Suiyuan Technology's STAR Market IPO was approved by the listing committee on
June 15; its application was accepted on Jan. 22 and cleared after two rounds of
inquiry. Moore Threads and Muxi listed on the STAR Market in Dec. 2025 and each
now trades near CNY300 billion market value; Biren Technology listed on HKEX in
Jan. 2026 with a market cap above HKD130 billion. With Suiyuan cleared, the four
firms dubbed the "domestic GPU four small dragons" could be together on public
markets, a notable capital-market milestone for China's chip sector. Muxi is
pursuing an H‑share listing and Biren's A‑share listing counseling has
progressed to its sixth filing phase.
