On October 8, the Securities Association of China issued the "Announcement on the List of Random On-Site Inspection Targets for the Fifth Batch of IPO Enterprises in 2026." Based on the drawing list provided by the regulatory authorities, and witnessed jointly by representatives of regulatory bodies, self-regulatory organizations, industry representatives, and media representatives, the Association organized a random drawing in accordance with the principles of openness, fairness, and impartiality. The result of the drawing was Shanghai Siling Technology Co., Ltd.
Siling Technology thus became the only enterprise selected in the fifth batch of on-site inspections of IPO enterprises in 2026, bringing the cumulative number of IPO enterprises selected for on-site inspection during the year to 51. Siling Technology's STAR Market IPO was accepted by the Shanghai Stock Exchange on July 7, 2026, and its review status changed to "under inquiry" on July 24. The company plans to raise 4.426 billion yuan, with Guotai Haitong Securities Co., Ltd. (GTHT) serving as the sponsor institution. The proceeds will mainly be invested in a new-generation scientific intelligence-oriented chip R&D and industrialization project and a high-performance integrated computing system R&D project. The proposed issuance consists of no fewer than 52.940910 million shares, representing no less than 10% of the total share capital after issuance.
According to media reports, Siling Technology has completed nine rounds of financing since its establishment. The latest round of capital increase in May 2026 showed that the financing consideration reached 45.05 yuan per share, implying a pre-IPO valuation of 21.5 billion yuan. According to the prospectus, the company is committed to independent chip R&D and industrial application based on its self-controllable high-performance core architecture, MaPU, and provides software and hardware products and solutions centered on its self-developed chips to address the demands of surging data scale and increasingly complex computing loads.
Since its establishment, the company has adhered to the development philosophy of "strengthening the national computing foundation through technological innovation and leading the transformation of scientific computing with an innovative architecture," continuously deepening the technological innovation and engineering implementation of the MaPU architecture. Relying on 100% independent intellectual property rights, it has achieved fundamental breakthroughs in key areas such as instruction set architecture and chip cores, balancing high performance with general programmability, and has successfully built a self-controllable hardware system and software ecosystem for fields including scientific computing and advanced communications.
The listing standard selected by the company is based on the "Audit Report" issued by Rongcheng Certified Public Accountants (Rongcheng Shen Zi [2026] No. 215Z0802), under which the company's audited operating revenue for 2025 was 672.7321 million yuan, no less than 300 million yuan. Taking into account the valuation corresponding to the company's most recent external financing and the recent valuations of comparable companies in the domestic market, the company's total market value after issuance is expected to be no less than 3 billion yuan.
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