DENGLIN TECH-P 09917Hong Kong Stock ExchangeIPOProspectus Information

231.000 - 288.000
Price range · Lists Nov 10
Listing Date: 2026-11-10 · Registrar: Computershare
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IPO Timeline Raw facts

Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading

Company Overview

Stock NameDENGLIN TECH-P
Stock Code09917
Company Full NameSuzhou Denglin Technology Co., Ltd.
IndustrySemiconductors
Principal ActivitiesWe are a general-purpose graphics processing unit (GPGPU) provider that develops and sells GPGPU products to meet the AI computing needs of China’s diverse industries. We focus on enterprise AI as our core target market, while also seeking to expand into public cloud and robotics. Our proprietary GPU+ (Minsky™) architecture integrates GPGPU cores, AI acceleration units, and high-bandwidth on-chip memory. We also provide technical services such as chip design services and IP licensing.
Listing Date2026-11-10
Listing StatusPre-listing
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterChapter 18C Specialist Technology
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)Room 1101, No.5 Commercial Building, Phase 1 Nanan Xindi, No. 11 Yangfu Road, Suzhou Industrial Park, Suzhou Area Pilot Free Trade Zone, Jiangsu, PRC
Business Address (Hong Kong)40th Floor, Dah Sing Financial Centre, No. 248 Queen’s Road East, Wanchai, Hong Kong
Place of IncorporationPRC
Listing MethodGlobal Offering
Listing BoardMain Board
Websitedenglinai.com
Share Registrar香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited)
Registrar Contact香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖
A-Share/US Dual ListingNo

Offering Information

Offering Mechanism 18C
Offer PriceTo be extracted
Offer Price RangeHK$ 231.00 - 288.00
Lot Size25 shares
Entry ThresholdHK$ 7,200
Par ValueRMB 1.0 / shares
Offer Period2026-10-30 to 2026-11-05
Global Offering Shares6,125,000 shares
HK Public Offer Shares (Initial)306,250 shares (5.0%)
Public Offer Lots (Initial)12,250lots (Pool A6,125lots，Pool B6,125lots)
International Placing Shares (Initial)5,818,750 shares (95.0%)
Offer Ratio~5.0%
Total Shares Post-IPO60,827,518 shares
Greenshoe (Over-allotment Option)Yes
Stabilizing Manager (Greenshoe)CLSA LIMITED CE AAB893
Cornerstone Share40.7%
Clawback TiersTo be extracted
Reallocation OptionYes
Total Global Offering SizeHK$ 1,764,000,000

Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 25 HK$ 7,200
2 lots 50 HK$ 14,400
3 lots 75 HK$ 21,600
4 lots 100 HK$ 28,800
5 lots 125 HK$ 36,000
6 lots 150 HK$ 43,200
7 lots 175 HK$ 50,400
8 lots 200 HK$ 57,600
9 lots 225 HK$ 64,800
10 lots 250 HK$ 72,000
15 lots 375 HK$ 108,000
20 lots 500 HK$ 144,000
25 lots 625 HK$ 180,000
30 lots 750 HK$ 216,000
35 lots 875 HK$ 252,000
40 lots 1,000 HK$ 288,000
45 lots 1,125 HK$ 324,000
50 lots 1,250 HK$ 360,000
60 lots 1,500 HK$ 432,000
70 lots 1,750 HK$ 504,000
80 lots 2,000 HK$ 576,000
90 lots 2,250 HK$ 648,000
100 lots 2,500 HK$ 720,000
150 lots 3,750 HK$ 1,080,000
200 lots 5,000 HK$ 1,440,000
250 lots 6,250 HK$ 1,800,000
300 lots 7,500 HK$ 2,160,000
350 lots 8,750 HK$ 2,520,000
400 lots 10,000 HK$ 2,880,000
450 lots 11,250 HK$ 3,240,000
500 lots 12,500 HK$ 3,600,000
600 lots 15,000 HK$ 4,320,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
700 lots 17,500 HK$ 5,040,000
800 lots 20,000 HK$ 5,760,000
900 lots 22,500 HK$ 6,480,000
1,000 lots 25,000 HK$ 7,200,000
1,250 lots 31,250 HK$ 9,000,000
1,500 lots 37,500 HK$ 10,800,000
1,750 lots 43,750 HK$ 12,600,000
2,000 lots 50,000 HK$ 14,400,000
2,500 lots 62,500 HK$ 18,000,000
3,000 lots 75,000 HK$ 21,600,000
3,500 lots 87,500 HK$ 25,200,000
4,000 lots 100,000 HK$ 28,800,000
4,500 lots 112,500 HK$ 32,400,000
5,000 lots 125,000 HK$ 36,000,000
6,000 lots 150,000 HK$ 43,200,000

