데이링 테크놀로지(Denglin Technology)는 대규모 상업 배포를 실현한 중국 최초의 범용 GPU 기업으로, 홍콩증권거래소에 상장했으며 CICC가 상장을 자문했다.
Source: CSC Financial, Investment Banking Division
On November 10, 2026, Suzhou Denglin Technology Co., Ltd. ("Denglin Technology" or the "Company," stock code 9917.HK), described as China's first general-purpose GPU company to achieve large-scale commercial deployment, successfully listed on the Main Board of The Stock Exchange of Hong Kong. The listing marks another important milestone for domestic computing power in the capital markets. Relying on its proprietary GPU+ architecture and fully self-developed software stack, Denglin Technology has turned its core underlying technology into computing products for industries across the economy, making it a leading domestic GPU company driving the adoption of enterprise AI applications. CSC Financial served as joint sponsor, sponsor and overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager on the project. Drawing on its deep experience in hard-technology sectors and its integrated onshore and offshore service capabilities, CSC Financial helped Denglin Technology enter a new stage in the capital markets and created another benchmark project in support of the development of China's domestic computing industry.
- China's first general-purpose GPU company to achieve large-scale commercial deployment, and Jiangsu's only GPU company to achieve large-scale mass production, focused on enterprise-grade AI computing power
- The third-largest company in China's enterprise-grade AI GPGPU market
- A Suzhou major innovation team and a Suzhou Industrial Park major leading-talent enterprise, selected as an "AI track exemplar enterprise" at CCTV Finance's "Straight to the Future" Annual Gala
- Its independently innovated general-purpose GPU product received the "China Chip" Outstanding Technological Innovation Product award
The global offering was priced at HK$231.00 per share, raising approximately HK$1.415 billion (excluding the over-allotment option). Five cornerstone investors subscribed for approximately HK$646 million in total. They include Huayuan, a unit of Yuanhe Holding; Juntian, a unit of Tongfu Microelectronics; the Zhongfang Consortium; ZGD Capital, wholly owned by Zhu Guodong, co-founder of TFC Optical Communication (Tianfu Communication); and Everbright Wealth Management, a unit of China Everbright Bank. Together, they bring in a diverse group of investors, including local state-owned capital, industrial capital, and professional financial institutions. CSC Financial used its integrated onshore and offshore coordination mechanism and extensive deal experience to efficiently advance key regulatory reviews and supported the listing throughout the process. CSC Financial also focused on the Company's industrial value, closely examined its technological strengths and core investment value in enterprise-grade AI computing, mobilized its global investor network, and strengthened its resource integration capabilities to lay a solid foundation for the successful listing.
Denglin Technology is a general-purpose graphics processing unit (GPGPU) provider. It develops and sells GPGPU products to meet the AI computing needs of various industries in China. The Company focuses on enterprise-grade AI as its core target market and, relying on its self-developed GPU+ (Minsky™) architecture and Hamming® software stack, provides computing products and related technical services to its customers.
The Company uses a hardware-software co-design model. Its self-developed GPU+ (Minsky™) architecture uses a heterogeneous on-chip design that integrates GPGPU cores, AI acceleration units, and a high-bandwidth on-chip memory subsystem on a single chip. The Company has launched the Goldwasser I, Goldwasser II, and KS series products, which are used in smart cities, enterprise private cloud, education, industrial inspection, industrial large models, and system integration. Its deployments include smart energy mine projects with Xi'an Tali Technology, smart transportation in Yantai, Shandong, and vehicle-road collaboration in Xiangyang, Hubei. Through independently innovated domestic computing products, the Company supports industrial intelligence upgrades and the deep integration of AI with the real economy.
The Company's revenue was RMB 27.934 million in 2023, RMB 82.634 million in 2024, and RMB 171.292 million in 2025, a compound annual growth rate of approximately 147.6% from 2023 to 2025. Its revenue for the first four months of 2026 was RMB 200.365 million.
CSC Financial has long focused on the AI and semiconductor industries. Through professional investment banking services, it helped Denglin Technology list in Hong Kong, injecting capital momentum into the core technological innovation and large-scale application of domestic computing power. This work reflects CSC Financial's commitment to supporting high-level technological self-reliance and the development of new quality productive forces. The project is another important practice of CSC Financial's core development strategy of "Three ZHI, One New, One Transformation" (Three ZHI One New One Transformation). Going forward, CSC Financial will continue to use its integrated onshore and offshore service advantages, and draw on Hong Kong's position as an international financial center that connects global capital with Chinese innovation, to support high-quality technology companies as they grow, bring more innovative capital to the Hong Kong market, and create long-term value for companies and investors.