Another "China's NVIDIA" is set to go public: Tencent is both the largest shareholder and the largest customer.

Another hardcore domestic computing power company is about to enter the capital market. Suiyuan Technology, dubbed "China's NVIDIA" by the industry, has officially finalized its STAR Market IPO issuance details.

After years of deep cultivation in the cloud AI chip field, Suiyuan Technology has self-developed the GCU-CARE accelerated computing unit and GCU-LARE inter-chip high-speed interconnect core technologies, built its proprietary "TopsRider" full-stack software platform, and carved out a differentiated path for domestic computing power advancement.

Through eight years and four generations of technology iteration, the company has created a full series of cloud chips covering AI training and inference.

Its flagship S60 inference card can directly benchmark against NVIDIA's mainstream L40S computing product, and the fourth-generation chip is one of the few domestic products natively supporting FP8 low-precision data for both training and inference, with computing performance on par with NVIDIA's H20. It is currently the core player in domestic substitution for NVIDIA computing power, fully deserving the title "China's NVIDIA."

Its strong technological strength has also earned Suiyuan Technology full support from leading tech companies, with Tencent having the deepest level of involvement.

At the equity level, Tencent, together with its concert parties, holds 20.26% of Suiyuan Technology's shares, making it the company's largest external shareholder.

At the business level, Tencent is absolutely Suiyuan Technology's core major customer, with the depth of cooperation between the two rising year after year and revenue contribution share continuing to climb.

Data shows that from 2023 to 2025, Suiyuan Technology's combined revenue from direct sales to Tencent and AVAP model sales was 100 million yuan, 273 million yuan, and 830 million yuan respectively, accounting for 33.34%, 37.77%, and 83.79% of total revenue in the corresponding periods.

Suiyuan Technology officially disclosed its STAR Market IPO issuance announcement, finalizing the core issuance parameters for this listing. Based on preliminary inquiry results, the company's issuance price is set at 142.18 yuan per share, with 43,035,173 shares to be issued, and total expected fundraising of 6.119 billion yuan.

Regarding strategic placement, Suiyuan Technology's initial strategic placement volume is 8,607,034 shares, accounting for approximately 20% of the total issuance. The final strategic placement volume remains consistent with the initial amount, with no need for offline reallocation, and the placement structure is stable.

Among these, the sponsor's affiliated subsidiary CSC Investment subscribed for 860,703 shares through follow-on investment, accounting for 2% of the issuance, with a lock-up period of 24 months.

Notably, Tencent has once again increased its stake in Suiyuan Technology this time. Its subsidiary Shanghai Qishan Investment Co., Ltd. subscribed for 1,747,100 shares on a large scale, accounting for 4.06% of the issuance, with a corresponding investment amount of 248 million yuan. Both Tencent's placement shares and Suiyuan Technology's employee asset management plan have a lock-up period of 36 months.

In addition to Tencent, Xiaomi Technology's Wuhan Yibayi Ling Enterprise Management Co., Ltd. and GigaDevice's Shenzhen Waitan Technology Development Co., Ltd. each received 492,300 shares, accounting for 1.14% of the issuance respectively.

Tongfu Microelectronics and ZTE each received 562,700 shares, accounting for 1.31% respectively. Shanghai Huahong Group's Shanghai Xinzhi Times Enterprise Management Co., Ltd. and Shanghai Yidian Group's Shanghai AIDI Technology Service Co., Ltd. each received 514,300 shares, accounting for 1.2% respectively.

Meanwhile, portfolios under the National Social Security Fund and the Basic Pension Insurance Fund also participated in this strategic placement.