Beijing-based SiliconFlow, an AI infrastructure startup that sells pay-per-token access to AI models, filed for a Hong Kong Main Board listing under Chapter 18C to fund its AI inference business.

The company, which is under three years old, reported revenue of 55.3 million yuan (US$8.13 million) in 2025, up from 7.3 million yuan (US$1.08 million) in 2024.

Its annual loss widened to 345 million yuan (US$50.8 million) from 81.9 million yuan (US$12.1 million) as research and development spending reached 209 million yuan (US$30.8 million) and sales and marketing costs rose to 83.7 million yuan (US$12.3 million).

SiliconFlow sells developer and enterprise application programming interface access priced per token across language and multimodal models.

Customers pay for model usage rather than renting raw graphics processing unit capacity. Public cloud services contributed 52.9% of 2025 revenue.

Chapter 18C allows specialist technology companies that do not meet Hong Kong’s usual profit or revenue tests to list if they satisfy requirements including research and development spending, investor backing, and, for pre-commercial companies, a path to commercialisation.

As of the end of March 2026, 14 companies had listed under the regime, raising a combined HK$28.4 billion (US$3.62 billion).

SiliconFlow has completed seven funding rounds from investors including Alibaba, Huawei, Meituan, and Zhipu AI, reaching a valuation of 7.7 billion yuan (US$1.14 billion) in its B+ round.

🔗 Source: Cailianshe