IPO News | "General-Purpose GPU Provider" Denglin Technology launches IPO, plans to list on November 10; minimum subscription lot costs HKD 7,272.61

Futu News, October 30:$DENGLIN TECH-P (09917.HK)$The company announced that the IPO subscription period will run from October 30 to November 5. It plans a global offering of approximately 6.125 million shares and expects to list on November 10.

Company Overview

The company is a provider of general-purpose graphics processing units ("GPGPUs"), developing and selling GPGPU products to meet the AI computing demands across various industries in China. Leveraging its self-developed, software-defined, on-chip heterogeneous proprietary computing framework, the GPU+ (Minsky™) architecture, the company targets enterprise AI as its core market while seeking to expand into innovative areas such as public cloud services and robotics. By providing energy-efficient, secure, and reliable computing power platforms along with scenario-specific solutions, the company aims to become a solid partner in the process of industrial AI upgrading in China.

The Chinese enterprise AI GPGPU market grew from RMB 1.9 billion in 2021 to RMB 11.8 billion in 2025, representing a compound annual growth rate (CAGR) of 58.1%. According to Frost & Sullivan, the company ranked third in the Chinese enterprise AI GPGPU market by revenue in 2025, holding a 1.0% market share. This position stems from the company's ability to precisely match core enterprise AI needs, including energy efficiency, cost-effective design, software compatibility, and precisely customized hardware and services.

Financial Overview

Revenue increased from RMB 27.9 million in 2023 to RMB 82.6 million in 2024, and further to RMB 171.3 million in 2025, representing a compound annual growth rate (CAGR) of 147.6%. It is projected to rise from RMB 5.8 million for the four months ended April 30, 2025, to RMB 200.4 million for the four months ended April 30, 2026. The Company’s gross profit increased by 2,898.7% from RMB 3.4 million for the four months ended April 30, 2025, to RMB 102.0 million for the four months ended April 30, 2026.

Use of Proceeds

Regarding the use of proceeds, Denglín Technology expects the net proceeds from the global offering to be approximately HK$1.48 billion (assuming the over-allotment option is not exercised and based on the mid-point of the indicative offer price range of HK$259.5). According to the prospectus, Denglín Technology intends to allocate the funds raised from the global offering for the following purposes:

Approximately 35% is expected to be used for the iterative upgrades and commercialization of existing GPU product lines; specifically, the Company will continue to invest in the ongoing development and upgrading of core products and solutions, including its Goldwasser series GPU chips and next-generation core architecture chips. Approximately 25% is expected to be used for the development and commercialization of new product categories; specifically, leveraging existing technological reserves, the Company will expand its GPU product line into strategic emerging fields such as graphics rendering, robotics, and autonomous driving, thereby enhancing product coverage and building an ecosystem from chips to solutions. Approximately 20% is expected to be used for developing software toolchains for chip products. Approximately 10% will be used to strengthen the Company’s sales and marketing capabilities. The remaining 10% will be used for working capital and other general corporate purposes.