Zhaoxin

兆芯 / 上海兆芯集成电路股份有限公司

A Shanghai-based fabless semiconductor company designing x86-compatible general-purpose processors for Chinese domestic PCs, servers, and embedded systems.

Private company
Profile as of September 14, 2026
Not ranked: no published revenue or market capitalisation
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Zhaoxin is a strategically relevant domestic CPU designer offering x86-compatible processors with a substantial local ecosystem. However, it remains unprofitable, highly concentrated in its suppliers and customers, and only indirectly exposed to AI spending.

Key figures

Revenue FY2024: RMB889.2 million
Revenue growth FY2024: 60.18%
Operating margin FY2024: Not disclosed
Net income FY2024: Negative RMB951.4 million
R&D spend FY2024: RMB813.1 million (91.44% of revenue)
Capital expenditure FY2024: Not disclosed
Cumulative processor shipments FY2022-FY2024: About 6 million units
Granted patents As of Dec 31, 2024: 1,434
Ecosystem partners As of 2025 IPO filing: More than 3,000
Top five customer revenue share FY2024: 96.04%

Overview

Zhaoxin is a Shanghai-based fabless processor designer focused on x86-compatible general-purpose CPUs and associated platform chips. Founded in 2013 as a joint venture involving Shanghai Alliance Investment and VIA Technologies, it develops desktop and embedded processors under the Kaixian brand and server processors under the Kaisheng brand.

The company converted into a joint-stock company in April 2023 and applied for an IPO on the Shanghai Stock Exchange STAR Market in June 2025. It supplies CPUs, supporting chipsets, processor interconnect technology, and memory-controller IP. Its current commercial products include the KX-6000 and KX-7000 desktop families, alongside the KH-40000 server CPU family.

The AI angle

Zhaoxin's AI relevance is indirect and limited today. The company does not report sales of AI accelerators, GPUs, high-bandwidth memory, advanced packaging services, or cloud infrastructure. Instead, AI demand reaches it through general-purpose CPU demand in domestic servers, workstations, edge devices, and government computing deployments.

Its CPUs serve as host processors for domestic server systems and edge endpoints. While the company does not disclose an AI-attributable revenue share, it states that it has research reserves in artificial neural networks, deep learning, machine learning, and hardware accelerators. Its upcoming KH-50000 server processor is in development with chiplet packaging, DDR5, and PCIe 5.0 support, which are foundational for modern AI server architectures.

Technology and moat

Zhaoxin's differentiator is not process-node leadership, but the combination of x86 compatibility, internally developed processor microarchitecture, and extensive local operating-system qualification. The company controls source code across its general-purpose processor designs and can independently extend its instruction set.

It has completed five self-developed microarchitecture generations. Its flagship KX-7000 desktop processor reaches a maximum 3.7 GHz clock frequency. The most difficult capability for a competitor to reproduce is Zhaoxin's accumulated x86-compatible system ecosystem. The company reports more than 200,000 completed hardware and software adaptation projects, ensuring compatibility with domestic operating systems like UOS, Kylin, and openEuler, as well as Windows and Ubuntu.

Five-pillar assessment

Scale and market position: A niche domestic CPU designer with about 6 million cumulative shipments over three years, heavily reliant on Chinese procurement markets.
Technology and R&D: Controls an x86-compatible CPU design stack with five microarchitecture generations, but lags global incumbents in process node and AI acceleration.
Supply-chain centrality: Embedded in China's domestic IT ecosystem with over 3,000 partners, but highly concentrated in a few key suppliers and customers.
Financial momentum: Strong revenue growth driven by domestic substitution, offset by widening net losses and extremely high R&D intensity.
Governance and quality: State-influenced with improving visibility through its active STAR Market IPO application and audited financial reporting.

Supply chain and relationships

Zhaoxin operates a fabless model, depending entirely on external wafer fabrication, assembly, test, EDA tools, and third-party IP. Its supply chain is highly concentrated, with its top five suppliers accounting for 93.93% of purchases in 2024. Related-party purchasing, including integrated-GPU IP from its associate Glenfly, accounted for 87.67% of purchases.

On the customer side, Zhaoxin supplies Chinese desktop PC and server makers. Disclosed customers include Lenovo, iSoftStone Computer, Tsinghua Unigroup, Centerm, CVTE, Great Wall, Haier, and Baode. Customer concentration is extreme, with the top five customers generating 96.04% of FY2024 revenue.

