Tianshu Zhixin (09903) plans to sell 254.318 million H shares globally to introduce cornerstone investors such as ZTE and Huasheng Tiancheng

According to the Zhitong Finance App, Tianshu Zhixin (09903) will raise shares from December 30, 2025 to January 5, 2026. The company plans to sell 25.4318 million H shares globally, of which Hong Kong sales account for 10% and international sales account for 90%. Each share is sold at HK$144.6. H shares will be traded on the Stock Exchange at 9:00 a.m. on January 8, 2026 (Thursday). It is expected that H shares will be traded on the Stock Exchange at 9:00 a.m. on January 8, 2026 (Thursday).

We provide general-purpose GPU products and AI computing power solutions for different industries. Our product portfolio mainly includes general-purpose GPU chips and accelerators, as well as customized AI computing power solutions (including general-purpose GPU servers and clusters), combining our hardware with proprietary software stacks to meet the specific needs of customers in training and inference scenarios.

Our revenue for 2022, 2023, 2024 and the six months ended 2024 and June 30, 2025 was RMB189 million, RMB 289 million, RMB 540 million, RMB 197 million and RMB 324 million respectively. This growth is due to the continuous iteration of our products and solutions, mature commercialization capabilities, and the continuous expansion of our high-quality customer base. Our total number of customers increased from 22 in 2022 to 65 in 2023, and further increased to 181 in 2024 and from 81 in the 6 months ended June 30, 2024 to 106 in the 6 months ended June 30, 2025. As of June 30, 2025, we have served more than 290 customers from various industries. Our products and solutions have enabled more than 900 deployments and applications in key industries such as financial services, healthcare, and transportation, while supporting industrial digital transformation from manufacturing to retail, as well as basic research and educational computing applications. Shipments of our general-purpose GPU products increased from 7.8 thousand in 2022 to 12.7 thousand in 2023, and further increased to 16.8 thousand in 2024, and increased from 4.8 thousand units in the six months ended June 30, 2024 to 15.7 thousand units in the six months ended June 30, 2025.

We have worked with cornerstone investors ZTE (Hong Kong), XN Mountain, Wind Sabre Fund SPC, UBS AM Singapore, Huasheng Tiancheng (Hong Kong), Qin Wan, OCM, Ocean Fine Industrial, Huatai OTC Swap — Hengxin Fund Management, Fourth Model, Anqing International, Duckling Fund, DeepRoot Alpha, Huaxia Fund (Hong Kong), China Oriental International, Huaxia Fund (Hong Kong) ), Xinxin Holdings, and Mingshan Capital entered into a cornerstone investment agreement. We believe that the Cornerstone placement shows the commitment, confidence and concern of Cornerstone investors to the Group's business and prospects, and helps enhance the company's image. The company meets various cornerstone investors through recommendations from the company's business partners or overall coordinators.

Based on the sale price of HK$144.60 per share sold, we estimate that the net proceeds from the global offering will be approximately HK$3,478.6 billion, of which approximately 80.0% will be used to develop our products and solutions; approximately 10.0% will be used for sales and marketing within the next five years; and approximately 10.0% will be used for working capital and general corporate purposes.