Stock Connect Inclusion Analysis

26Q4 Regular Review
Inclusion Pathway Regular Path
HK Market Cap HK$ 17.48B
Est. Threshold HK$ 9.51B Met
Analysis Result 预计2027年3月8日入通
* IPO in progress, estimated at upper bound offer price

Valuation & Financials

Market Cap (at Offer Price)HK$ 14,051,156,658 - 17,518,325,184
H-Share Market Cap (at Offer Price)HK$ 14,023,778,769 - 17,484,191,712
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet loss RMB 281.0 million
Period-End Cash BalanceTo be extracted
Listing Expenses~HK$ 109,500,000
Listing Expenses / Funds Raised~6.9%
Total Pre-IPO InvestmentTo be extracted

Financial Data

Unit: '000 RMB
Income Statement
Item 202320242025
Revenue 27,93482,634171,292
Cost of sales -18,328-41,428-86,990
Gross profit 9,60641,20684,302
Other income and gains, net 2,5533,18520,765
Selling and distribution expenses -18,665-23,646-35,824
Administrative expenses -55,674-45,163-75,098
Operating profit -320,813-281,900-259,920
Net finance costs -11,183-14,644-21,085
Profit before tax -331,996-296,544-281,005
Income tax expense 000
Profit for the year -331,996-296,544-281,005
Profit attributable to owners -331,996-296,544-281,005
Balance Sheet
Item 202320242025
Cash and cash equivalents 77,62276,462438,412
Trade and bills receivables 23,49638,539121,162
Inventories 68,84845,96897,738
Total current assets 192,212249,809775,140
Total assets 300,836325,834864,498
Total current liabilities 353,416462,836662,121
Total liabilities 395,202475,737697,792
Total equity -94,366-149,903166,706
Equity attributable to owners -94,366-149,903166,706
Cash Flow Statement
Item 202320242025
Net cash from operating activities -249,822-192,559-295,022
Net cash from investing activities -13,438-7,111-9,365
Net cash from financing activities 256,565198,607666,685
Net increase in cash -6,695-1,063362,298
Income Statement
Balance Sheet
Cash Flow Statement
Source: Accountants' Report and Audited Consolidated Financial Statements
First Day CloseLoading...
Use of Proceeds
Approx. 35% for iterative upgrade and commercialization of existing GPU product lines, approx. 25% for development and commercialization of new product categories, approx. 20% for software tool chains, approx. 10% for sales and marketing, approx. 10% for working capital and other general corporate purposes.

