A confidential filing for a Hong Kong IPO has been made by domestic chip design company KiwiMoore, according to market sources. The company is targeting a valuation of approximately $2 billion (around HK$15.6 billion), with CITIC Securities and ABC International serving as joint sponsors.

Reports citing sources indicate the company plans to go public in Hong Kong during the first half of 2027. In July of this year, KiwiMoore completed a funding round of approximately 700 million yuan, achieving a post-investment valuation of 8 billion yuan. Its investor lineup includes the China State-owned Enterprise Mixed Ownership Reform Fund, the Zhongguancun Development Qihang Industrial Investment Fund, Fosun Creative Capital, and Runchuan Technology.

Founded in 2021, KiwiMoore initially focused on 2.5D and 3D chiplet products and packaging integration services. In recent years, its business has expanded to provide full-stack AI network interconnection solutions, building product solutions for Scale Inside (intra-chip interconnect), Scale Up (GPU-to-GPU interconnection in super nodes), and Scale Out (interconnection in massive server clusters).

According to its official website, the company allocates over 80% of its workforce to R&D, with a total employee count exceeding 100, of whom more than 20% hold PhDs. The core team averages over 20 years of industry experience and has collectively participated in more than 50 high-performance networking and chiplet mass-production projects. The company currently operates business or R&D bases in Shanghai, Shenzhen, Quzhou, and Xi'an.