Core Viewpoint - The article discusses the rise of domestic chip companies in China, particularly focusing on Birun Technology's upcoming IPO in Hong Kong and the challenges it faces in a competitive market dominated by Nvidia [1][2][20]. Group 1: Company Overview - Birun Technology plans to raise over HKD 4.2 billion through its IPO on the Hong Kong Stock Exchange, aiming to become the "first GPU stock" in Hong Kong [2]. - The founder, Zhang Wen, has a diverse background, including a Harvard Law degree and experience in private equity, which he leverages to attract top talent from the industry [3][4]. - The company has raised over CNY 5 billion in funding within a year and a half, setting a record for domestic chip startups [4]. Group 2: Financial Performance - Birun has incurred losses exceeding CNY 6.3 billion over three and a half years, despite a significant revenue increase, with 2024 revenue reaching CNY 337 million, a fourfold increase from the previous year [9]. - R&D expenditures for the years 2022, 2023, and 2024 were CNY 1.018 billion, CNY 886 million, and CNY 827 million, respectively, with an additional CNY 572 million spent in the first half of 2025 [8]. - The gross margin dropped from approximately 70% in 2024 to 32% in the first half of 2025, indicating challenges in cost control and pricing power [10][11]. Group 3: Market Challenges - Birun faces significant competition from Nvidia, especially with the potential re-entry of Nvidia's H200 chip into the Chinese market, which poses a threat to domestic players [17]. - The current market environment in Hong Kong is characterized by a high influx of new listings, making investors more selective and cautious about new investments [15]. - The ongoing debate about the sustainability of the AI boom raises concerns about the long-term viability of capital investments in the chip sector [18][19]. Group 4: Strategic Positioning - Birun's strategy involves a dual focus on immediate product launches, such as the BR20X series, while also planning for long-term developments like the BR30X series [12]. - The company has established strategic partnerships with major telecom players like China Telecom and China Mobile, which provide a foundation for its market presence [20]. - Zhang Wen emphasizes the need for patience and resilience in navigating the challenges of the chip industry, highlighting that success is not solely defined by initial stock performance [21].

Group 1 - The robotics sector in the Hong Kong stock market has seen a collective surge, with notable increases in stock prices for several companies [1] - UBTECH Robotics experienced a rise of over 6%, while Fourth Paradigm and Sanhua Intelligent Control both increased by over 5% [1] - Other companies such as Yujing and MicroPort Robotics also saw gains, with Yujing rising nearly 5% and MicroPort Robotics increasing by over 2% [1] Group 2 - Yushutech announced the opening of its first offline store in collaboration with JD.com, set to launch on December 31 in Beijing [1] - The store will prominently feature several flagship products, including the Yushutech Go2 quadruped robot and the G1 humanoid robot [1] Group 3 - The stock performance data shows UBTECH with a current price of 127.000 and a year-to-date increase of 131.12% [2] - Fourth Paradigm's latest price is 43.820, with a year-to-date decline of 13.99% [2] - Sanhua Intelligent Control has a current price of 35.980 and a year-to-date increase of 60.64% [2]

Core Viewpoint - SenseTime-W (00020) has successfully completed the placement of shares as per the terms of the placement agreement, with all conditions met by December 29, 2025 [1] Group 1 - The placement agent has successfully placed a total of 1.75 billion shares at a price of HKD 1.80 per share to no less than six subscribers [1] - The shares placed represent approximately 4.60% of the issued B shares prior to the completion of the placement and about 4.52% of the total issued shares [1] - After the issuance of the placement shares, the enlarged issued B shares will represent approximately 4.40% and the total issued shares will represent about 4.33% [1]

Group 1 - The company SenseTime-W (00020) announced that all conditions of the placement agreement have been met, and the placement has been completed as of December 29, 2025 [1] - The placement agent successfully placed a total of 1.75 billion shares at a price of HKD 1.80 per share to no less than six subscribers, representing approximately 4.60% of the issued B shares and about 4.52% of the total issued shares prior to the placement [1] - After the issuance and distribution of the placement shares, the total issued B shares will represent approximately 4.40% and the existing total issued shares will represent about 4.33% [1]

