Securities.

Original text: toutiao.com/article/7585023999919391241/

Declaration: This article represents the views of the author.