Where to Begin
On August 6, the China Securities Regulatory Commission (CSRC) website revealed that Shanghai Turing Quantum Computing Technology Co., Ltd. has signed a sponsorship agreement with Guotai Haitian Securities, officially initiating its A-share IPO guidance process.
According to the guidance filing report, the company registered for IPO guidance with the Shanghai Securities Regulatory Bureau on August 5, 2026, intending to issue shares and list on the stock market for the first time.
Turing Quantum was established on February 19, 2021, and is registered in the Shanghai Free Trade Pilot Zone. The company's founder, Jin Xianmin, is a Distinguished Professor at Shanghai Jiao Tong University and a Changjiang Scholar. He was a student of Academician Pan Jianwei and, after earning his PhD, conducted postdoctoral research at the University of Oxford's Physics Department, receiving the EU's "Marie Curie Scholar" honor. He returned to China in 2014 to establish the Photon Integration and Quantum Information Laboratory at Shanghai Jiao Tong University. The company's technology originates from the Integrated Quantum Information Technology Research Center at Shanghai Jiao Tong University.
Why Focus on Photonic Quantum Computing?
In terms of its technical approach, Turing Quantum concentrates on the R&D and industrialization of photonic quantum chips and photonic quantum computers. The company has built a full-stack technology system covering photonic quantum chip design, complete system integration, quantum algorithm development, and quantum-classical hybrid computing clusters. In chip manufacturing, the company has achieved the independent preparation of wafer-level thin-film lithium niobate photonic chips. In June 2025, Turing Quantum, in collaboration with the Shanghai Jiao Tong University Wuxi Photonic Chip Research Institute, completed the entire pilot production line for the country's first photonic chip line.
Product Portfolio and Market Position
On the product front, Turing Quantum has launched the TuringQ Gen1, a commercial research-grade dedicated photonic quantum computer, and the TuringQ Gen2, a large-scale hybrid integrated photonic quantum computing system. The TuringQ Gen2 boasts the capability for 56-photon coherent manipulation and solving problems with over 100,000 variables, and it supports data center room-temperature deployment. In July of this year, during the 2026 World AI Conference, the company also released the QAgent, an industry-level quantum-classical hybrid agent platform.
Funding and Financial Milestones
Regarding financing, public information shows that Turing Quantum has completed multiple funding rounds since its inception, with total accumulated funding exceeding 1 billion yuan. In the first half of 2026, the company closed two consecutive funding rounds totaling nearly 1 billion yuan, earning it a valuation of over 7 billion yuan. The latest round in April was co-led by the National Venture Capital Guidance Fund's Yangtze River Delta Fund and the Pudong New Area State-owned Assets, marking the fund's first direct investment in the quantum technology sector since its establishment in December 2025. In terms of commercialization, according to public reports, Turing Quantum's order value exceeded 100 million yuan in 2025, with an annual revenue compound growth rate of 200%. The company has delivered multiple complete photonic quantum computer systems to universities, research institutes, and other customers. Its business covers three major segments: quantum computing, optical connectivity, and quantum security.
IPO Landscape and Industry Context
This IPO guidance initiation makes Turing Quantum the latest quantum computing company to enter the IPO preparation phase, following Origin Quantum and Bose Quantum. Origin Quantum completed its IPO guidance filing in September 2025, and Bose Quantum filed for guidance registration with the Beijing Securities Regulatory Bureau on July 6, 2026. The guidance filing report shows that Turing Quantum has a registered capital of 1,923,600 yuan, with Jin Xianmin as the legal representative. Its controlling shareholder, Shanghai Siliang Quantum Technology Co., Ltd., holds 34.10% of the shares. The company is classified under the computer, communication, and other electronic equipment manufacturing industry.
Quantum computing, designated as a key future industry in the "15th Five-Year Plan," has received significant policy and capital attention in recent years. Industry data shows that total financing in the domestic quantum sector in the first quarter of 2026 reached 3.204 billion yuan. In terms of technological maturity, photonic quantum computing is running neck-and-neck with Europe and the US at the research level, but there is still a gap in industrial implementation and resource investment. The general-purpose route is expected to take another 5 to 10 years to achieve engineering-scale application. The key question for the market will be whether Turing Quantum can successfully transition from engineering validation to large-scale commercial delivery during its IPO guidance period.
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