Transwarp goes public in Hong Kong as China's No.5 AI infra software vendor with 2.7% share
智东西 · wechat · 2026-09-21
AI and big data infrastructure software vendor Transwarp Technology (星环科技) listed on the Hong Kong Stock Exchange, completing an "A+H" dual listing. Its H-shares priced at HK$49 and opened down 1.92%, valuing the company at about HK$6.5 billion; its A-shares were worth roughly RMB 15.1 billion.
Founded in 2013 by Sun Yuanhao, a former Intel APAC CTO of data center software, the company offers a product matrix spanning compute, data platforms, databases and AI agent tooling. Per Frost & Sullivan, it ranks fifth among China's 200+ AI infrastructure software vendors with 2.7% share (RMB 447 million in 2025 revenue). Net losses narrowed to RMB 245 million in 2025, R&D spend totaled RMB 654 million over three years, and software services made up 81% of revenue, with finance and government clients contributing 67.4%. Tencent holds 5.29% pre-IPO; cornerstone investors include an Inspur subsidiary and Luoyang state capital.
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