Sidley Austin and Herbert Smith Freehills Kramer (HSF Kramer) advised on Suzhou Denglin Technology’s Hong Kong IPO.
Suzhou Denglin Technology Co., Ltd. (Denglin Technology, HKEX: 9917) completed its initial public offering (IPO) and H-share listing on the Main Board of the Hong Kong Stock Exchange (HKEX) under Chapter 18C of the Hong Kong Listing Rules for Specialist Technology Companies.
The offering raised approximately HK$1.41 billion (US$180 million) before any exercise of the over-allotment option. CITIC Securities, China Securities International and BOCI Asia acted as joint sponsors in the transaction.
Founded in 2017, Denglin Technology is one of China’s first general-purpose graphics processing unit (GPGPU) providers to achieve large-scale commercial deployment, serving the AI computing needs of Chinese enterprises. According to Frost & Sullivan, China’s enterprise AI GPGPU market grew at a compound annual rate of 58.1% from 2021 to 2025, with Denglin Technology ranking third by revenue in 2025. Denglin Technology is the first pre-commercial GPU company to list in Hong Kong under Chapter 18C and the third GPU company to list in Hong Kong.
Sidley acted as Hong Kong and U.S. counsel to Denglin Technology in its IPO and H-share listing.
The team was led by Partners Dr. Meng Ding and Claudia Yu, both from China Corporate and Finance, and Yabo Lin, co-leader of Sidley’s global Technology Group. Other team members included Liming Xu, Kevin Chan, Cindy Liu, Audrey Ng, Hannah Ma, Alice Liu, Irene Ho and Daniel Duan, all from China Corporate and Finance.
Herbert Smith Freehills Kramer advised CITIC Securities (Hong Kong) Limited, China Securities (International) Corporate Finance Company Limited and BOCI Asia Limited as joint sponsors and underwriters on the listing of Suzhou Denglin Technology Co., Ltd. (09917.HK) on the Main Board of the Hong Kong Stock Exchange.
Partners Matt Emsley, Stanley Xie and Jin Kong led a cross-office team advising the clients, assisted by Maisie Ko, Sean Ji, Crystal Chan, Kathy Zhang, Camille Chai, Vera Chen, Grace Bian, Eliane Ye, Julia Zhu, Sophie Liang and Nicole Luk.
Legal Manager Marine Jin led the Herbert Smith Freehills Kramer Kewei Joint Operation’s Digital Legal Delivery team in providing efficient support for verification and other document-intensive processes during the listing, assisted by Huidan Luo, Lan Lang, Shirley Xie and Sabrina Ji.