Underwriting Syndicate

Joint Sponsors (3)
CITIC Securities (Hong Kong) Limited CE AAK249 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863
Sponsor cum Overall Coordinator (3)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863
Overall Coordinators (7)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863 BOCOM International Securities Limited CE APJ121 ABCI CAPITAL LIMITED CE AWL249 SPDB International Capital Limited CE BFZ375 Huafu International Securities Limited CE BQC241
Joint Global Coordinators (9)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863 BOCOM International Securities Limited CE APJ121 ABCI CAPITAL LIMITED CE AWL249 SPDB International Capital Limited CE BFZ375 Huafu International Securities Limited CE BQC241 Futu Securities International (HONG KONG) Limited CE AZT137 Golden Rich Securities Limited CE BGQ899
Joint Bookrunners (15)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863 BOCOM International Securities Limited CE APJ121 ABCI CAPITAL LIMITED CE AWL249 SPDB International Capital Limited CE BFZ375 Huafu International Securities Limited CE BQC241 Futu Securities International (HONG KONG) Limited CE AZT137 Golden Rich Securities Limited CE BGQ899 China Renaissance Securities (Hong Kong) Limited CE AZX839 FIRST SECURITIES (HK) LIMITED CE AAA347 JA SECURITIES LIMITED CE BQW089 RESOCORE SECURITIES LIMITED CE BFD379 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Joint Lead Managers (15)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863 BOCOM International Securities Limited CE APJ121 ABCI Securities Company Limited CE ACX411 SPDB International Capital Limited CE BFZ375 Huafu International Securities Limited CE BQC241 Futu Securities International (HONG KONG) Limited CE AZT137 Golden Rich Securities Limited CE BGQ899 China Renaissance Securities (Hong Kong) Limited CE AZX839 FIRST SECURITIES (HK) LIMITED CE AAA347 JA SECURITIES LIMITED CE BQW089 RESOCORE SECURITIES LIMITED CE BFD379 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Capital Market Intermediaries (16)
CLSA LIMITED CE AAB893 China Securities (International) Corporate Finance Company Limited CE BAU112 BOCI ASIA LIMITED CE AET863 BOCOM International Securities Limited CE APJ121 ABCI CAPITAL LIMITED CE AWL249 ABCI Securities Company Limited CE ACX411 SPDB International Capital Limited CE BFZ375 Huafu International Securities Limited CE BQC241 Futu Securities International (HONG KONG) Limited CE AZT137 Golden Rich Securities Limited CE BGQ899 China Renaissance Securities (Hong Kong) Limited CE AZX839 FIRST SECURITIES (HK) LIMITED CE AAA347 JA SECURITIES LIMITED CE BQW089 RESOCORE SECURITIES LIMITED CE BFD379 TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940 ZHESHANG INTERNATIONAL FINANCIAL HOLDINGS CO., LIMITED CE BGD825
Stabilizing Manager (1)
CLSA LIMITED CE AAB893

Service Providers

RoleInstitution
Legal Advisor to Company 盛德律师事务所
竞天公诚律师事务所
汉坤律师事务所
Ashurst Perkins Coie Tokyo (Ashurst Perkins Coie Horitsu Jimusho Gaikokuho Kyodo Jigyo)
Legal Advisor to Sponsors/Underwriters 史密夫斐尔凯迈律师事务所
通商律师事务所
Auditor and Reporting Accountant 安永会计师事务所
Industry Advisor 弗若斯特沙利文（北京）咨询有限公司上海分公司
Receiving Banks 中国银行（香港）有限公司
交通银行（香港）有限公司

Cornerstone Investors

#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 华圆 300,000,000 CNY 1,349,900 22.04% 2.22% 6 months 2027-05-10
2 巨天 200,000,000 CNY 890,950 14.55% 1.46% 6 months 2027-05-10
3 中方财团 30,000,000 CNY 134,975 2.20% 0.22% 6 months 2027-05-10
4 ZGD Capital 2,000,000 USD 60,475 0.99% 0.10% 6 months 2027-05-10
5 光大理财 1,800,000 USD 54,425 0.89% 0.09% 6 months 2027-05-10

Directors & Management

PositionChinese nameEnglish Name
ChairmanWang ChenhuiWang Chenhui
Company SecretaryWang Yawan and Ching Shuk Wah ShirleyWang Yawan and Ching Shuk Wah Shirley
Executive Director王晨辉—
Non-Executive Director路峰Castor Bay
Independent Non-Executive Director吴南健—
Executive Director王平—
Non-Executive Director张斌—
Independent Non-Executive Director李奥斯—
Executive Director王亚琬—
Non-Executive Director严勇杰—
Independent Non-Executive Director何嘉恩—

Major Shareholders

Major Shareholders & HoldingsMr. Li 20.78%, Mr. Wang Chenhui 15.44%, Mr. Wang Ping 15.44%, Beta Achieve 10.14%, SIP Economic Development 10.81%, Jinzhou Huayin 8.20%
About this page

This page shows DENGLIN TECH-P (09917) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements. New to IPO subscription? See Hong Kong IPO Subscription 101.

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