Shanghai's GPU "Big Four" Unite in Capital Markets as Third AI Chip Company Lists
Shanghai's AI chip sector marked another milestone as Tianshu Zhixin listed on the Hong Kong Stock Exchange on January 8, joining two fellow GPU developers that debuted within the past month and positioning Shanghai's "Big Four" GPU makers firmly in public markets.
The listing follows the December 2025 IPO of Biren Technology, dubbed the first domestic GPU stock in Hong Kong, and Metax Technology, which surged nearly sevenfold on its Shanghai STAR Market debut. The quartet will be complete once Metax Technology, currently undergoing IPO counseling, lists on the STAR Market.
The rapid-fire listings underscore Shanghai's dominance in China's integrated circuit industry. The city's IC sector generated 391.2 billion yuan ($54.3 billion) in revenue during the first 11 months of 2025, up 23.72% year-on-year, according to the Shanghai Municipal Commission of Economy and Informatization. Full-year 2025 revenue is projected to exceed 460 billion yuan, marking a 24% annual increase and more than doubling the sector's size over five years.
Yu Xuesong, vice president of strategy and public relations at Tianshu Zhixin, said the AI revolution has triggered explosive demand for computing power, creating significant growth opportunities. As China's first company to independently develop general-purpose GPUs, Tianshu Zhixin has completed the full cycle from core technology development to commercial deployment.
The company employs 480 research staff with an average of 20 years of industry experience, Yu said, with over one-third possessing more than a decade of expertise in chip design and software development. The team includes specialists across architecture, general-purpose GPU intellectual property, chip design, fundamental software and hardware-software integration.
Shanghai's GPU strength reflects decades of strategic investment in semiconductors. The city ranks fourth globally and first in mainland China in the Global Integrated Circuit Industry Comprehensive Competitiveness Index published by the World Semiconductor Council.
The municipality has cultivated a complete industrial ecosystem spanning chip design, manufacturing, equipment, materials and packaging. Shanghai now hosts more than 1,200 IC companies, approximately 40% of China's industry talent and nearly 50% of the country's innovation resources in the sector. The city leads nationally with 35 companies listed on the STAR Market.
Beyond the GPU "Big Four," emerging AI chip companies pursuing optical computing and near-memory computing are also gaining traction in Shanghai, supporting development of large language models and other advanced applications.
The commission said Shanghai will focus on innovation across the entire industrial chain during the 15th Five-Year Plan period through 2030, accelerating development of leading enterprises, attracting high-level talent and improving full-cycle services to build a world-class IC industry cluster.