China chip designer Kiwimoore plans Hong Kong IPO at $2 billion valuation, sources say

By Ziyi Tang and Kane Wu

BEIJING/HONG KONG, Aug 12 (Reuters) – Chinese chip designer Kiwimoore has confidentially filed for a Hong Kong initial public offering, targeting a valuation of about $2 billion, said two people with knowledge of the matter.

Kiwimoore did not respond to a Reuters request for comment.

The sources declined to be named because the information was confidential.

Here are the details:

• Kiwimoore plans to list in Hong Kong in the first half of 2027, the sources said.

• The company raised about 700 million yuan ($103.79 million) in a July funding round with a valuation of 8 billion yuan, said one of the people.

• Kiwimoore has tapped CITIC Securities and ABC International to lead its Hong Kong IPO, said the sources. The two banks did not respond to Reuters requests for comment.

• Founded in early 2021, Shanghai-based Kiwimoore makes networking technology used to link artificial-intelligence accelerators inside computing clusters, the company’s website said.

• The company has positioned itself to capitalise on Beijing’s push to build a self-sufficient AI chip supply chain after the U.S. restricted exports of advanced technologies, including chips, to China.

($1 = 6.7446 Chinese yuan renminbi)

(Reporting by Ziyi Tang in Beijing and Kane Wu in Hong Kong; Editing by Kate Mayberry)