Suzhou Denglin Technology began trading in Hong Kong on Tuesday after raising HK$1.41 billion in its initial public offering. The company sold 6.125 million shares at HK$231 each, the bottom of its offer range. Denglin builds general-purpose GPUs for artificial intelligence workloads.
Deal details
The company expects HK$1.31 billion in net proceeds after listing expenses. CITIC Securities, China Securities International, and BOCI Asia acted as joint sponsors. Sidley served as Hong Kong and U.S. counsel to Denglin Technology.
Company context
Denglin was founded in 2017. It is one of China's first general-purpose GPU providers to achieve large-scale commercial deployment. The company serves the AI computing needs of Chinese enterprises.
Market position
Frost & Sullivan reports China's enterprise AI GPGPU market grew 58.1% annually from 2021 to 2025. Denglin ranked third by revenue in that market in 2025. The ranking reflects sales of GPUs for enterprise AI computing.
Denglin is the first pre-commercial GPU company to list in Hong Kong under Chapter 18C. It is also the third GPU company to list in Hong Kong. Trading on the Main Board started Tuesday under the stock code 9917.