Beijing Silicon Flow Technology Co., Ltd. has officially submitted its application for listing on the Main Board, with Huatai International and Haitong International serving as joint sponsors. Founded in August 2023, the company, as an AI infrastructure service provider, was established by Dr. Yuan Jinhui, who previously founded OneFlow. In June 2026, it acquired the intellectual property portfolio of OneFlow and subsequently transformed into a joint-stock company. Silicon Flow Technology positions itself as an open and independent token supply platform, with business operations covering public cloud services and on-premises deployment solutions. In 2025, the company held a 1.5% share in China's domestic token supply market, ranking fourth overall and first among independent ecosystems. As of April 30, 2026, the platform had registered over 10 million users, with an average daily token throughput of 578.5 billion, supporting more than 170 models and serving over 13,000 enterprise clients. Financial data reveals net losses of RMB 12.223 million, RMB 81.915 million, and RMB 345 million for the periods from August to December 2023, 2024, and 2025, respectively, with a gross margin of -24.0% in 2025, primarily affected by soaring computational power leasing costs. The company has completed seven rounds of financing, with Alibaba as its largest institutional shareholder and broad participation from industrial capital. Post-listing, the company will need to enhance the efficiency of its computational power token output to demonstrate the sustainability of its business model.