IPO Pricing | TianShu ZhiXin goes public today, over 414x subscribed, priced at HK$144.6 per share, with a profit of over HK$5,300 for one lot in the grey market

Futu Information, January 8th update, $ILUVATAR COREX (09903.HK)$ Announced allocation results: priced at HK$144.6 per share, issuing a total of 25.4318 million shares, with each lot consisting of 100 shares, officially listed today.

In the last trading session, TianShu ZhiXin's grey market closed up 37.07% at HK$198.2 per share, with each lot consisting of 100 shares; excluding fees, a profit of HK$5,360 per lot.

During the public offering phase, TianShu ZhiXin received 414.24x subscription, with the final number of shares offered to the public being 2.5432 million shares, accounting for approximately 10% of the total shares issued. A total of approximately 180,800 valid applications were received, with 22,451 processed applications; the approximate percentage of shares allocated for one-lot subscriptions relative to the total applied shares was 7%.

In addition, during the international placement phase, Tenstorrent received 10.68 times subscription, with the final number of international placement shares being 22.8886 million shares, accounting for 90% of the total number of placement shares. Futu Information has compiled the relevant data in the table below:

Company Profile

TianShu ZhiXin provides general-purpose GPU products and AI computing power solutions tailored for different industries. The company's product portfolio mainly includes general-purpose GPU chips and accelerator cards, as well as customized AI computing power solutions (including general-purpose GPU servers and clusters). TianShu ZhiXin’s general-purpose GPU products cover the TianHe and ZhiKai series, compatible with mainstream domestic and international AI ecosystems and various deep learning frameworks.

The shipment volume of TianShu ZhiXin’s general-purpose GPU products increased from 7,800 units in 2022 to 12,700 units in 2023, and further rose to 16,800 units in 2024, while shipments during the six months ended June 30, 2024, were 4,800 units, increasing to 15,700 units during the six months ended June 30, 2025. The total number of customers grew from 22 in 2022 to 65 in 2023, then further increased to 181 in 2024, and from 81 during the six months ended June 30, 2024, to 106 during the six months ended June 30, 2025. As of June 30, 2025, TianShu ZhiXin has served over 290 customers across various industries.

Financial Overview

In terms of financial performance, TianShu ZhiXin reported revenue of RMB 189 million, RMB 289 million, RMB 540 million, RMB 197 million, and RMB 324 million for the years 2022, 2023, 2024, and the six-month periods ended June 30, 2024, and June 30, 2025, respectively.

Use of Proceeds

In terms of fund-raising purposes, the net proceeds from Tenstorrent’s global offering amounted to approximately HKD 3.509 billion (based on the offer price of HKD 144.6). According to the prospectus, Tenstorrent intends to use the proceeds from the global offering for the following purposes:

Approximately 80.0% will be used for the research and development of products and solutions; around 10.0% will be allocated to sales and marketing over the next five years; and about 10.0% will be utilized for working capital and general corporate purposes.

The golden season for subscribing to new stocks has arrived! Use Futu to subscribe to new stocks with 0 interest, 0 handling fees, and 0 cash subscription. Participate now for a chance to waive new stock subscription fees for one year!Come and experience it now >>

Editor/Afina

170K Views