Three IPO subscriptions next week: Aug. 31 for Beijing Stock Exchange new issue
Baimaike; Sept. 2 for STAR Market new issue Suiruan Technology; Sept. 3 for STAR
Market new issue Xinnowei. Suiruan is the only unlisted member of the so-called
domestic GPU quartet alongside Moore Threads, Muxi and Biren; once listed the
four will all trade publicly. Moore Threads, Muxi and Biren rose 425.46%,
692.95% and 75.82% respectively on their first trading days. Suiruan’s
prospectus shows a proposed issuance of 43.035173 mln shares, about 10% of
post-issue capital; post-issue share count roughly 430 mln. The IPO targets 6
bln yuan to fund R&D and industrialization of 5th- and 6th-generation AI chips
and advanced AI hardware-software co-innovation projects to bolster China’s
domestic compute base.
