On November 1, the China Securities Regulatory Commission (CSRC) disclosed that Shanghai Suiyuan Technology Co., Ltd. ("Suiyuan Technology") has refiled its IPO guidance registration with the Shanghai Securities Regulatory Bureau, changing its financial advisor from CICC to CITIC SEC.

As a domestic AI chip unicorn, Suiyuan Technology specializes in cloud computing power products for artificial intelligence, including intelligent accelerator cards, large-model integrated machines, high-density servers, and AI computing clusters. Its products are widely applicable across industries such as internet services, AI computing centers, smart cities, fintech, scientific computing, and autonomous driving, with large-scale adoption in major internet enterprises' ecosystems.

The company's strong technological foundation has attracted numerous investors. Tianyancha data shows Suiyuan Technology has completed multiple funding rounds, with shareholders including the National Integrated Circuit Industry Investment Fund, local state-owned capital, prominent investment firms, and private capital, such as Tencent, SummitView Capital, Guofang Capital (under Shanghai International Group), Shanghai Guotou, Redpoint China, and Meitu.

**Significant Increase in Underwriting Fees** The switch in underwriters brings notable changes to the fee structure. Based on data from the first ten months of the year, CICC's average underwriting fee stood at 1.56% (CNY 63 million for average fundraising of CNY 4.032 billion). In contrast, CITIC SEC's average fee rate surged to around 5% (CNY 66 million for average fundraising of CNY 1.317 billion), drawing market attention.

Suiyuan Technology’s IPO progress has lagged behind peers. Among four high-profile AI chip firms, Suiyuan began IPO guidance in August 2024 and completed its fifth phase in September this year. Biren Technology finished its fourth phase in September, while later entrants Moore Threads and MetaX have already secured approvals, with Moore Threads’ STAR Market IPO registration approved on October 30.

This delay highlights the slower pace under CICC’s guidance. As a growth-stage tech innovator, Suiyuan faces multifaceted regulatory requirements in business, finance, and compliance. Opting for CITIC SEC—despite higher fees—signals its determination to accelerate the IPO process, leveraging CITIC’s extensive A-share market expertise to bridge the gap.

**Divergent IPO Focus of Top Underwriters** Choice data shows CITIC SEC’s investment banking revenue grew 30.88% YoY to CNY 3.689 billion in Q1-Q3 2025, while CICC’s rose 42.55% to CNY 2.940 billion, ranking them first and second among A-share listed brokers.

In IPO underwriting, the two firms demonstrate distinct market emphases. From January to October 2025, CITIC SEC advised 9 A-share listings, ranking second, whereas CICC handled only 3. However, CICC dominated Hong Kong’s IPO market, leading with 25 deals (HKD 32.813 billion in proceeds), followed by CITIC SEC (Hong Kong) with 18 (HKD 24.240 billion), underscoring CICC’s cross-border prowess.

For Suiyuan Technology’s imminent STAR Market debut, CITIC SEC’s focused A-share track record and higher approval rates may better serve its needs compared to CICC’s diversified operations.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should proceed at their own risk.