Chinese GPGPU startup Denglin debuts in HK at ~$1.4B valuation, betting on private-cloud enterprise AI
创业邦 · wechat · 2026-11-10
Denglin Technology, a Chinese GPGPU maker founded in 2017 by four ex-Vivante engineers with 250K RMB, listed on HKEX on Nov 10 at HK$231/share, an opening market cap of HK$13.9B (RMB 11.8B). Incubated by Northern Light Venture Capital (10.14% post-IPO, largest outside holder) and backed by Suzhou state capital Yuanhe (RMB 650M invested, 9.94%). Unlike MetaX and Moore Threads, which target public cloud, Denglin focuses on enterprise private cloud: it uses cheap LPDDR plus large on-chip SRAM instead of HBM, and ranks #3 in China's enterprise-AI GPGPU market with 1.0% share (Nvidia 83.1%, AMD 12.3%). Revenue grew from RMB 27.93M in 2023 to RMB 200M in the first four months of 2026 (matching all of 2025), with first positive adjusted net profit of RMB 20.58M. Risks: the KS series drives 82.9% of revenue, top-5 clients 90.4%, and KS gross margin slid to 41.9%. Next-gen Minsky IV ships in two phases, with a flagship-class chip for AI data centers in H2 2027. Net proceeds HK$1.3B, 60% to product lines.
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