China's Largest Independent Token Fab Silicon Mobility Launches Hong Kong IPO

According to Trackin Beat monitoring, Beijing-based AI infrastructure startup SiliconFlow filed for an IPO on the Hong Kong Stock Exchange yesterday, aiming to list on the main board under Chapter 18C of the Special Technology Companies Rules, with Huatai International and Haitong International as joint sponsors.

Founded on August 29, 2023, SiliconFlow is headquartered in Haidian, Beijing. It is a third-party "Token Supplier," offering API services, dedicated instances, an enterprise-level MaaS platform, and solutions such as large-scale model integration. Its founder and CEO, Yuan Jinhui, studied under the founding father of Chinese AI, Academician Zhang Bo. He obtained a Ph.D. in Engineering from the Department of Computer Science at Tsinghua University in July 2008 and previously served as a Chief Researcher at Microsoft Research Asia. In 2016, he chose to resign and start his own business.

As it has not yet met the revenue threshold for commercialized companies under Chapter 18C of the Hong Kong Stock Exchange, SiliconFlow has applied for listing this time as an "uncommercialized company." As of now, the Hong Kong IPO's scale, price, and intended fundraising amount for SiliconFlow have not been disclosed. According to Frost & Sullivan data, based on the 2025 annual token throughput, SiliconFlow is the largest independent ecological token provider in China, ranking among the top five token providers in China.

As of April 30, 2026, SiliconFlow's platform has over 10 million registered users. The average daily token throughput in April 2026 was approximately 578.5 billion, with a peak daily volume of around 1.07 trillion. As of the final feasible date, the company has served over 13,000 corporate clients, and the platform supports over 170 models. Since December 2023, SiliconFlow has completed seven rounds of pre-IPO financing. Its investors include Alibaba, Hubble Technology, Innovation Works, Yaotu Capital, PwC Capital, Origin Capital, Zhongpu Huazhang, and others. Alibaba led the investment in its Pre-A and A rounds. In June of this year, SiliconFlow announced it had completed a over 2 billion yuan Series B financing, with investments from Ctrip Ventures, Birun Ventures, NIO Capital, SenseTime Ventures, and Zhongguancun Science City, among others.