Core Viewpoint - SenseTime-W (00020.HK) has successfully completed a placement agreement, raising approximately HKD 3.146 billion through the issuance of 1.75 billion shares at a price of HKD 1.80 per share [1] Group 1 - The placement involved the successful sale of a total of 1.75 billion shares to no fewer than six subscribers [1] - The shares represent approximately 4.60% of the issued B shares and about 4.52% of the total issued shares prior to the completion of the placement [1] - After the issuance of the placement shares, the B shares will represent approximately 4.40% and the total issued shares will represent about 4.33% [1] Group 2 - The net proceeds from the placement, after deducting commissions and other related costs, amount to approximately HKD 3.146 billion [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 商汤集团股份有限公司(於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年12月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 00020 | 說明 | B 類普通股 | | | | | | 多櫃檯證券代號 | 80020 | RMB 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 本公告不會直接或間接於或向美國派發。本公告並非在美國境內購買或認購證券的要約或招攬 或其組成部分。本公告所述的本公司股份並未且不會根據1933年美國證券法（經修訂）（「證券 法」）登記，且不得於美國境內提呈發售或出售，惟根據證券法登記者或獲豁免遵守證券法登記 規定者除外。本公告所述的本公司股份(i)僅可根據證券法第144A條項下的登記豁免向合資格機 構買家；及(ii)依據證券法S規例於美國境外以離岸交易方式提呈發售及出售。本公司股份將不 會於美國公開發售。 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：0020（港幣櫃台）及80020（人民幣櫃台）） 完成根據一般授權配售新B類股份 配售代理已根據配售協議的條款及條件，按每股配售股份1.80港元之配售價，向 不少於六名承配人成功配售合共1,750, ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for SenseTime Technology (00020) based on its technological advantages in generative AI, product innovation, and broad market prospects, with a 12-month target price of HKD 3.53 [1] Group 1: Generative AI Product Innovations - SenseTime has launched several new generative AI products, including the multi-episode generative agent Seko 2.0, office AI agent "Xiao Huan Xiong 3.0," and "Ru Ying" marketing agent, showcasing significant improvements in content generation and cost advantages [2] - The Seko 2.0 agent features a proprietary real-time video generation architecture, LightX2V, which can reduce the production cycle of animated series by 80% to 90%, indicating a strong commercial outlook as AI video generation costs decrease [2] - The "Xiao Huan Xiong 3.0" office AI agent can generate high-quality PPTs with one click and process large-scale data in seconds, capitalizing on the expected growth of the office software market to USD 17 billion by 2030 [3] Group 2: Market Potential and Financial Projections - Goldman Sachs predicts that the revenue contribution from generative AI will rise from 77% in the first half of 2025 to 91% by 2030, highlighting the strong growth potential of this segment for SenseTime [4] - The company is expected to achieve positive EBITDA of RMB 205 million by 2026, with projections of further growth to RMB 1.119 billion by 2027, indicating a turnaround in profitability [4]

Group 1 - Goldman Sachs maintains a "buy" rating for SenseTime, setting a 12-month target price of HKD 3.53, based on the company's technological advantages in generative AI, product innovation, and market potential [1] - Goldman Sachs predicts that the revenue contribution from generative AI will reach 91% by 2030, with an expected EBITDA of RMB 205 million turning positive by 2026 [1][4] Group 2 - SenseTime has launched several new generative AI products, including Seko 2.0, "Xiao Huan Xiong 3.0" office AI, and "Ru Ying" marketing AI, which enhance content generation capabilities and demonstrate significant cost advantages [2][3] - The Seko 2.0 product features a proprietary real-time video generation architecture, LightX2V, which can reduce production cycles for episodic content by 80%-90% compared to traditional methods [2] - The "Xiao Huan Xiong 3.0" office AI can generate high-quality PPTs and process large-scale data in seconds, with Goldman Sachs forecasting the office software market to reach USD 17 billion by 2030, driven by generative AI functionalities [3] - The "Ru Ying" marketing AI enhances operational efficiency in live e-commerce through a matrix of agents, automating backend processes and improving data analysis efficiency by six times [3] Group 3 - Goldman Sachs employs a two-stage DCF model and 2026 EV/Sales ratio to assess SenseTime's long-term growth potential, indicating a 73% upside from the current stock price [4] - By the first half of 2025, the revenue contribution from generative AI is expected to reach 77%, with a significant increase to 91% by 2030, highlighting the strong growth driver for SenseTime's future performance [4] - The EBITDA is projected to turn positive in 2026 at RMB 205 million, with further growth to RMB 1.119 billion by 2027 [4]