Sidley Advises GPGPU Provider Denglin Technology on Its Chapter 18C Listing in Hong Kong

Sidley acted as Hong Kong and U.S. counsel to Suzhou Denglin Technology Co., Ltd. (Denglin Technology, HKEX: 9917) in 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.

Graphics processing units, or GPUs, are the computing backbone of the AI era, yet GPU companies remain rare on the Hong Kong market. Denglin Technology is the first pre-commercial GPU company to list in Hong Kong under Chapter 18C. It is also the third ever GPU company to list in Hong Kong, adding a hard technology name of real substance to a Chapter 18C pipeline featuring a wave of embodied AI and humanoid robotics companies.

“Led by Dr. Meng Ding and Claudia Yu, the Sidley team demonstrated exceptional semiconductor and AI technical expertise,” said Li Jianwen, co founder and chief strategic officer of Denglin Technology. “They rapidly mastered our technology, crafted a polished prospectus that sharply articulated our investment strengths, and provided precise guidance on Chapter 18C. In close collaboration with us and other professional parties, they constantly delivered high-quality work in an efficient manner. We sincerely appreciate their instrumental support in our successful Hong Kong IPO.”

Founded in 2017, Denglin Technology is one of China’s first general purpose GPU (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.

The Sidley team was led by partners Dr. Meng Ding and Claudia Yu (both 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 China Corporate and Finance).

Sidley’s Hong Kong IPO team is widely recognized for its strong transactional track record; it is the only law firm to have advised on the first completed IPOs under each of the three most recent chapters under the Listing Rules: 18A, 18B, and 18C. The team has advised on IPOs of a number of semiconductor and hard-tech companies including InnoScience (Suzhou) Technology Holding Co., Ltd. and BaTeLab Co., Ltd.

The firm has received numerous accolades. It was “Highly Recommended” in the “Innovative Lawyers in Unlocking Capital” category at the FT Innovative Lawyers Asia Pacific Awards 2025 and named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024. It is also ranked as a leading firm for Technology, Media, and Telecommunications by Legal 500 Asia Pacific 2026.