Physix Frontier
Hygon
Funding History
- IPOUSD 10.8B — IPO price: ¥36.00; Market cap at listing: exceeded RMB 150B on the first day of trading; Shares issued: — (Single account subscription limit 42,000 shares, maximum subscription requires holding market value of RMB 420k); Lock-up period: Controlling shareholders and core investors locked up for 36 months (STAR Market standard) | Source: Prospectus/Exchange disclosure
- Series B RoundUndisclosed — Amount: Undisclosed; Led by: Lead investor undisclosed | In September 2020, the company restructured into a joint-stock limited company, with Series B/C rounds progressing concurrently with the restructuring. During this phase, the company focused on market promotion, collaborating with ecosystem partners to provide solutions for key clients in finance, telecom operators, government, transportation, and energy. | Source: Prospectus + Public reports
- Series C RoundUndisclosed — Amount: Undisclosed; Led by: Lead investor undisclosed | Final round before IPO. Signed an IPO tutoring agreement with CITIC Securities on Jan 13, 2021, only months apart. | Source: Prospectus + Public reports
- Series A++ RoundUndisclosed — Amount: Undisclosed; Led by: Haihe Industrial Fund | Tianjin local industrial fund increased stakes. Hygon's registered address is in Tianjin, and Haihe Industrial Fund is an industrial investment fund led by the Tianjin municipal government. As of 2025, this entity still holds approx. 0.73% of shares. | Source: Prospectus + Public reports
- Series A RoundUndisclosed — Amount: Undisclosed; Led by: Lead investor undisclosed | Hygon CPU officially launched in Q2 of the same year, with Series A progressing in sync with product commercialization. Investors were centered on Chengdu state-owned capital platforms (Chengdu Industrial Group, Chengdu High-Tech Investment Group), along with industrial partner Changhong Electric and CAS-affiliated Guoke Investment. The deep involvement of Chengdu state-owned capital explains why Hygon subsequently established multiple subsidiaries in Chengdu. | Source: Prospectus + Public reports