On March 25, 2026, Transwarp Technology (Shanghai) Co., Ltd. (hereinafter referred to as "Transwarp Technology"), headquartered in Xuhui District, Shanghai, submitted its prospectus to the Hong Kong Stock Exchange for a proposed listing on the Main Board of Hong Kong. This marks the company's second application following the expiration of its previous filing on August 18, 2025.
Transwarp Technology (688031.SH) was listed on the A-share market on October 18, 2022. As of the close of trading on March 25, 2026, its market capitalization was approximately RMB 17.4 billion.
Link to Transwarp Technology's prospectus:
https://www1.hkexnews.hk/app/sehk/2026/108331/documents/sehk26032502123_c.pdf
Main Business
Transwarp Technology, founded in 2013, is a leading provider of AI infrastructure software in China. By deeply integrating artificial intelligence, big data, and cloud technologies, it helps enterprises efficiently build AI infrastructure software, promoting intelligent transformation and business model innovation across various industries.
According to Frost & Sullivan:
In terms of revenue in 2024, Transwarp Technology ranked fifth in China’s AI infrastructure software market and was also the largest pure-play AI infrastructure software provider.
Transwarp Technology is the world’s first database company to pass the TPC-DS test and official audit, indicating that its foundational software based on distributed architecture has reached an industry-leading level in large-scale data computation and analysis.
Transwarp Technology is the first Chinese company to be included in Gartner’s Magic Quadrant for Data Warehouse and Data Management Solutions.
Through years of independent research and development, Transwarp Technology has built a new-generation AI infrastructure software suite, including big data and cloud platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), artificial intelligence platforms for large language models and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). Together, these form an end-to-end solution from data to knowledge and from models to applications.
As of December 31, 2025, Transwarp Technology’s products and solutions have been implemented across more than ten industries, including finance, public sector, energy, healthcare, transportation, and manufacturing, serving over 1,800 customers, including approximately 110 Fortune China 500 companies. From 2023 to 2025, recurring revenue from existing customers accounted for more than 70% of the company’s total revenue on average.
During the historical performance period, Transwarp Technology's revenue mainly came from:
AI and big data infrastructure software business, including sales of infrastructure software (primarily license fees generated from proprietary AI and big data infrastructure software products), integrated software and services (mainly fees from contracts bundling the company’s software products with related technical services), and technical services (mainly fees for professional services delivered such as system implementation, custom development, on-site deployment, integration, training, long-term maintenance, and support for customers using the company’s software products).
Solution provision business, offering modular and scenario-based solutions tailored to specific business use cases, such as intelligent decision-making, data governance, and industry-specific analytics.
Other businesses, providing optimization and sales of third-party hardware and software products related to the core AI and big data infrastructure business.
Shareholder Structure
The prospectus shows that prior to Transwarp Technology’s listing in Hong Kong, the shareholder structure was as follows:
Mr. Sun Yuanhao, Shanghai Zanxing, Mr. Fan Lei, Mr. Lü Cheng, and Mr. She Hui acted as a concerted group, collectively holding approximately 22.42% of shares, making them the largest single shareholder group.
Other A-share shareholders held 77.58% of the shares.
Directors and senior management
The board of directors of Transwarp Technology consists of 10 directors, including:
Six executive directors:
Mr. Sun Yuanhao (Chairman of the Board, General Manager);
Mr. Lü Cheng (Vice President);
Mr. Zhu Junchen (Vice President);
Ms. Wen Ye (Deputy General Manager);
Mr. Zhang Liming (Deputy General Manager);
Ms. Li Yiduo (Chief Financial Officer, Board Secretary, Joint Company Secretary);
Four independent non-executive directors:
Mr. Huang Yihua (Professor at Nanjing University);
Mr. Ma Dongming (Formerly with the Zhejiang Regulatory Bureau of the China Securities Regulatory Commission and the Shanghai Special Commissioner's Office);
Mr. Liu Dong (Partner at Jinmao Law Firm);
Ms. Liu Jin (Vice Chairman of Chengdu Weikesi Bio, formerly with Merrill Lynch, Goldman Sachs, and PricewaterhouseCoopers).
Company performance
The prospectus shows that in 2023, 2024, and 2025, Transwarp Technology's operating revenues were RMB 4.91 billion, RMB 3.71 billion, and RMB 4.47 billion, respectively, with corresponding net losses of RMB 2.89 billion, RMB 3.44 billion, and RMB 2.45 billion, respectively.
Intermediary team
The main intermediary team for Transwarp Technology's IPO includes:
Haitong International is the sole sponsor;
Deloitte is the auditor;
JunHe serves as its legal counsel in China.
JunHe (Hong Kong) serves as the company's Hong Kong legal counsel.
Jingtian & Gongcheng as its China legal counsel for securities.
Sidley Austin is its broker’s Hong Kong legal counsel;
Everbright Financing is its compliance advisor;
Frost & Sullivan serves as its industry consultant.