Just now, a star big data enterprise invested by Tencent has been listed on the Hong Kong Stock Exchange.

Reported by Zhidx on September 21, A-share AI infrastructure software provider Transwarp Technology has officially rung the bell for listing on the Hong Kong Stock Exchange, completing its dual primary listing with "A+H" dual-market listing.

The H-share offering price of Transwarp Technology is set at HK$49 per share (approximately RMB 41.83). After the market opens, the share price of Transwarp Technology on the Hong Kong Stock Exchange stands at HK$49 per share. As of 10 a.m., its share price is HK$48.06 per share (approximately RMB 41.01), down 1.92% from the offering price, with a total market capitalization of around HK$6.495 billion (approximately RMB 5.543 billion).

▲ Hong Kong-listed share price of Transwarp Technology (Source: Xueqiu)

On the A-share market, as of the close of trading on September 18, the share price of Transwarp Technology stood at RMB 111.85 per share, with a total market capitalization of around RMB 13.549 billion. After the market opens today, its A-share price is quoted at RMB 111.98 per share; as of 10 a.m., the share price reaches RMB 112.19 per share, up 0.30%, with a total market capitalization of approximately RMB 15.142 billion.

Founded in 2013 and headquartered in Shanghai, Transwarp Technology was listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange in October 2022. The company mainly provides AI and big data infrastructure software products and related services for enterprise and government clients, and this time it is listed as a special technology company in accordance with Chapter 18C of the Hong Kong Stock Exchange's Listing Rules.

Sun Yuanhao, Founder, Chairman and CEO of Transwarp Technology, graduated with a master's degree from the Department of Computer Science of Nanjing University. He previously served as CTO of the Asia Pacific Region of Intel's Data Center Software Division, led the R&D of Intel Hadoop Distribution, and promoted its commercial application in China.

Transwarp Technology has built a product matrix covering computing power, data, models and applications around AI Agent. The underlying Transwarp Data Cloud (TDC) supports multi-architecture deployment such as x86, ARM, GPU/NPU/DCU; the data layer includes big data platform TDH, distributed database ArgoDB, data development tool TDS, as well as GPU-native cognitive database for agents, covering links including data storage, development and governance, analysis and retrieval, and memory management.

The GPU-native cognitive database was launched in July this year, which migrates operations such as SQL analysis, vector retrieval and graph computing to the GPU system, eliminates CPU bottlenecks, reduces data transmission latency, and maximizes GPU utilization.

According to Frost & Sullivan, in terms of 2025 revenue, Transwarp Technology is China's fifth-largest AI infrastructure software provider, with a market share of 2.7%.

01.

Total R&D investment exceeds RMB 650 million in three years

Core business contributes 80% of revenue

In 2023, 2024 and 2025, the revenue of Transwarp Technology reached RMB 491 million, RMB 371 million and RMB 447 million respectively, with a total cumulative revenue of about RMB 1.308 billion over the three years. In the same period, the net losses of Transwarp Technology were RMB 289 million, RMB 344 million and RMB 245 million respectively, with a total cumulative loss of about RMB 879 million over the three years. In 2025, its net loss narrowed by approximately 28.8% year on year.

The R&D expenses of Transwarp Technology were RMB 223 million, RMB 227 million and RMB 204 million respectively, totaling approximately RMB 654 million over the three years, accounting for 45.5%, 61.3% and 45.6% of the revenue in the corresponding periods respectively.

▲ Changes in revenue, net loss and R&D expenses of Transwarp Technology from 2023 to 2025 (Chart by Zhidx)

In the first half of 2026, Transwarp Technology's revenue reached RMB 173 million, up 14.1% year on year; its gross profit was RMB 82.2 million, up 18.0% year on year; its comprehensive gross margin rose from 45.8% in the same period of the previous year to 47.4%. In the same period, the company's net loss narrowed from RMB 143 million to RMB 113 million, and its R&D expenses reached RMB 96.48 million, down approximately 2.5% year on year.

From the perspective of business structure, the revenue of Transwarp Technology mainly comes from AI and big data infrastructure software and related technical services, consulting services and other businesses.

In 2025, the revenue of the above three businesses was RMB 362 million, RMB 69.56 million and RMB 15.49 million respectively, accounting for 81.0%, 15.6% and 3.4% of the total revenue respectively. Among them, AI and big data infrastructure software and related technical services are the most important revenue source of Transwarp Technology.

