According to the Hong Kong Stock Exchange disclosure on August 27, Transwarp Technology (Shanghai) Co., Ltd. (referred to as Transwarp Technology, 688031.SH) has successfully passed the hearing for a main board listing on the HKEX, with Haitong International serving as its sole sponsor. Based on data from Frost & Sullivan, the company ranks as the fifth-largest AI infrastructure software provider in China by revenue, capturing a 2.7% market share in 2025, while also standing as the largest independent service provider in the sector.

The prospectus reveals that Transwarp Technology is a leading AI infrastructure software provider in China, generating revenue primarily through the sale of AI and big data infrastructure software products along with related services to enterprise and government clients. By deeply integrating artificial intelligence, big data, and cloud technologies, the company empowers businesses to efficiently build AI infrastructure software, driving intelligent transformation and business model innovation across various industries.

According to Frost & Sullivan, the company is the first database enterprise globally to pass the TPC-DS benchmark test and official audit, demonstrating that its distributed architecture-based foundational software has reached industry-leading standards in large-scale data computation and analysis. Additionally, it is the first Chinese enterprise to be included in Gartner's Magic Quadrant for Data Warehouse and Data Management Solutions, marking international recognition of its leading position by authoritative institutions.

Transwarp Technology stands among China's earliest pioneers dedicated to AI and big data infrastructure software development, having established significant first-mover advantages and deep technical expertise. The company offers enterprise-grade AI infrastructure software and services covering the full data lifecycle, spanning data integration, storage, governance, modeling, analysis, mining, and circulation. Through years of independent research and development, it has built a next-generation AI infrastructure software matrix, including big data and cloud infrastructure platforms (TDH and TDC), distributed databases (ArgoDB and KunDB), data development and governance tools (TDS), AI platforms for large language models and machine learning operations (LLMOps and MLOps), and a knowledge platform (TKH). Together, these products form end-to-end solutions from data to knowledge and from models to applications, accelerating intelligent transformation and reshaping competitive advantages for enterprises across industries.

As of March 31, 2026, Transwarp Technology's products and solutions have been deployed across more than ten industries, including finance, government, energy, healthcare, transportation, and manufacturing, serving over 1,800 clients, among which 105 are Fortune China 500 enterprises. From 2023 through the first quarter of 2026, recurring revenue from existing customers has averaged over 70% of the company's total revenue, reflecting strong customer loyalty and retention.

Leveraging the immense growth potential of the global AI infrastructure software market, the company plans to actively expand into overseas markets. Its software products are largely standardized and can be deployed across various industries and regions, enabling the company to cater to the diverse needs of global customers. The company has already established subsidiaries in Hong Kong, Singapore, and Canada, serving as strategic hubs for its international operations. Capitalizing on its technological advantages and growing brand recognition, the company has successfully promoted products such as TDH, TKH, and Sophon.

Financially, for the fiscal years 2023, 2024, 2025, and the three months ended March 31, 2026, the company recorded revenues of approximately RMB 491 million, RMB 371 million, RMB 447 million, and RMB 81.242 million, respectively. During the same periods, it reported net losses of approximately RMB 289 million, RMB 344 million, RMB 245 million, and RMB 55.999 million, respectively.