Yunbao Smart Eyes 'First DPU Stock' in China, Tencent Top Shareholder

Yunbao Smart, a DPU chip designer, recently filed for an IPO on ChiNext, aiming to become China's first publicly traded DPU company. Founder Xiao Qiyang, a Stanford Ph.D., started the firm in August 2020. Yunbao claims to have developed China's first high-performance general-purpose programmable DPU SoC chip, with 400Gbps bandwidth, 4x performance boost, and 50% lower power consumption, moving from FPGA to 6nm SoC mass production. Its 2025 revenue reached 370 million yuan, up over 900% YoY, though still loss-making. Tencent holds 19.7792% as top shareholder; founders control 7.152% directly and 22.6588% voting rights via holding structure. Valuation exceeds 14 billion yuan. The IPO targets ChiNext's fourth listing standard, which prioritizes R&D spending and market cap over short-term profits, favoring pre-profit hard-tech firms. Meanwhile, another Greater Bay Area semiconductor firm, Yuexin Semiconductor, also passed ChiNext review. For cloud operators and AI training platforms, DPU—offloading network and storage virtualization in CPU+GPU architectures—is critical for large-scale GPU cluster efficiency and cost. Domestic progress in DPU directly affects infrastructure choices.