Good News on Listing | Frost & Sullivan Assists Shanghai Tianjin Chip Semiconductor Co., Ltd. to Successfully List on the Hong Kong Stock Exchange (9903.HK)

Shanghai TianDays Semiconductor Co., Ltd. (hereinafter referred to as "TianDays") successfully listed on January 8, 2026. The company plans to issue a total of 2,543.2 million shares globally, with 90% allocated internationally and 10% publicly offered in Hong Kong. The issue price per share is HK$144.6, and the net proceeds are approximately HK$3.68 billion.

During this Hong Kong listing process, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support, and highlight the issuer's competitive advantages, assisting the issuer, investment banks, and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business, and other important sections), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange.

Frost & Sullivan has always been a leader in helping companies list in Hong Kong. According to LiveReport big data, from January to December 2025, and over the past 36 months, Frost & Sullivan provided listing industry advisory services for 83 (market share 72%) and 180 (market share 71%) Hong Kong IPOs, ranking first in terms of number, with rich industry experience and communication experience with regulatory agencies, exchanges, investment and financing institutions, and related institutions.

• TianDays is a pioneer and leader in the commercialization of the general-purpose GPU sector in China.

   

• TianDays launched its flagship product, TianGai Gen 1, in March 2021 and has successfully achieved mass production of three generations of architecture. It is one of the few general-purpose GPU companies in China with continuous product iteration and software and hardware integration capabilities.

   

• TianDays has built a complete core intellectual property system covering multiple industries, with products deployed in key areas such as finance, healthcare, and transportation more than 900 times, providing robust computing power support for industry digital transformation.

   

• TianDays has gathered an elite R&D team of over 480 people, with the core management team having been deeply involved in the semiconductor industry for over 20 years, building a solid technical moat with their profound software and hardware integration capabilities.

According to a Frost & Sullivan report:

• TianDays is the first in China to mass-produce training general-purpose GPU chips and inference general-purpose GPU chips, and it is also the first chip design company to achieve this milestone using advanced 7-nanometer technology.

   

• As of June 30, 2025, the cumulative shipments of TianDays' general-purpose GPU products have exceeded 52,000 units, leading among domestic general-purpose GPU manufacturers.

   

• Calculated based on revenue from 2022 to 2024, the annual compound growth rate was 68.8%, demonstrating strong growth momentum.

As the core computing infrastructure supporting the operation of AI applications, AI chips are considered to profoundly influence various application scenarios including cloud computing, data centers, autonomous driving, intelligent manufacturing, fintech, and smart healthcare in the medium to long term. With the continuous increase in computing power demand for training and inference stages by large language models, computer vision, and multimodal models, AI chips have become one of the most critical underlying links in the AI industry chain. Among them, general-purpose GPUs used for data center and cloud training, as well as ASIC chips optimized for specific AI tasks, are considered to occupy the main share of the AI chip market, with the most significant market potential.

According to Frost & Sullivan data, the revenue of the Chinese AI chip market in 2024 was approximately RMB 217.5 billion, with a compound annual growth rate of about 80.3% from 2022 to 2024. It is expected that driven by the continuous expansion of large model applications and further release of computing power demand, the scale of the Chinese AI chip market will grow to approximately RMB 898.1 billion in 2029, with a compound annual growth rate of about 29.1% from 2025 to 2029. China has become one of the fastest-growing markets for global AI chip demand and one of the richest in application scenarios, occupying an increasingly important position in the global AI computing industry chain.

Driven by the rapid popularization of AI applications (especially large language models), the continuous expansion of cloud computing infrastructure, and the continuous improvement of technical capabilities of domestic chip manufacturers, the Chinese general-purpose GPU market has maintained rapid growth. In 2024, the revenue of the Chinese general-purpose GPU market was approximately RMB 154.6 billion, with a compound annual growth rate of 70.1% from 2022 to 2024. Against the backdrop of continuous demand release, the market scale is expected to grow to RMB 715.3 billion in 2029, with a compound annual growth rate of 29.5% from 2025 to 2029. At the same time, the revenue growth rate of domestic general-purpose GPU manufacturers is significantly faster than that of overseas competitors, and the localization rate of the Chinese general-purpose GPU market continues to increase. The localization rate refers to the proportion of the revenue of domestic general-purpose GPU enterprises in the total revenue of the Chinese general-purpose GPU market. From 2022 to 2024, the localization rate increased from 2.0% to 3.6%, and it is expected to further rise to 31.0% in 2029, with the process of domestic substitution accelerating significantly.

●Increased Complexity and Widespread Deployment of AI Models

The development of AI technology (especially large-scale basic and vertical models) has created huge computing power demands. The complexity of models requires a large amount of resources for training, while widespread deployment has driven the growth of inference needs. It is expected that the growth rate of inference general-purpose GPUs will exceed that of training ones.

●Diverse Computing Requirements Drive the Widespread Application of General-Purpose GPUs

The diverse AI loads from training to inference require flexible solutions. General-purpose GPUs, with their parallel computing capabilities, architecture flexibility, and mature software ecosystem, can efficiently handle various tasks, establishing their position as the mainstream hardware accelerator for AI workloads.

●Development of Centralized Computing Infrastructure

The exponential growth in model parameters has made small-scale clusters no longer used. Chinese AI infrastructure is shifting towards ultra-large-scale general-purpose GPU clusters to support the training of trillion-parameter models and are optimized for large-scale parallel computing, high bandwidth, and system stability.

●Acceleration of Edge Computing and Inference Requirements

The maturity and localization needs of AI have driven the explosion of edge computing, directly accelerating the demand for inference general-purpose GPUs. It is expected that the growth rate of inference GPUs will be faster than that of training ones, accounting for 67% of the Chinese market by 2029, bringing great opportunities to domestic companies committed to domestic substitution.

●Technological Progress of Domestic General-Purpose GPU Companies

Through continuous breakthroughs in architecture and technology, domestic manufacturers are rapidly improving their technology and narrowing the gap with global leaders. Driven by policy support and market competition, these technological progress are driving strong market growth and accelerating domestic substitution.