OSChina's joint-stock reform moves it closer to a STAR Market listing
What's the deal? OSChina, the company behind GiteeDealroom has a profile for this one. Try Dealroom → — which it calls the world's second-largest developer platform — has completed a joint-stock reform, a corporate restructuring step that moves it closer to listing on Shanghai's STAR Market. If successful, it would become China's first open-source AI company to go public.
The company has raised nearly ¥2B across six funding rounds from backers including the China Internet Investment FundDealroom has a profile for this one. Try Dealroom →, China MobileDealroom has a profile for this one. Try Dealroom →, HuaweiDealroom has a profile for this one. Try Dealroom →, Baidu, and LenovoDealroom has a profile for this one. Try Dealroom →. It reported 120% revenue growth in 2025 and said it has turned profitable, with net income in the tens of millions of yuan.
OSChina operates two core platforms. Gitee handles enterprise code collaboration and DevOps. MoArk AI, launched in 2023, offers model hosting, fine-tuning, and deployment services, supporting open-source models like DeepSeek and Qwen.
Why now? China is pushing hard to build a sovereign AI stack — domestic models running on domestic chips. OSChina's chairman Ma Yue has framed the company's strategy around what he calls "Chinese Tokens": Chinese models, Chinese chips, and Chinese green energy.
MoArk's deployment tools already support chips from Huawei Ascend, Sugon, TianShu ZhiXin, and MuXi. That positions OSChina as a connector between China's growing roster of homegrown AI models and its domestic hardware ecosystem — a role with increasing strategic value as US export controls tighten.
What could go wrong? STAR Market listings face rigorous regulatory scrutiny, and there's no guarantee OSChina will secure approval. The company's profitability is still modest — tens of millions of yuan — and it operates in a crowded space where Huawei, Alibaba, and Baidu all have competing platforms.
Its claim of serving 20 million developers and 420,000 enterprise clients is impressive, but customer renewal rates above 80% also mean nearly one in five clients leave each year.
The signal: OSChina's investor roster — spanning state-backed vehicles like the China Internet Investment Fund alongside corporate strategics such as Huawei, Baidu, Lenovo, and China Mobile — illustrates how China's sovereign AI infrastructure push is being co-financed by the government and the country's largest tech incumbents alike. A successful STAR Market debut would test whether open-source AI middleware, rather than foundation models alone, can command public-market valuations in China's maturing AI ecosystem.
Read more: noah-news.com
