In-depth Analysis of Valuation Differences Among China's Four Leading GPU Players

According to the latest public information, Shanghai Suiyuan Technology Co., Ltd. officially completed IPO tutoring registration on January 1, 2026, and will apply for listing on the STAR Market [1][2]. This marks that one of China’s four leading GPU players has officially entered a critical stage of capitalization.

• Luxurious Shareholder Lineup
  : National Integrated Circuit Industry Investment Fund Phase II, Tencent (the largest institutional shareholder with approximately 20.49% stake), Walden International, Shanghai Guofang, and other well-known institutions [1][3]
• Notable Product Progress
  : The third-generation inference accelerator card “Suiyuan S60”, mass-produced in the second half of 2024, has received over 100,000 orders [1]
• Unique Technology Route
  : Adopts ASIC (Application-Specific Integrated Circuit) for inference-specific chips, focusing on cloud computing power, forming differentiated competition with general-purpose GPUs [2]
• Valuation Level
  : According to the 2025 Hurun Global Unicorn Index, Suiyuan Technology has a valuation exceeding 20.5 billion yuan and ranks 395th [1]

Currently, China’s four leading GPU players (Moore Threads, Muxi Semiconductor, Biren Technology, Suiyuan Technology) show significant divergence in their capitalization processes and valuation levels:

Commercialization progress is a key variable determining valuation. In terms of revenue scale, Muxi Semiconductor leads with 743 million yuan, followed by Moore Threads (438 million yuan), while Biren Technology has a relatively smaller revenue scale (337 million yuan) [2][5].

• Muxi Semiconductor
  : Focuses on the GPGPU field; revenue reached 915 million yuan in the first three quarters of 2025, with losses narrowing to 186 million yuan [2]
• Moore Threads
  : Full-function GPU route; revenue was 702 million yuan in the first half of 2025, with losses narrowing simultaneously [2]
• Biren Technology
  : Revenue was 58.903 million yuan in the first half of 2025; although it increased by nearly 50% year-on-year, the scale gap is obvious [5]

The four companies have fundamental differences in their technology routes, which directly affect their market positioning and valuation logic:

• Moore Threads
  : Full-function GPU route, products cover both training and inference scenarios [2]
• Muxi Semiconductor
  : Focuses on GPGPU and general-purpose computing [2]
• Biren Technology
  : Emphasizes full-stack innovation; first to use PCIe Gen5, CXL, and dual die chiplet design, and first to realize commercialization of 1000-card clusters [2]
• Suiyuan Technology
  : ASIC inference-specific chips, mainly for cloud computing power, forming differentiated competition with NVIDIA’s general-purpose GPUs [2]

The STAR Market gives significant premiums to domestic semiconductor enterprises. Moore Threads surged 468.78% on its first day of listing on the STAR Market on December 5, setting a new record for new stocks this year [4]. In contrast, Biren Technology turned to the Hong Kong Stock Exchange, with the main considerations including:

• The inclusiveness of the 18C Special Technology Sector for unprofitable technology enterprises [2]
• The scarcity positioning of GPU concepts in the Hong Kong Stock Exchange market (“first domestic GPU stock in Hong Kong”) [5]
• High valuation expectations for enterprises like Suiyuan Technology in the A-share market [1]

Order reserves directly reflect commercialization certainty:

• Suiyuan Technology
  : The S60 accelerator card received over 100,000 orders, covering large internet enterprises [1]
• Biren Technology
  : As of December 15, 2025, it has signed 5 framework agreements and 24 sales contracts with a total value of approximately 1.241 billion yuan, including 5 Fortune 500 customers [2]
• Muxi Semiconductor and Moore Threads
  : 2025 revenue projections reach 1.5-1.98 billion yuan and 1.218-1.498 billion yuan respectively, indicating strong order expectations [5]

####5.

According to industry data, in the 2024 Chinese intelligent computing chip market, NVIDIA and Huawei together hold 94.4% of the market share, and none of the other 15 participants have a market share exceeding 1% [2]. Against this background:

• Orders for domestic chip manufacturers like Huawei Ascend have surged, creating historical opportunities for emerging GPU enterprises [5]
• Moore Threads and Muxi Semiconductor have obtained higher valuations due to first-mover advantages and A-share premiums
• Biren Technology and Suiyuan Technology need to seek revaluation in the Hong Kong Stock Exchange or subsequent STAR Market listings

The essence of the valuation differences among China’s four leading GPU players lies in the triple superposition of

1. Revenue scale determines basic valuation
   : Enterprises with higher revenue and faster narrowing losses get higher valuations
2. Technology route affects growth expectations
   : Full-function GPUs (GPGPUs) have broader growth prospects than ASIC-specific chips
3. Capital market determines valuation elasticity
   : The STAR Market gives significant premiums to semiconductor enterprises, while the Hong Kong Stock Exchange pays more attention to profit expectations

From a long-term perspective, behind this wave of valuation divergence among domestic GPUs is a race against time to break through—against the ecological barriers dominated by NVIDIA, whoever can first achieve large-scale commercialization and establish an independent software ecosystem will be able to obtain higher valuation premiums in the next stage [4].

[1] Sina Finance - “Domestic GPU ‘Four Dragons’ Suiyuan Technology Completes IPO Tutoring” (https://finance.sina.com.cn/tech/roll/2026-01-02/doc-inhewqnt3769495.shtml)

[2] Caizhongshe - “Domestic GPU Four Dragons IPO Wave: Why Biren Technology Goes to Hong Kong” (https://m.caizhongshe.cn/news-6626511467081905151.html)

[3] Guancha.cn - “Domestic GPU Four Dragons Suiyuan Technology Completes IPO Tutoring” (https://user.guancha.cn/main/content?id=1576367)

[4] Wenxuecity - “Domestic Chip Breakthrough 2025: Behind the Collective IPOs” (https://www.wenxuecity.com/news/2025/12/09/126442346.html)

[5] Sina Finance - “Why Biren Technology Became the ‘First Domestic GPU Stock in Hong Kong’” (https://finance.sina.com.cn/roll/2026-01-02/doc-inhewzat4650134.shtml)