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Leidi Network, Lei Jianping, March 28
TRANSWARP TECHNOLOGY (Shanghai) Co., Ltd. (abbreviated as &#34;TRANSWARP TECHNOLOGY&#34;) recently submitted its prospectus, preparing to list on the Hong Kong Stock Exchange.
TRANSWARP TECHNOLOGY was listed on the Sci-Tech Innovation Board in October 2022, with an issuance price of 47.34 yuan, issuing 30.21 million shares, raising a total of 1.43 billion yuan.
As of Friday's close, the stock price of TRANSWARP TECHNOLOGY was 143.22 yuan, with a market value of 17.3 billion yuan. Once listed on the Hong Kong Stock Exchange, TRANSWARP TECHNOLOGY will form an &#34;A+H&#34; share structure.
Annual revenue of 447 million, loss of 245 million
TRANSWARP TECHNOLOGY's business model revolves around products, with the commercialization of its self-developed proprietary software platform at its core. Revenue mainly comes from software license sales, as well as technical services and software upgrades that support long-term deployment and operation.
TRANSWARP TECHNOLOGY's business is mainly divided into three business lines: AI and big data infrastructure software business; solution business; and other businesses.
TRANSWARP TECHNOLOGY offers a suite of products, including Transwarp Data Hub (TDH), Transwarp Data Cloud (TDC), Transwarp ArgoDB (ArgoDB), Transwarp KunDB (KunDB), Transwarp Data Studio (TDS), Sophon (intelligent analysis tool), and Transwarp Knowledge Hub (TKH).
The prospectus shows that TRANSWARP TECHNOLOGY's revenue for 2023, 2024, and 2025 is expected to be 491 million yuan, 371 million yuan, and 447 million yuan, respectively; gross profit is expected to be 257 million yuan, 179 million yuan, and 236 million yuan, respectively; and losses during the period are expected to be 289 million yuan, 344 million yuan, and 245 million yuan, respectively.
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In 2025, TRANSWARP TECHNOLOGY's revenue from AI and big data infrastructure software business is expected to be 362 million yuan, accounting for 81%; among which, revenue from integrated software and services is expected to be 212 million yuan, accounting for 47.3%
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TRANSWARP TECHNOLOGY's revenue from solution business in 2025 is expected to be 69.56 million yuan, accounting for 15.6%.
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As of December 31, 2025, TRANSWARP TECHNOLOGY holds cash and cash equivalents of 354 million yuan.
Tencent reduces holdings, cashing out 170 million.
TRANSWARP TECHNOLOGY was listed on the STAR Market in October 2022, becoming the first domestic big data infrastructure software stock. The issue price of TRANSWARP TECHNOLOGY was 47.34 yuan, issuing 30.2106 million shares, raising a total of 1.43 billion yuan.
Since its establishment, TRANSWARP TECHNOLOGY has received multiple rounds of financing, with investors including Tencent's Linzhi Lichuang, Zhanxing Investment Center, Industrial Fund (SS), Qiming Venture Partners, Hang Seng Electronics, Guoke Ruihua, Shenzhen Capital Group (CS), Three Gorges Jinshi, TCL, and many other shareholders.
As of December 31, 2025, the founder and CEO of TRANSWARP TECHNOLOGY, Sun Yuanhao, holds 9.22% of the shares, Tencent holds 6.29% through Linzhi Lichuang Information Technology Co., Ltd., Shanghai Zhanxing Investment Center (Limited Partnership) holds 6.22%, Industrial Fund holds 5.58%, and Fan Lei holds 5.01%;
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As of December 31, 2025, the equity structure of TRANSWARP TECHNOLOGY
Shanghai Yunyou Investment Office holds 1.77%, Hubei Changjiang Hezhi Equity Investment Fund Management Co., Ltd. - Hubei Changjiang Hezhi Equity Investment Fund Partnership (Limited Partnership) holds 1.67%, and CICC Qizhi (Shanghai) Equity Investment Center (Limited Partnership) holds 1.5%;
Huaxia Bank Co., Ltd. - GF Growth Start Mixed Securities Investment Fund holds 1.39%, and Shanghai Pudong Development Bank Co., Ltd. - GF Small Cap Growth Mixed Securities Investment Fund (LOF) holds 1.34%.
In 2025, several institutions, including Tencent, reduced their holdings in TRANSWARP TECHNOLOGY.
Among them, in May 2025, TRANSWARP TECHNOLOGY announced that as of May 6, 2025, Tencent's Linzhi Lichuang reduced its holdings by 1,208,420 shares through centralized bidding, accounting for 1% of the total share capital;
Reduced its holdings in the company by 50,900 shares through block trading, accounting for 0.04% of the total share capital.
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LinZhi LiChuang's total reduction amount was 71.16 million yuan. Before this reduction, Tencent held 8.77% of the shares, and after this reduction, Tencent still holds 7.71%.
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LinZhi LiChuang, a subsidiary of Tencent, will continue to reduce its holdings in TRANSWARP TECHNOLOGY from September 30 to December 29, 2025, reducing its stake by 1.42%, cashing out over 100 million yuan.
Throughout 2025, Tencent reduced its holdings in TRANSWARP TECHNOLOGY, cashing out 170 million yuan.
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TRANSWARP TECHNOLOGY (Shanghai) Co., Ltd. has submitted its prospectus and plans to list on the Hong Kong Stock Exchange. In October 2022, TRANSWARP TECHNOLOGY was listed on the STAR Market with an issue price of 47.34 yuan and a market value of 17.3 billion yuan. The annual revenue for 2022 was 447 million yuan, with a loss of 245 million yuan. It is expected that the revenues for 2023, 2024, and 2025 will be 491 million yuan, 371 million yuan, and 447 million yuan, respectively, with losses of 289 million yuan, 344 million yuan, and 245 million yuan, respectively. TRANSWARP TECHNOLOGY's business mainly focuses on AI and big data infrastructure software and solutions

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TRANSWARP TECHNOLOGY

TRANSWARP TECHNOLOGY rushes to the Hong Kong stock market: annual revenue of 450 million, loss of 250 million, Tencent reduces holdings and cashes out 170 million