Customers

LenovoIntroduced desktop systems using Zhaoxin CPUs
iSoftStone ComputerIntroduced desktop systems using Zhaoxin CPUs
Tsinghua UnigroupIntroduced systems using Zhaoxin CPUs
CentermIntroduced desktop systems using Zhaoxin CPUs
CVTEIntroduced desktop systems using Zhaoxin CPUs
Great WallIntroduced systems using Zhaoxin CPUs
HaierIntroduced systems using Zhaoxin CPUs
BaodeIntroduced server or computer systems using Zhaoxin CPUs

Suppliers

GlenflyIntegrated-GPU IP licensing and related services

Partners

UnionTech Software TechnologyUOS operating system adaptation
KylinsoftKylin operating system adaptation
China Standard SoftwareOperating system adaptation

Competitors

Loongson TechnologyInferredDomestic general-purpose processor competitor
Hygon Information TechnologyInferredDomestic server CPU competitor
IntelInferredInternational x86-compatible CPU competitor
AMDInferredInternational x86-compatible CPU competitor

Geopolitics and risk

Zhaoxin's operations, customers, and government-policy relevance are heavily concentrated in Mainland China. Its positioning depends materially on China's information-technology localization and secure-computing demand, which can fluctuate with procurement rules and budget cycles.

Because it relies on external semiconductor manufacturing, assembly, and EDA tools, Zhaoxin is highly exposed to U.S. export controls. Access to restricted foreign-origin technology remains a material operating risk. Domestically, it faces intense competition from other Chinese CPU designers like Loongson, Hygon, Phytium, and Huawei Kunpeng for the same policy-driven deployments.

Risk matrix
Risk	Severity	Why it matters
Export-control exposure	High	Depends on external semiconductor manufacturing, EDA, and IP.
Supplier concentration	High	Top five suppliers represented 93.93% of FY2024 purchases.
Related-party procurement	High	Related-party purchases represented 87.67% of FY2024 procurement.
Customer concentration	High	Top five customers generated 96.04% of FY2024 revenue.
Domestic-policy dependence	High	Positioning depends materially on China's IT localization and secure-computing demand.
Technology-node and yield risk	High	Lower yields can reduce margins and delay cost competitiveness.
Domestic CPU competition	High	Competes with Loongson, Hygon, Phytium, and Huawei for policy-driven deployments.
Geographic concentration	High	Operations, customers, and suppliers are heavily concentrated in Mainland China.

Governance and ownership

Zhaoxin is state-influenced rather than wholly state-owned. Its founding included Shanghai Alliance Investment, an investment platform associated with the Shanghai municipal state-capital system.

The company's corporate governance posture is currently shaped by the STAR Market IPO process, which requires audited financial reporting and internal controls. The IPO sponsor letter confirms the company received an unqualified audit opinion and that its management and control have remained stable. Ye Jun serves as chairman and legal representative.

What to watch

Whether the STAR Market IPO review advances from inquiry to listing approval.
Whether FY2025 audited revenue of RMB1.111 billion and net loss of RMB1.028 billion are confirmed.
Whether KX-7000 unit shipments expand beyond policy-led desktop procurement.
Whether KH-40000 wins disclosed server deployments and KH-50000 reaches tape-out.
Whether Zhaoxin reduces supplier concentration below the FY2024 level of 93.93%.
Whether gross margin improves as the company addresses product yields and pricing pressure.

Recent developments

March 6, 2026Media reported an updated prospectus with FY2025 revenue of RMB1.111 billion and a net loss of RMB1.028 billion.
July 9, 2025The Shanghai Stock Exchange's IPO process moved into an inquiry stage.
June 17, 2025The Shanghai Stock Exchange accepted Zhaoxin's STAR Market IPO application seeking RMB4.169 billion.
June 17, 2025Disclosed development work on a next-generation KH-50000 server processor using chiplet packaging.

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About this profile

Compiled with AI-assisted research from company filings, market data, and published reporting as of September 14, 2026, then reviewed by AsiaAI.FYI. Figures marked Estimate are not company-reported. Check primary filings before relying on any number.

Confidence: B. The profile relies primarily on a company IPO sponsor letter containing audited FY2022 through FY2024 financial data, supplemented by exchange records and press reporting.

Main sources: Shanghai Stock Exchange IPO records; IPO sponsor letter; Audited financial summaries; Company website disclosures; Semiconductor-industry press.

All 25 sources

Position in the AI stack

Provides host CPUs for domestic Chinese servers, workstations, and edge devices, though it lacks dedicated AI accelerators.

Legal name: Shanghai Zhaoxin Semiconductor Co., Ltd.
Formerly: Shanghai Zhaoxin Integrated Circuit Co., Ltd. 上海兆芯集成电路有限公司
Headquarters: Shanghai, China
Founded: 2013
Founders: Shanghai Alliance Investment Ltd. / 上海联和投资
VIA Technologies / 威盛电子
Leadership: Ye Jun / 叶峻, Chairman and Legal Representative
Ownership: Private company
Business: Fabless x86-compatible general-purpose CPUs
Sector: Chip Design
Website: zhaoxin.com