BEIJING/HONG KONG: Chinese chip designer Kiwimoore has confidentially filed for an initial public offering (IPO) in Hong Kong, targeting a valuation of around $2 billion, according to sources familiar with the matter.
The Shanghai-based company is planning to list in the first half of 2027 as it seeks to capitalise on growing demand for artificial intelligence (AI) infrastructure and China’s drive to strengthen its domestic semiconductor industry.
What are Kiwimoore’s IPO plans?
According to sources, Kiwimoore recently completed a funding round in July that raised about 700 million yuan ($103.8 million), valuing the company at 8 billion yuan. The firm has reportedly appointed CITIC Securities and ABC International to lead the Hong Kong listing.
Kiwimoore and the investment banks did not comment on the reported IPO plans.
Why is Kiwimoore attracting investor interest?
Founded in 2021, Kiwimoore develops networking technology used to connect AI accelerators within high-performance computing clusters. The company is positioned to benefit from Beijing’s efforts to build a self-reliant AI chip ecosystem following US export restrictions on advanced semiconductor technologies to China.
The planned IPO would add to a growing pipeline of Chinese technology companies seeking to raise capital in Hong Kong amid increasing investment in AI and semiconductor innovation.