Author｜Yang Licheng

Editor｜Chen Xiaoran

On the evening of June 12, Maxwell Technologies (688802.SH), a prominent domestic GPU enterprise listed on the STAR Market, declared that its board of directors had given the green light to a proposal for issuing H-shares and seeking a listing on the Main Board of the Hong Kong Stock Exchange. This move officially initiates the creation of a dual capital platform, known as 'A+H'.

Merely six months after Maxwell Technologies went public on the STAR Market at the close of 2025, the company is planning an initial offering of H-shares, capped at 5% of its total share capital, along with a 15% greenshoe option. The objective is to harness Hong Kong's status as a financial hub to fuel its global expansion. Nevertheless, the plan still necessitates approval from shareholders and various regulatory bodies, both domestically and internationally, and its implementation remains uncertain.

Launching the A+H Strategy

As per Maxwell Technologies' announcement, the board of directors has sanctioned the H-share issuance plan, with an initial offering not surpassing 5% of the total share capital post-issuance.

Global coordinators have been granted a greenshoe option of up to 15%. The issuance will take place within 24 months following shareholder approval, with the final scale contingent on regulatory clearance and the actual results of the placement.

Image source: Maxwell Technologies announcement

The pertinent proposal will be presented for approval at Maxwell Technologies' extraordinary general meeting on June 29. Subsequently, the company will finalize the filing and approval procedures with the China Securities Regulatory Commission, the Hong Kong Stock Exchange, and the Hong Kong Securities and Futures Commission.

At present, it is planned that the funds raised, after deducting issuance expenses, will be predominantly allocated to five key areas: the research and development (R&D) and commercialization of next-generation general-purpose GPUs, the advancement of the MXMACA full-stack software ecosystem, industrial chain investments and mergers and acquisitions, the establishment of domestic and international marketing systems, and the supplementation of working capital.

In 2025, the net proceeds from the STAR Market IPO amounted to RMB 3.899 billion, with annual R&D investment reaching RMB 1.027 billion and R&D personnel constituting over 70% of the workforce. Despite consistent high-intensity investment, the company has yet to achieve profitability.

H-share financing can extend the company's financial runway, diminish its reliance on single A-share financing, and establish connections with international long-term capital. This, in turn, supports overseas market expansion and enhances cross-border governance, aligning with the demands of a global computing power layout.

Self-Developed Commercialization Yields Results

Established in 2020 and listed on the STAR Market in December 2025, Maxwell Technologies is the second domestic GPU company to go public on the A-share market. Data from its prospectus and annual reports indicate steady progress in both technology and commercialization.

On the hardware front, the company adheres to full-stack self-development, implementing a three-generation iteration strategy for its products: 'current, in-development, and planned'. The flagship training and inference integrated chip, Xiyun C600, has achieved mass production using entirely domestic processes and has passed the national 'Security and Reliability Evaluation'.

The next-generation Xiyun C700 has completed core design verification and is now undergoing performance optimization. The Xisuo X series, launched in January 2026, targets the scientific AI sector, opening up new avenues for growth.

The software ecosystem constitutes a core competitive barrier. The self-developed MXMACA open-source software stack is compatible with over 40 AI frameworks and 500 AI models, achieving Day 0 adaptation for more than 20 mainstream domestic large models.

As of the end of March 2026, the MXMACA open-source community boasted nearly 300,000 registered developers, with over 55.91 million API calls, covering more than half of China's C9 universities. Its adaptation speed and ecosystem scale rank among the top tier of domestic vendors.

Commercialization has witnessed remarkable strides. From 2023 to 2025, Maxwell Technologies' revenue grew at a compound annual rate of 214.20%, reaching RMB 1.644 billion in 2025, up 121.26% year-on-year. In the first quarter of 2026, revenue stood at RMB 562 million, up 75.37% year-on-year, with a significant reduction in losses.

As of the end of 2025, Maxwell Technologies had shipped over 55,000 GPUs, with its products deployed in more than 10 intelligent computing clusters, spanning public computing platforms, operators, and commercial intelligent computing centers. It has also forged joint ventures with companies like UBTECH for embodied AI chips. Multiple institutions, including Goldman Sachs and Huatai Securities, have accorded it buy ratings.

Transition to 'Large-Scale Commercialization'

Benefiting from policy dividends aimed at achieving computing power self-sufficiency, the replacement space for domestic GPUs continues to expand.

In 2025, the domestic market share of AI accelerator cards rose to 41%. By 2026, the domestic AI computing accelerator chip market is projected to climb to RMB 381.39 billion, up over 160% from 2025, as the industry transitions from 'technically feasible' to 'large-scale commercialization'.

Leveraging its full-stack software and hardware capabilities, experience in deploying 10,000-card clusters, and the support of an A+H dual capital structure, Maxwell Technologies is well-positioned to augment its domestic market share while penetrating the overseas computing power market through its Hong Kong listing, thereby unlocking long-term growth potential.

However, it is crucial to acknowledge that the global GPU market remains dominated by NVIDIA and AMD, with intensifying competition from domestic contenders such as Cambricon, Hygon, and Moore Threads. Rapid technological iteration implies that any deviations in R&D strategy will directly undermine competitiveness.

At present, Maxwell Technologies has yet to achieve profitability. Sustained high R&D investment prolongs the profitability cycle, and a high concentration of revenue from the top five customers means that fluctuations in downstream demand will directly impact shipments.