Chinese semiconductor startup Kiwimoore has reportedly filed confidentially for a Hong Kong initial public offering, targeting a valuation of around $2 billion as investor interest in China’s AI chip ecosystem continues to grow.

The Shanghai-based company is aiming to list in the first half of 2027 and has selected CITIC Securities and ABC International to lead the planned offering, according to people familiar with the matter.

Founded in 2021, Kiwimoore develops networking technologies that connect AI accelerators inside large computing clusters, an increasingly important part of modern data center infrastructure as artificial intelligence workloads become more demanding.

The company raised approximately 700 million yuan ($104 million) in a July funding round that valued it at around 8 billion yuan.

Kiwimoore’s expansion comes as China accelerates efforts to build a more self-sufficient AI semiconductor supply chain following U.S. restrictions on exports of advanced chips and related technologies. Domestic companies developing processors, networking hardware and data center infrastructure have increasingly benefited from this policy shift.

A successful Hong Kong listing would give Kiwimoore additional capital to scale its technology and compete in one of the fastest-growing areas of the AI infrastructure market.