China chip designer Kiwimoore plans Hong Kong IPO at $2 billion valuation

Chinese chip designer Kiwimoore has confidentially filed for a Hong Kong initial public offering, targeting a valuation of about $2 billion, said two people with knowledge of ‌the matter.

Kiwimoore ⁠did ⁠not respond to a Reuters request for comment.

The ​sources declined to be named because the information was confidential.


Kiwimoore plans to list in Hong Kong in the first half of ​2027, the sources said.

⁠The company ‌raised about 700 million yuan ($103.79 million) ​in ​a July funding round with a ⁠valuation of 8 billion yuan, said one ​of the people.

Kiwimoore has tapped CITIC Securities and ABC International to lead its Hong Kong IPO, said the sources. The two banks did not respond to Reuters requests for comment.

Founded in early ‌2021, Shanghai-based Kiwimoore makes networking technology used to link artificial-intelligence accelerators inside ​computing clusters, ​the company's ⁠website said.

The company has positioned itself to capitalise on Beijing's push to build a self-sufficient AI ​chip supply chain after the U.S. restricted exports of advanced technologies, including chips, to China.

($1 = 6.7446 Chinese yuan renminbi)