As the so-called "four domestic GPU dragons" prepare to gather on the A-share market, the Data Processing Unit (DPU) sector, one of the "three mainstay chips" for data centers, is also making moves in the capital markets. Shenzhen Cloud Leopard Intelligent Co., Ltd. (hereafter "Cloud Leopard Intelligent") has fired the first shot. On the evening of June 30th, Cloud Leopard Intelligent's application for a listing on the ChiNext board was accepted. The company is applying under the board's fourth set of listing standards and plans to raise approximately 3.035 billion yuan. With the disclosure of its prospectus, the company's financial data is no longer a secret. During the reporting period, while the company's revenue saw significant growth, its net profit remained in a continuous loss, with a net loss nearing 1.2 billion yuan in 2025. Notably, Cloud Leopard Intelligent's revenue is heavily dependent on its related party, Tencent. In 2025, sales to Tencent, both direct and indirect, accounted for 95.22% of its operating revenue.

Financial Performance and Losses

Cloud Leopard Intelligent's revenue experienced explosive growth in both 2024 and 2025. However, the net loss widened significantly in 2025, though the loss attributable to shareholders after deducting non-recurring items narrowed that year.

According to the prospectus, Cloud Leopard Intelligent is a Data Processing Unit (DPU) chip design company focused on the R&D, design, and sales of DPUs and related products. The company aims to become China's first publicly listed DPU firm.

DPUs, alongside CPUs and GPUs, are considered the "three mainstay chips" for data centers. Since 2025, the GPU industry has already begun its asset securitization process, with the "four domestic GPU dragons" successively entering the capital markets. Currently, only Suiyuan Technology remains unlisted, though it has passed its IPO hearing and submitted for registration.

With the large-scale construction of a new generation of global computing infrastructure and growing demand from emerging fields like artificial intelligence and the digital economy, the DPU market is expected to continue expanding. According to data from Frost & Sullivan, China's DPU market grew from 15.044 billion yuan in 2021 to 49.758 billion yuan in 2025, and is projected to reach 129.091 billion yuan by 2030, providing a vast market space for the company's development.

Based on a Frost & Sullivan report, measured by 2025 revenue, Cloud Leopard Intelligent ranks first among domestic independent vendors in China's full-featured DPU market.

Financial data shows that Cloud Leopard Intelligent's performance has advanced rapidly in recent years. From 2023 to 2025, the company achieved operating revenues of approximately 173,200 yuan, 36.3557 million yuan, and 370 million yuan, respectively. The corresponding net profits attributable to shareholders were approximately -667 million yuan, -610 million yuan, and -1.189 billion yuan. The corresponding net profits attributable to shareholders after deducting non-recurring items were approximately -673 million yuan, -620 million yuan, and -562 million yuan.

In this listing attempt, Cloud Leopard Intelligent plans to raise about 3.035 billion yuan. After deducting issuance expenses, the funds will be allocated in order of priority to the R&D and Industrialization Project for a New Generation of Full-Featured DPUs, the R&D and Industrialization Project for a New Generation of AI DPUs, and the R&D Project for Next-Generation High-Performance DPU Core Technologies.

High Revenue Concentration on Tencent

Cloud Leopard Intelligent states that its DPU products are the core network foundation for computing infrastructure, widely used in key strategic areas such as AI intelligent computing, cloud computing, storage, communications, network security, and edge computing. Current end customers include TENCENT, China Mobile, Sina, and China Southern Power Grid, among others. Notably, the company's revenue is heavily reliant on the related party, Tencent.

Tencent is a major shareholder of Cloud Leopard Intelligent. As of December 31, 2025, Tencent, through related entities, collectively held a 19.78% stake in Cloud Leopard Intelligent. Specifically, Shenzhen Tencent directly holds a 16.5246% share, its affiliate Guangxi Tencent directly holds a 2.5947% share, and Suzhou Paiyi directly holds a 0.6599% share.

Data shows that during the reporting period, Cloud Leopard Intelligent's sales to Tencent, both direct and indirect, accounted for 0%, 93.16%, and 95.22% of its operating revenue for the respective periods, representing a high proportion.

Cloud Leopard Intelligent explained that Tencent, as a leading domestic cloud service provider, faces urgent needs for large-scale data center expansion and computing efficiency improvement. It requires high-performance domestic DPU products to optimize its cloud infrastructure. The company, being a leader in China's DPU industry, can provide DPU chips and related technologies that meet Tencent's demanding business scenarios. Therefore, the cooperation between Tencent and the company is based on genuine business needs and highly compatible product technology. During the reporting period, the company primarily supplied DPU products and related technical services to Tencent.

In terms of direct sales value, Tencent was Cloud Leopard Intelligent's largest customer in 2024, accounting for 71.31% of sales. In 2025, Tencent was the fourth-largest customer, accounting for 5.04% of sales.

As of the signing date of the prospectus, the company's actual controllers, Xiao Qiyang and Zhang Xueli, collectively directly hold 7.152% of the company's shares. Through the two equity incentive platforms, Yunbao Chuangxin and Yunbao Chuangzhi, they indirectly control 22.6588% of the company's voting rights, resulting in a combined control of 29.8108% of the voting rights, which is less than 30%.

Cloud Leopard Intelligent also highlighted a risk, stating that after this share issuance, the proportion of voting rights that the two actual controllers, Xiao Qiyang and Zhang Xueli, can practically exercise will be further diluted, which may adversely affect the stability of the company's control.