The Shanghai Stock Exchange's STAR Market listing committee approved the IPO application of Shanghai Suiyuan Technology Co., Ltd. on June 15, 2026. The company plans to raise 6 billion yuan (about $830 million) in this IPO, with funds going toward fifth- and sixth-generation cloud AI chip R&D and advanced AI hardware-software co-innovation projects.
According to the prospectus, Suiyuan focuses on designing and selling cloud AI chips. From 2023 to 2025, revenue grew from 301 million yuan to 990 million yuan, a compound annual growth rate of 81.32%. But chip development and customer validation cycles are long, so the company posted net losses of 1.665 billion, 1.51 billion, and 1.164 billion yuan respectively over those three years, totaling 4.339 billion yuan in losses. R&D spending over the same period hit 3.676 billion yuan — 182.55% of cumulative revenue.
Latest financials show that in Q1 2026, revenue hit 287 million yuan, up 1,474.85% year over year. The company expects first-half 2026 revenue of 1.06 to 1.15 billion yuan, with a net loss attributable to shareholders of 577 to 608 million yuan. According to IDC, China shipped about 4 million AI accelerator cards in 2025; Nvidia shipped about 2.2 million, grabbing 55% market share. Suiyuan sold 66,000 AI accelerators and modules, capturing a 1.7% share — placing it among the top domestic AI chip makers.