SiliconFlow's Hong Kong IPO filing accepted, aims to become the first AI Token factory stock

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+1 SiliconFlow's Hong Kong IPO filing status shows as "Accepted," aiming to become the "first AI Token factory stock"

The Paper Chief Reporter Li Xiaoqing 2026-11-01 07:46 Source: The Paper ∙ IPO Frontline > Listen to full text Font size

On October 30, according to information disclosed on the website of the China Securities Regulatory Commission, the Hong Kong stock issuance and listing filing status of Beijing SiliconFlow Technology Co., Ltd. (referred to as "SiliconFlow") is "Accepted," with a material receipt date of October 19, 2026.

On June 30 of this year, SiliconFlow submitted a listing application to the Main Board of the Hong Kong Stock Exchange, intending to list in Hong Kong under Chapter 18C, with Huatai International and Guotai Haitong serving as joint sponsors. This "Accepted" status indicates that the filing application has entered the processing procedure.

This company, which calls itself "China's largest independent ecosystem token supplier," will aim to become the "first AI Token factory stock."

According to information disclosed in the prospectus, SiliconFlow was founded in August 2023 by Yuan Jinhui. The company positions itself as an "open, independent token supply platform" rather than a traditional large-model company. The token supply platform integrates computing power resources, AI models, and system software capabilities to provide one-stop AI infrastructure services. SiliconFlow's business mainly consists of two complementary products and services: public cloud services and on-premises deployment solutions.

Financial data shows that from 2024 to 2025, the company's operating revenue was 7.346 million yuan and 55.33 million yuan, respectively; gross profit was 2.89 million yuan and -13.30 million yuan, respectively; operating losses were 77.26 million yuan and 323 million yuan, respectively; losses for the year were 81.915 million yuan and 345 million yuan, respectively; adjusted net losses were 54.01 million yuan and 187 million yuan, respectively.

SiliconFlow stated in the prospectus that the company's profitability is further affected by significant investments in various operating expenses. Because the AI infrastructure industry is highly technology-intensive, the company's R&D expenses constitute the largest cost center, increasing from 10.80 million yuan in 2023 to 64.50 million yuan in 2024, and to 209 million yuan in 2025. However, the proportion of such expenses to total revenue dropped significantly from 877.7% in 2024 to 378.1% in 2025.

At the same time, selling and marketing expenses increased from 110,000 yuan in 2023 to 83.70 million yuan in 2025, mainly due to the cost of promotional computing resources used to acquire early users, while general and administrative expenses increased from 1.20 million yuan to 21.80 million yuan during the same period. Due to these strategic investments and the initial expansion of infrastructure scale, losses for the year of 12.20 million yuan, 81.90 million yuan, and 345 million yuan were recorded in 2023, 2024, and 2025, respectively, and adjusted net losses (non-IFRS measure) for the same periods were 12.20 million yuan, 54 million yuan, and 187 million yuan, respectively.

It is worth noting that SiliconFlow warned in the prospectus that "it has recorded gross loss, net loss, and cash outflows from operating activities, and may be unable to achieve profitability, or even if it achieves profitability, it may subsequently be unable to maintain profitability."

According to data disclosed in the prospectus, the company's liabilities have expanded rapidly. By the end of 2025, total liabilities reached 693.7 million yuan, of which redeemable liabilities accounted for as much as 71.9% (498.6 million yuan). Redeemable liabilities arise from preferential rights granted to early investors. If the company fails to complete a qualifying listing before December 31, 2030, investors have the right to require the company to redeem shares.

Since its establishment, SiliconFlow has completed a total of 7 rounds of financing. The company's equity structure shows that founder Yuan Jinhui controls a total of 44.48% of voting rights through direct holdings and an employee incentive platform. Among historical financings, strategic investors such as Alibaba, Meituan, and 360 took stakes. Among institutional investors, veteran investment institutions such as Yaotu Capital and Puhua Fund hold more than 3%.

After completing the B+ round of financing in June this year, SiliconFlow's valuation was 7.74 billion yuan. Responsible editor: Shi Dongdong Image editor: Le Yufeng Proofreader: Shi Jun The Paper news tip: 021-962866 The Paper, unauthorized reproduction prohibited +1 Favorite I want to report #SiliconFlow View more