Denglin's adjusted profit in early 2026 sets it apart from larger, still loss-making GPU peers Biren, Moore Threads and MetaX, a difference its Hong Kong offering will test.
Suzhou Denglin Technology, a Chinese designer of general-purpose graphics processors (GPUs), has passed its Hong Kong listing hearing, tech news site Leidi reported on October 25, in a story carried by Sina Finance. A separate one-line Sina Finance flash the same evening said the exchange had approved the listing. The financials Leidi cited show sales climbing steeply. Denglin’s revenue rose from RMB27.93 million in 2023 to RMB172 million in 2025, and reached about RMB200 million in the first four months of 2026.
The four-month result is the first in which Denglin’s losses look small next to its sales. The company lost RMB332 million in 2023, RMB300 million in 2024 and RMB281 million in 2025. For January to April 2026 it reported a gross margin of 50.9%, a net loss of RMB16.47 million and, on the adjusted measure it uses, a profit of RMB20.58 million, after adjusted losses of RMB278 million, RMB224 million and RMB200 million in the three prior years.
Neither report names the sponsors, the size of the offering or a timetable, and the post-hearing information pack on the exchange’s website, which would carry those details, could not be checked. In March, IFR reported, via The Standard, that the Qualcomm-backed company aimed to raise US$300 million to US$400 million in a Hong Kong IPO as early as 2026.
Denglin’s revenue has grown more than sixfold since 2023
Denglin was founded at the end of 2017. It sells chips built on its own GPU+ architecture, which it markets under the MinSky name, and its first product line, Goldwasser, is used by companies in internet services, security, telecoms, energy, finance and education, according to Leidi. The company has said since at least 2023 that its chips work with programming models such as CUDA, the Nvidia software platform on which much AI code is written, Tom’s Hardware reported at the time, which matters to customers who want to move existing code without rewriting it.
Gross profit grew from RMB9.61 million in 2023 to RMB41.21 million in 2024 and RMB84.3 million in 2025, then reached about RMB100 million in the first four months of 2026, Leidi reported. The company had RMB449 million in cash and cash equivalents at April 30, 2026, and has raised about RMB1.5 billion since it was founded.
State-linked and industry investors hold small stakes ahead of the float
Denglin’s private valuation rose quickly over the past year. A D2 round in October 2025 raised RMB290 million at a post-money valuation of RMB6 billion, and follow-on tranches lifted that to RMB6.068 billion and then RMB7.09 billion. A RMB100 million round at the end of January 2026 valued the company at RMB7.19 billion, according to Leidi.
The largest pre-IPO holder is Denglin Consulting, with 17.91%. Strategic and state-linked investors hold smaller stakes: a CETC-linked investment vehicle (中电科投) holds 3.23%, the China Internet Investment Fund 1.37%, a Hikvision-linked fund (海康基金) 1.36% and Qualcomm China 1.18%. The China Internet Investment Fund was set up by the Cyberspace Administration of China and the Ministry of Finance, Tom’s Hardware reported in 2023.
Denglin is much smaller than the Chinese GPU designers that have gone public or are preparing to. Moore Threads reported first-half 2026 revenue of RMB1.736 billion, MetaX RMB1.32 billion and Biren RMB1.24 billion, Taiwan’s Economic Daily News reported in September, adding that all three still lost money on their core operations. Biren listed in Hong Kong and has since tapped the market again; EastFrontier covered its planned HK$4 billion placement this month.
A cooling Hong Kong market is the hurdle after the hearing
Passing the hearing allows Denglin to launch its offering, but the timing is difficult. At least three companies have shelved Hong Kong listings after starting share sales since early July, the South China Morning Post reported on October 21, among them Jiangsu Slender West Lake Culture and Tourism, which postponed a HK$227 million deal hours after closing its order book. Leidi listed two further postponements, said digital publisher Chinese Online (中文在线) had abandoned its Hong Kong listing altogether, and concluded that Denglin would face "major challenges" if it went ahead.
The SCMP said weak investor demand was pushing small-cap, non-technology issuers in particular to delay or cancel, and that institutional buyers had grown more cautious about small companies with limited growth prospects. The next document to watch is Denglin’s prospectus launch, which should set out the price range, any cornerstone investors and how much of the offering is earmarked for new chip development.