The港股IPO application prospectus submitted by Transwarp Technology (Shanghai) Co., Ltd. on August 18, 2025, has lapsed as of February 18, 2026, after a six-month validity period. Haitong International was the sole sponsor for the initial filing. According to the prospectus, Transwarp Technology is an AI infrastructure software provider that helps enterprises efficiently build AI infrastructure by deeply integrating artificial intelligence, big data, and cloud technologies, thereby driving intelligent transformation and business model innovation across various industries. Based on revenue, the company ranked fifth in China's AI infrastructure software market in 2024 and was the largest pure-play AI infrastructure software provider. As of March 31, 2025, the company's products and solutions have been implemented in more than ten industries, including finance, the public sector, energy, healthcare, transportation, and manufacturing, serving over 1,600 clients. This client base includes approximately 110 companies from the Fortune China 500 list. From 2022 to 2024, revenue from repeat purchases by existing clients accounted for an average of over 70% of the company's total revenue.