Transwarp Technology (Shanghai) Co., Ltd. is inviting public subscriptions for its Hong Kong initial public offering from September 11 to September 16, 2026. The company plans to globally offer 14.01 million H shares, with 5% allocated to the Hong Kong public offering and 95% to the international placement. The maximum offer price is set at HK$61 per share, with each board lot comprising 100 shares, and trading on the Stock Exchange of Hong Kong is expected to commence at 9:00 a.m. on Monday, September 21, 2026.
Positioned as a leading AI infrastructure software provider in China, the company generates revenue primarily by selling AI and big data infrastructure software products and related services to enterprise and government clients. By deeply integrating artificial intelligence, big data, and cloud technologies, it enables businesses to efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries. In today's environment, characterized by exponential data growth, escalating technology bottleneck risks, and urgent demand for enterprise-level digital and intelligent upgrades, developing secure, high-performance, and independently developed AI and big data infrastructure software has become a strategic priority at the national, industrial, and corporate levels. The company was founded precisely to address this need, providing secure and autonomous data infrastructure for technological innovation.
Where to begin
According to Frost & Sullivan, the company ranked as the fifth-largest AI infrastructure software provider in China by revenue in 2025, capturing a 2.7% market share. It is also the world's first database enterprise to pass the TPC-DS benchmark test and official audit, demonstrating that its distributed architecture-based foundational software has reached an industry-leading level in large-scale data computation and analysis. Additionally, it is the first Chinese company to be listed in Gartner's Magic Quadrant for Data Warehouse and Data Management Solutions, marking international recognition of its leading position. As one of the first Chinese enterprises dedicated to AI and big data infrastructure software research and development, the company has established significant first-mover advantages and deep technical expertise.
The company offers enterprise-grade AI infrastructure software and services covering the entire data lifecycle, spanning data integration, storage, governance, modeling, analysis, mining, and circulation. Through years of independent research and development, it has built a next-generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for large language models and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). These products collectively form end-to-end solutions that transform data into knowledge and models into applications, helping enterprises across industries accelerate intelligent transformation and reshape competitive advantages.
Financial performance
During the track record period, the company's revenue was derived from (i) providing AI and big data infrastructure software and related services, and (ii) offering consulting services to clients across various sectors and industries. For the years 2023, 2024, and 2025, as well as the three months ended March 31, 2026, the company recorded revenue of RMB 491 million, RMB 371 million, RMB 447 million, and RMB 81.2 million, respectively. During the same periods, it recorded losses of RMB 289 million, RMB 344 million, RMB 245 million, and RMB 56 million, respectively.
The company has entered into cornerstone investment agreements with Electronic Channel Limited and Luoyang Kechuang, under which these cornerstone investors have agreed, subject to certain conditions, to subscribe for, or procure their designated entities to subscribe for, offering shares at the offer price totaling approximately USD 9.41 million, excluding brokerage commissions, SFC transaction levies, AFRC transaction levies, and HKEX trading fees. Assuming an offer price of HK$55.00 per H share, representing the midpoint of the indicative offer price range, the company estimates that, after deducting underwriting commissions, fees, and estimated expenses payable in connection with the global offering, it will receive net proceeds of approximately HK$701 million.
Use of proceeds
Approximately 30.0% of the net proceeds are expected to be allocated to enhancing and optimizing research and development capabilities and innovation across the company's entire product and solution stack, driving full-chain technological upgrades through an "AI × Data" approach. Around 20.0% are planned for upgrading and expanding the product and solution stack, primarily focusing on commercialization, iterative enhancements, and market-specific adaptations of existing products and solutions, rather than related technological research and development. Approximately 15.0% are designated for strengthening sales channels and team building in key markets in China and overseas. about 5.0% are expected to be used to enhance the company's commercialization capabilities and brand influence. Another 20.0% are planned for strategic investments, while the remaining 10.0% will be utilized as working capital and for other general corporate purposes.