Author | Yang Jingli, Editor | Li Shuiqing
According to a report by Zhidx on September 21, just now, Transwarp, an A-share AI infrastructure software company, officially rang the bell to list on the Hong Kong Stock Exchange (HKEX), achieving a dual "A+H" listing. The offering price of Transwarp's H-shares was HKD 49 per share (approximately CNY 41.83). After the opening, the stock price of Transwarp on the Hong Kong stock market was reported at HKD 49 per share. As of 10:00 a.m., its stock price was HKD 48.06 per share (approximately CNY 41.01), down 1.92% from the offering price, with a total market capitalization of approximately HKD 6.495 billion (approximately CNY 5.543 billion).
On the A-share market, as of the close on September 18, Transwarp's stock price was reported at CNY 111.85 per share, with a total market capitalization of approximately CNY 13.549 billion. After today's opening, its A-share stock price was reported at CNY 111.98 per share; as of 10:00 a.m., its stock price was CNY 112.19 per share, up 0.30%, with a total market capitalization of approximately CNY 15.142 billion.
Founded in 2013 and headquartered in Shanghai, Transwarp listed on the SSE STAR Market of the Shanghai Stock Exchange in October 2022. The company primarily provides AI and big data infrastructure software products and related services to enterprise and government clients. This time, it listed on the HKEX under Chapter 18C of the Listing Rules as a specialist technology company. Sun Yuanhao, the founder, chairman, and CEO of Transwarp, holds a master's degree from the Department of Computer Science and Technology at Nanjing University. He formerly served as the CTO of the Asia-Pacific Region for the Data Center Software Group at Intel, where he led the R&D of Intel's Hadoop distribution and promoted its commercial application in China. Transwarp has formed a product matrix covering computing power, data, models, and applications centered around AI Agents.
The underlying Transwarp Data Cloud (TDC) supports multi-architecture deployment including x86, ARM, and GPU/NPU/DCU; the data layer includes the big data platform TDH, distributed database ArgoDB, data development tool TDS, and the GPU-native cognitive database for agents, covering data storage, development governance, analytical retrieval, and memory management.
Among them, the GPU-native cognitive database was launched in July this year, migrating operations such as SQL analytics, vector retrieval, and graph computing to the GPU architecture, eliminating CPU bottlenecks, reducing data transmission latency, and maximizing GPU utilization. According to Frost & Sullivan, ranked by 2025 revenue, Transwarp is the fifth largest AI infrastructure software provider in China, with a market share of 2.7%.
01.Over CNY 650 Million Invested in R&D Over Three Years Core Business Contributes 80% of Revenue
In 2023, 2024, and 2025, Transwarp's revenues were CNY 491 million, CNY 371 million, and CNY 447 million, respectively, with a cumulative revenue of approximately CNY 1.308 billion over the three years. During the same period, Transwarp's net losses were CNY 289 million, CNY 344 million, and CNY 245 million, respectively, with a cumulative loss of approximately CNY 879 million over the three years. In 2025, its net loss narrowed by approximately 28.8% year-on-year. Transwarp's R&D expenses were CNY 223 million, CNY 227 million, and CNY 204 million, respectively, totaling approximately CNY 654 million over the three years, accounting for 45.5%, 61.3%, and 45.6% of the revenue in the respective periods.
▲ Changes in Transwarp's Revenue, Net Loss, and R&D Expenses from 2023 to 2025 (Chart by Zhidx)
In the first half of 2026, Transwarp's revenue was CNY 173 million, a year-on-year increase of 14.1%; gross profit was CNY 82.2 million, a year-on-year increase of 18.0%; the overall gross profit margin rose to 47.4% from 45.8% in the same period last year. During the same period, the company's net loss narrowed from CNY 143 million to CNY 113 million, and R&D expenses were CNY 96.48 million, a year-on-year decrease of approximately 2.5%.
From the perspective of business structure, Transwarp's revenue mainly comes from AI and big data infrastructure software and related technical services, consulting services, and other businesses. In 2025, the revenues from these three businesses were CNY 362 million, CNY 69.56 million, and CNY 15.49 million, respectively, accounting for 81.0%, 15.6%, and 3.4% of the total revenue. Among them, AI and big data infrastructure software and related technical services are the primary source of revenue for Transwarp.
