Suzhou Denglin Technology, a Chinese designer of graphics processors for artificial intelligence, opened books on Oct. 30 for a Hong Kong initial public offering of 6.125 million H shares at HK$231 to HK$288 each. At the top of the range the deal raises about HK$1.76 billion before any over-allotment, according to the company's formal notice on HKEXnews.

It is the largest of seven share offerings that launched together. Hong Kong Exchanges and Clearing's new-listing page showed eight Main Board companies posting listing documents on Oct. 30 and 31, from an energy storage maker to a traditional Chinese medicine company; one of them, CTG Hongkong and Macao Culture and Tourism, is listing by introduction and is not raising money. For investors in Asia, the batch is a test of whether demand for Chinese AI hardware can absorb more supply in the final weeks of what KPMG has said could be a record year for Hong Kong listings.

Denglin's retail tranche closes Nov. 5. The company expects to fix the price by noon on Nov. 6 and to start trading under stock code 9917 at 9 a.m. on Nov. 10, the notice said. CITIC Securities, China Securities International and BOCI Asia are joint sponsors.

A pre-commercial chip company under Chapter 18C

Denglin is listing under Chapter 18C, the Hong Kong rule for specialist technology companies, as a "pre-commercial" issuer, a label for applicants that cannot meet the chapter's revenue test. The prospectus warns that such companies carry a higher risk of failure if they cannot raise enough money or generate enough sales after listing.

The company sells general-purpose GPUs, mostly as board-level products, built on its own GPU+ (Minsky) architecture and a software stack it calls Hamming. It keeps design in house and relies on foundries and packaging contractors for production. Citing Frost & Sullivan, the prospectus ranks Denglin third in China's enterprise AI GPGPU market by 2025 revenue, with a 1% share. Qualcomm's China unit is among its earlier investors, the filing shows.

Sales have grown quickly from a small base. Revenue rose 107.3% to RMB171.3 million in 2025 from RMB82.6 million a year earlier. In the four months to April 30, 2026, revenue reached RMB200.4 million, up from RMB5.8 million in the same period of 2025, which the company attributed to larger GPU shipments plus a chip design services job and an IP licensing deal.

Losses are shrinking. The net loss fell to RMB281 million in 2025 from RMB332 million in 2023, and to RMB16.5 million in the first four months of 2026. On an adjusted basis, which strips out share-based pay, Denglin reported a gain of RMB20.6 million for that four-month period.

Customer concentration is high. The five largest customers made up 90.4% of revenue in the latest period, according to the prospectus.

Cornerstones take more than a third

Cornerstone investors have agreed to buy about HK$646.4 million of stock, the prospectus said. At HK$288 that equals about 36.6% of the offer before the over-allotment option, rising to about 40.7% at the midpoint price of HK$259.50. Hua Yuan International and Suzhou Chinese Consortium Holding are among the named cornerstones.

Only about 5% of the offer shares go to the Hong Kong public tranche at the start, with the rest placed with institutions, subject to clawback if retail demand is strong. If the bankers move extra shares to retail investors outside the clawback mechanism, the notice said, the price must be set at the HK$231 floor.

At the midpoint, Denglin expects net proceeds of about HK$1.48 billion. It plans to spend about 35% on upgrading and commercializing existing GPU lines, 25% on new product categories, 20% on software tool chains and 10% on sales and marketing.

The deal arrives later and smaller than once flagged. In March, The Standard cited an IFR report that Denglin was aiming to raise US$300 million to US$400 million in Hong Kong this year, following listings by rival GPU makers Biren Technology and Iluvatar CoreX.

Rest of the November queue

All six other offerings in the batch are due to start trading by Nov. 12. The three largest, according to their formal notices:

• HOSIN Electronics is offering 14.7 million H shares at up to HK$82.90, worth up to about HK$1.22 billion, with trading due Nov. 12.
• Amicro Technology is selling 71.7 million H shares at up to HK$11.58, or about HK$830 million, also due Nov. 12. Only 5% is offered to Hong Kong retail investors at the start.
• RelyEZ Energy Storage Technology is offering 57.5 million H shares at up to HK$11.10, about HK$639 million, with a debut set for Nov. 9.

The pipeline is deep. KPMG said in October that Hong Kong had more than 600 active IPO applicants and that full-year proceeds could approach HK$500 billion, above the HK$449.5 billion record set in 2010. Its count showed 116 listings raising more than HK$388 billion in the first nine months, a pace Capital Times reported in October. Other Chinese AI names are lining up behind this batch, including Moonshot AI, which is weighing a Hong Kong listing.

Denglin's final price, due by Nov. 6, and the retail subscription multiple, due in the allotment results on Nov. 9, will show how much appetite remains for loss-making chip designers before the year-end rush.