According to monitoring by Beating, Beijing-based AI infrastructure startup Silicon Flow submitted its listing application to the Hong Kong Stock Exchange yesterday, intending to list on the main board under Chapter 18C for specialized technology companies. Huatai International and Haitong International are the joint sponsors. Founded on August 29, 2023, and headquartered in Haidian, Beijing, Silicon Flow is a third-party token supplier that offers API services, dedicated instances, enterprise-level MaaS platforms, and integrated large model solutions. Its founder and CEO, Yuan Jinhui, studied under Zhang Bo, a pioneer of artificial intelligence in China, and obtained a Ph.D. in engineering from Tsinghua University's Department of Computer Science in July 2008. He previously served as a senior researcher at Microsoft Research Asia before choosing to leave and start his own business in 2016. Since Silicon Flow has not yet met the revenue threshold for commercialized companies under the Hong Kong Stock Exchange's Chapter 18C, it is applying for listing as a 'non-commercialized company.' As of now, the scale of Silicon Flow's Hong Kong stock issuance, issue price, and intended fundraising amount have not been disclosed. According to Frost & Sullivan data, based on the annual token throughput in 2025, Silicon Flow is the largest independent ecological token supplier in China and ranks among the top five token suppliers in the country. As of April 30, 2026, Silicon Flow had over 10 million registered users, with an average daily token throughput of approximately 578.5 billion in April 2026, peaking at about 1.07 trillion in a single day. By the last feasible date, the company had served over 13,000 enterprise clients, and its platform supports over 170 models. Since December 2023, Silicon Flow has completed seven rounds of pre-IPO financing, with investors including Alibaba, Hubble Technology, Innovation Works, Yao Tu Capital, PwC Capital, GGV Capital, and Zhiyuan Huazhang. Notably, Alibaba was the lead investor in its Pre-A and A rounds. In June of this year, Silicon Flow announced it had completed over 2 billion yuan in B round financing, with investments from Ctrip's strategic investment, Bilan's strategic investment, NIO Capital, SenseTime's strategic investment, and Zhongguancun Science City among others.

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China's Largest Independent Token Factory Silicon Flow Initiates Hong Kong IPO

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