▲ Revenue Proportion of Transwarp's Business Lines in 2025 (Chart by Zhidx)
From the perspective of downstream industries, in 2025, Transwarp's revenues from the finance, government, and energy industries were CNY 178 million, CNY 123 million, and CNY 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 revenue.
In 2023, 2024, and 2025, Transwarp's gross profits were CNY 257 million, CNY 179 million, and CNY 236 million, respectively, and the overall gross profit margins were 52.3%, 48.2%, and 52.8%, respectively. In 2025, the company's gross profit margin rebounded to the highest level in the past three years. Transwarp stated that enterprise-level software projects exhibit significant seasonality. Customers in the finance, government, telecommunications, energy, and manufacturing sectors typically follow an annual budget management system, with project delivery and acceptance mostly concentrated in the fourth quarter. Therefore, the company's revenue is usually concentrated in the fourth quarter, while various expenses are distributed relatively evenly throughout the year.
02.China's Fifth Largest AI Infrastructure Software Provider R&D Personnel Account for 34%
Transwarp is an AI infrastructure software provider, and its business model centers on the commercialization of independently developed proprietary software platforms. The company has formed a product matrix covering the entire data lifecycle, 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. The big data and cloud infrastructure platform software includes the Transwarp Data Hub (TDH) and Transwarp Data Cloud (TDC), which jointly assist enterprises in managing massive data and computing resources.
The distributed database software includes Transwarp ArgoDB (ArgoDB) and Transwarp KunDB (KunDB), which can handle various enterprise usage scenarios ranging from large-scale analytical processing to high-concurrency, low-latency transactional applications. The data development and AI analysis tools include the Transwarp Data Studio (TDS), Sophon, and Transwarp Knowledge Hub (TKH), helping enterprises transform data into actionable insights and intelligent applications.
Transwarp's core technologies cover seven fundamental areas: container-based data cloud, distributed computing, unified processing of multi-model data, distributed databases, knowledge engineering and knowledge graphs, big data development, and AI and machine learning operations. According to Frost & Sullivan, ranked by 2025 revenue, there are over 200 AI infrastructure software providers in China, and Transwarp ranks fifth with a revenue of CNY 447 million, holding a market share of 2.7%.
As of March 31, 2026, Transwarp had a total of 875 employees, including 298 R&D personnel, accounting for 34.0%; 313 technical service personnel, accounting for 35.8%; 152 sales and marketing personnel, accounting for 17.4%; and 112 general and administrative personnel, accounting for 12.8%.
In terms of intellectual property, as of September 4, 2026, Transwarp held over 180 registered patents in China, with more than 100 patents pending; it registered over 10 patents overseas; registered over 470 copyrights with the National Copyright Administration of China; and registered approximately 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 Over 1,800 Customers Top Five Suppliers Account for Nearly 40% of Procurement
As of March 31, 2026, Transwarp's products and solutions have been implemented in over a dozen industries, including finance, government, energy, healthcare, transportation, and manufacturing, cumulatively serving over 1,800 customers, including 105 companies on the Fortune China 500 list. From 2023 to the first quarter of 2026, revenue from repurchases by existing customers accounted for an average of over 70% of the company's total revenue. In terms of overseas markets, Transwarp has established subsidiaries in Hong Kong (China), Singapore, and Canada, and has sold products such as TDH, TKH, and Sophon to customers in Singapore and the Middle East.
However, according to the data disclosed in the prospectus, overseas business currently still accounts for a relatively low proportion of the company's overall revenue. In terms of customer concentration, in 2023, 2024, 2025, and the first quarter of 2026, the proportion of revenue from Transwarp's top five customers was 16.4%, 14.4%, 22.2%, and 34.8%, respectively; the proportion of revenue from the largest customer was 4.7%, 3.2%, 5.8%, and 12.4%, respectively.
In terms of suppliers, during the same period, the proportion of procurement from the company's top five suppliers was 43.2%, 39.1%, 37.5%, and 44.5%, respectively; the proportion of procurement from the largest supplier was 23.3%, 14.6%, 9.9%, and 15.7%, respectively.
