Shanghai-based RISC-V CPU company Nuclei System Technology has started its A-share IPO process. China Securities Regulatory Commission records show the company completed listing guidance registration with the Shanghai CSRC office on Sept. 11, with China Merchants Securities acting as the guidance institution.
Nuclei System Technology is already listed on the New Third Board
According to a Sept. 14 report by Xindongxi, Nuclei System Technology was founded in September 2018 with registered capital of RMB 5.0937 million. The company has no controlling shareholder. Its legal representative is Hu Zhenbo, who is also the founder, chairman and general manager.
The company was named a national-level specialized and sophisticated "Little Giant" enterprise in July 2023 and a national key "Little Giant" enterprise in December 2024. It has already been listed on the National Equities Exchange and Quotations, commonly known as the New Third Board.
Business centers on RISC-V CPU platform technology and solutions
Its interim report says the company focuses on the research, development and industrial application of core RISC-V CPU technology. It mainly provides customers with full-platform CPU technology and solutions based on the RISC-V instruction set architecture, while continuing R&D spending and early-stage technical work on products including RISC-V Chiplet offerings.
Built on its self-developed RISC-V product matrix, the company provides downstream customers with RISC-V IP and subsystem licensing, chip customization, and related solutions. These products and services are mainly used in automotive electronics, industrial control, AI and data centers, and consumer Internet of Things applications.
As of the reporting period, the number of formally authorized customers and projects had exceeded 300, covering many listed companies as well as central and state-owned enterprises. The original report said the company is at the forefront of the commercial RISC-V CPU IP segment.
Revenue rose in the first half of 2026, while net loss widened
Financial data show that in the first half of 2026, Nuclei System Technology posted revenue of RMB 36.8745 million, up 41.09% year over year. Revenue from RISC-V IP licensing came in at RMB 34.0062 million, or 92.22% of total revenue, up 41.52% from the same period last year.
Net loss for the period was RMB 57.3016 million, widening 24.94% from a year earlier. R&D expenses reached RMB 57.3041 million, up 34.77%, and R&D investment accounted for 155.40% of revenue.
Its current revenue mainly comes from what the company described as its first business curve, RISC-V IP licensing, and its second business curve, RISC-V chip customization and solutions.
Chiplet and server CPU lines have not yet generated revenue
As of the end of June 2026, the company’s third and fourth business curves, covering Chiplet and server chip products, had not yet produced revenue.
For the third business curve, RISC-V Chiplet products, the company has already begun related development and technical research work. This line is based on its self-developed RISC-V CPU-related IP and is structured around RISC-V CPU Chiplet core modules, Chiplet interconnect adaptation, and system integration. The company said it is building combinable and integrable chip products through modular design, high-speed interconnect, and advanced packaging.
The fourth business curve, RISC-V server CPU products, is based on the company’s self-developed high-performance RISC-V CPU IP and Chiplet-related technologies. It targets high-compute application scenarios including servers and data centers, with product planning focused on server CPU chip design, system adaptation, and supporting software and hardware ecosystem development. The stated goal is to build a complete CPU product capability for server scenarios.
Cash outflow narrowed; Xiaomi and VeriSilicon appear in the cap table
In the first half of 2026, net cash outflow from operating activities fell 45.76% year over year, mainly because the company received more cash from sales of goods and the provision of services.
From the shareholding structure, as of the end of June 2026, Hu Zhenbo was the company’s second-largest shareholder with a 14.97% stake. Xiaomi Yangtze River Fund, under Xiaomi Group, was the fifth-largest shareholder with 6.12%. VeriSilicon, described in the original report as a leading domestic semiconductor IP company, was the eighth-largest shareholder with 2.99%.
RISC-V remains at an early stage of industrial adoption
The original report said RISC-V has gradually become one of the world’s three mainstream CPU architectures after x86 and Arm. Qualcomm, NVIDIA and Synopsys are among the global chip companies that have chosen RISC-V as one of their technology directions.
At the same time, as an emerging open instruction set architecture, RISC-V as a whole is still at a relatively early stage of industrial development.
The original report also said Nuclei System Technology is a technology-intensive semiconductor design company with relatively high gross margins. While it has built a relatively complete product system and made progress in high-performance and automotive-grade directions, its revenue base remains comparatively small. As it expands business scale and gradually moves into overseas markets, the company faces pressure in maintaining technological advancement, ecosystem development, and service capabilities.
This article is based on a report from the WeChat public account Xindongxi. The author was ZeR0 and the editor was Moying.