▲ Revenue proportion of each business line of Transwarp Technology in 2025 (Chart by Zhidx)

From the perspective of downstream industries, in 2025, the revenue of Transwarp Technology from finance, government and energy industries reached RMB 178 million, RMB 123 million and RMB 67.34 million respectively, accounting for 39.8%, 27.6% and 15.1% respectively. The finance and government industries alone contributed 67.4% of the total revenue.

In 2023, 2024 and 2025, the gross profit of Transwarp Technology was RMB 257 million, RMB 179 million and RMB 236 million respectively, and the comprehensive gross margin was 52.3%, 48.2% and 52.8% respectively. In 2025, the company's gross margin rebounded to the highest level in the past three years.

Transwarp Technology stated that enterprise software projects have obvious seasonal characteristics. Clients in the fields of finance, government, telecommunications, energy and manufacturing usually follow the annual budget management system, and project delivery and acceptance are mostly concentrated in the fourth quarter. Therefore, the company's revenue is usually concentrated in the fourth quarter, while all expenses are relatively evenly distributed throughout the year.

02.

The fifth-largest AI infrastructure software provider in China

R&D personnel account for 34% of total employees

Transwarp Technology is an AI infrastructure software provider, and its business model takes commercialization of independently developed proprietary software platforms as the core. The company has formed a product matrix covering the full life cycle of data, and its infrastructure software products are roughly divided into big data and cloud infrastructure platform software, distributed database software, and data development and AI analysis tools.

Big data and cloud infrastructure platform software includes Transwarp Data Hub (TDH) and Transwarp Data Cloud (TDC), which jointly help enterprises manage massive data and computing resources.

Distributed database software includes Transwarp ArgoDB (ArgoDB) and Transwarp KunDB (KunDB), which can meet different enterprise usage scenarios from large-scale analytical processing to high-concurrency, low-latency transactional applications.

Data development and AI analysis tools include Transwarp Studio (TDS), Sophon and Transwarp Knowledge Hub (TKH), helping enterprises convert data into actionable insights and intelligent applications.

The core technologies of Transwarp Technology cover seven basic fields: container-based data cloud, distributed computing, unified processing of multi-model data, distributed database, knowledge engineering and knowledge graph, big data development, as well as AI and machine learning operation and maintenance.

According to Frost & Sullivan, in terms of 2025 revenue, there are more than 200 AI infrastructure software providers in China, and Transwarp Technology ranks fifth with a revenue of RMB 447 million, with a market share of 2.7%.

As of March 31, 2026, Transwarp Technology has a total of 875 employees, of which 298 are R&D personnel, accounting for 34.0%; 313 are technical service personnel, accounting for 35.8%; 152 are sales and marketing personnel, accounting for 17.4%; 112 are general and administrative personnel, accounting for 12.8%.

In terms of intellectual property rights, as of September 4, 2026, Transwarp Technology holds more than 180 registered patents in China, with more than 100 additional patents under application; it has registered more than 10 patents overseas; it has registered more than 470 copyrights with the National Copyright Administration of China, and has registered about 640 trademarks in markets including China, Hong Kong (China), Japan, Singapore, the United States, Canada, the European Union, the United Kingdom and Saudi Arabia.

03.

Serving more than 1800 clients

Procurement proportion from top five suppliers is nearly 40%

As of March 31, 2026, the products and solutions of Transwarp Technology have been deployed in more than ten industries including finance, government, energy, healthcare, transportation and manufacturing, serving a cumulative total of more than 1800 clients, including 105 Fortune China 500 enterprises. From 2023 to the first quarter of 2026, repurchase revenue from existing clients accounts for more than 70% of the company's total revenue on average.

In terms of overseas markets, Transwarp Technology has set up subsidiaries in Hong Kong (China), Singapore and Canada, and has sold products such as TDH, TKH and Sophon to clients in Singapore and the Middle East. However, according to the data disclosed in the prospectus, overseas business currently accounts for a relatively low proportion of the company's total revenue.

In terms of client concentration, in 2023, 2024, 2025 and the first quarter of 2026, the revenue proportion from the top five clients of Transwarp Technology was 16.4%, 14.4%, 22.2% and 34.8% respectively; the revenue proportion from the largest client was 4.7%,