Transwarp's suppliers mainly include delivery service providers, third-party software providers, server and cloud service providers, etc. The prospectus did not disclose the real names of the major customers and suppliers, but used aliases such as Customer A and Supplier A. Overall, Transwarp's customer concentration is relatively dispersed. In recent years, the proportion of procurement from the top five suppliers has generally been around 40%. At the same time, the company's business exhibits strong seasonality, and the customer concentration in the first quarter of 2026 may be affected by the pace of project acceptance.
04.Founded by Former Intel APAC Executive, Backed by Tencent Subsidiary of Inspur Information and Luoyang State-Owned Capital Participate in Investment
Transwarp's single largest shareholder group includes founder Sun Yuanhao, the employee stock ownership platform Shanghai Zanxing, as well as Fan Lei, Lyu Cheng, and She Hui. The aforementioned entities have signed a concerted action agreement. Prior to the global offering, this single largest shareholder group jointly controlled approximately 22.42% of Transwarp's issued shares. Immediately after the completion of the global offering, their jointly controlled share proportion will decrease to approximately 20.10%.
Sun Yuanhao, currently 48 years old, is the founder, chairman, executive director, and general manager of Transwarp, responsible for the company's overall strategic planning, business direction, and management. He founded Transwarp in June 2013. Prior to that, he held technical management positions at Intel Asia-Pacific Research and Development Ltd. from July 2003 to May 2013.
In addition to Sun Yuanhao, executive directors Lyu Cheng and Zhu Jinchen also previously served as software engineers at Intel Asia-Pacific Research and Development Ltd. before joining Transwarp. In terms of compensation, in 2023, 2024, and 2025, the total compensation for Transwarp's directors and supervisors was CNY 7.725 million, CNY 11.492 million, and CNY 9.706 million, respectively. Among them, Sun Yuanhao's compensation during the same periods was CNY 1.608 million, CNY 1.468 million, and CNY 1.657 million, respectively.
Tencent is notably a major shareholder of Transwarp. Prior to the global offering, Tencent's subsidiary Linzhi Lichuang held approximately 6.4034 million A-shares of Transwarp, with a shareholding ratio of 5.29%; after the completion of the global offering, its shareholding ratio is expected to be diluted to 4.74%. In addition, the Industrial Investment Fund held 5.58% prior to the global offering and is expected to hold 5.00% after the issuance.
This Hong Kong stock issuance introduced two cornerstone investors: Electronic Channel Limited and Luoyang Science and Technology Innovation Group. Among them, Electronic Channel Limited is a wholly-owned subsidiary of Inspur Information, with a subscription amount of HKD 35 million (approximately CNY 29.88 million); Luoyang Science and Technology Innovation Group's subscription amount is USD 4.95 million (approximately CNY 33.15 million), and its ultimate beneficial owner is the Luoyang Municipal State-owned Assets Supervision and Administration Commission (SASAC). Calculated based on the offering price of HKD 49 per share, the two cornerstone investors are expected to subscribe for a total of approximately 1.5065 million shares, accounting for approximately 10.75% of the globally offered shares. After the completion of the global offering, the two will jointly hold approximately 1.11% of Transwarp's shares.
In terms of the use of proceeds, Transwarp plans to allocate 30% of the net proceeds to enhance and optimize the R&D and innovation capabilities of its product and solution stack, 20% to upgrade and expand the product and solution stack, 15% to strengthen sales channels and teams in key markets in China and overseas, 5% to improve commercialization capabilities and brand influence, 20% for strategic investments, and the remaining 10% for working capital and general corporate purposes.
05.Conclusion: After A+H Listing Commercialization and Turning a Profit Remain Key
From listing on the SSE STAR Market to debuting on the HKEX, Transwarp has formed an "A+H" listing pattern, further broadening its financing channels and overseas market windows. As enterprises accelerate the deployment of large models, data governance, knowledge engineering, and distributed databases, the AI infrastructure software market still has room for growth. Transwarp has formed a relatively complete product matrix, accumulated a group of customers in industries such as finance, government, and energy, and the proportion of revenue from core AI and big data infrastructure software and related technical services rose to 81.0% in 2025. However, Transwarp still faces issues such as continuous losses and significant revenue seasonality.
After listing on the Hong Kong stock market, whether Transwarp can transform its R&D investments into larger-scale software licensing and service revenue, accelerate overseas commercialization, and further narrow its losses while controlling sales and R&D costs will be key for the outside world to observe its long-term growth potential.