On September 11, Suitech Technology made its debut on the STAR Market, marking the full capital market lineup of China's "Four Little Dragons" of domestic GPUs, which also include Moore Threads, MetaX, and Biren Technology. For investors tracking chip technology trajectories, this milestone signals a new phase in computing power investment. According to public announcements, several ETFs under the E Fund umbrella, including the STAR Chip Design ETF (589030), the STAR Chip ETF (589130), and the Semiconductor Equipment ETF (159558), participated in both online and offline subscription offerings for Suitech Technology's IPO.

In less than a year, four of China's leading AI computing chip companies have gone public in succession, completing the final piece of the domestic high-end computing power capitalization puzzle. Suitech Technology's STAR Market listing brings the "Four Little Dragons" together for their collective market debut.

Moore Threads and MetaX both listed on the STAR Market in December 2025, followed by Biren Technology's Hong Kong Stock Exchange listing in January 2026, and now Suitech Technology's arrival in September 2026. The four companies represent the most prominent players in China's domestic high-performance GPU and AI computing sector.

Suitech Technology priced its IPO at 142.18 yuan per share, the highest among its peers on the A-share market, corresponding to a market valuation of approximately 61.19 billion yuan. The online subscription demand was overwhelming, with an effective oversubscription ratio of 6,109 times and a lottery rate of just 0.0245%, attracting over 7.03 million investors. Based on the offer price, Suitech Technology's 2025 price-to-sales ratio stands at approximately 61.8 times, indicating that the market is increasingly shifting toward valuations grounded in fundamentals, technology pathways, and commercialization potential.

The collective listing reflects the explosive revenue growth now underway in the domestic computing power sector. In the first half of 2026, all four companies delivered remarkable revenue surges: Suitech Technology reported 1.12 billion yuan, nearly tripling year-over-year, while Moore Threads generated 1.74 billion yuan, up roughly 150%. However, on a non-GAAP net profit basis, none of the four achieved profitability during this period, primarily due to substantial upfront capital expenditures and the early-stage nature of their commercialization efforts. The market's generous valuations are anchored in the long-term potential of high-end computing power localization.

According to Frost & Sullivan forecasts, China's AI chip market is projected to expand from 142.5 billion yuan in 2024 to 1.3 trillion yuan by 2029, representing a five-year compound annual growth rate of 54%. As domestic computing power accelerates, index-based investment tools are emerging as efficient vehicles for broad market participation.

With all four companies now publicly listed, industry competition has shifted toward a comprehensive battleground encompassing delivery capabilities, software ecosystems, supply chain security, and customer structures. Given the elevated risks associated with individual companies in the computing power sector, ETFs offer a more balanced approach to indexed allocation. The four leaders have adopted distinct technology strategies: Suitech Technology remains dedicated to DSA-specific architectures, operating entirely outside Nvidia's CUDA ecosystem for full self-reliance; Moore Threads and MetaX pursue CUDA-compatible general-purpose GPU routes, offering lower migration costs and broader scenario adaptability; Biren Technology focuses on high-performance general-purpose chips for cloud environments.

The STAR Chip Design ETF (589030), with feeder funds (A/C: 027606/027607), tracks the STAR Market Chip Design Thematic Index, concentrating on AI chip manufacturers at the design stage—the segment closest to revenue growth and demand fulfillment. Meanwhile, the Semiconductor Equipment ETF (159558), with feeder funds (A/C: 021893/021894), tracks the CSI Semiconductor Materials & Equipment Thematic Index, positioning investors to capture growth opportunities from upstream equipment and materials suppliers as chip capacity expands. The STAR Chip ETF (589130), with feeder funds (A/C: 020670/020671), tracks the STAR Market Chip Index, offering comprehensive coverage of leading companies across the chip industry chain for a more balanced and diversified allocation.