Core Viewpoint - Wall Street technology company Biran Technology made its debut on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moer Thread and Muxi Technology [2] Company Overview - Biran Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his ability to gather talent and capital, positioning himself as a strategic leader in the industry [2][3] - The company aims to compete with industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [2] Investment and Financing - Biran Technology has attracted over 3 billion CNY in investments from venture capital firms, with significant early investments from Qiming Venture Partners and IDG Capital [4][5] - The first round of financing was completed in December 2019, with Qiming Venture Partners investing 15 million USD at a pre-money valuation of 110 million USD [4] - By mid-2020, Biran Technology had completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-money valuation soaring to 6.06 billion CNY [7] Strategic Partnerships - Gree Group played a crucial role in Biran Technology's development by investing 140 million CNY and facilitating project implementation and team building [8] - Other notable investors include Country Garden, which invested 350 million CNY, and various top-tier investment firms such as Hillhouse Capital and Songhe Capital [9][10] Financial Performance - Biran Technology's revenue has shown steady growth, with figures of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, although it still lags behind competitors Moer Thread and Muxi Technology [11] - The company has completed a total of 18.8 billion CNY in financing from 2021 to 2024, compared to 9.17 billion CNY and 3.95 billion CNY raised by its competitors during the same period [11] Market Position and Challenges - Despite its growth, Biran Technology faces significant challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Biran Technology and its competitors [15] - The company aims to leverage its IPO funds to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [16]

来源：融中财经 "让世界更美好"，与硬科技共赴未来 作者 | 李冰之 编辑 | 吾人 来源 | 融中财经 2026年1月2日，新岁启封，港股迎来了开年首支重磅新股。 壁仞科技（06082.HK）正式登陆港交所，开盘涨超110%，最高报42.88港元/股，总市值约990亿港元。 壁仞科技不仅成为了"港股GPU第一股"，也是港股18C规则落地以来发行规模最大的新股。 此次IPO，壁仞科技每股发售价19.6港元，全球发售约2.48亿股H股，23家中外头部资管机构、险资组成 的基石投资者阵营，以3.725亿美元认购占比约64%的募资额度，用真金白银为这场跨越六年的硬科技 创业故事投下了信任票。 诞生于2019年9月的壁仞科技，是"国产GPU四小龙"中成立最早的企业。自成立以来，壁仞科技始终坚 持原创核心架构，首创Chiplet大算力芯片，构建起软硬件协同的技术体系，专注为AI数据中心、电信、 能源等关键行业提供高性能通用计算解决方案。 截至2025年底，壁仞科技在全球多个国家和地区累计申请专利1500余项，位列中国通用GPU公司第一， 获得专利授权600余项，处于GPU行业前列；发明专利授权率达100%，位列国内企业 ...

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong Stock Exchange on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110% during trading, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public in a month after Moore Threads and Muxi Technology [1][25][27]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, the former president of SenseTime, who is recognized for his strategic vision and ability to attract talent and capital [3][27]. - The company aims to challenge industry giants like NVIDIA, despite initial skepticism from investors regarding its ambitious goals [5][29]. Investment and Financing - Over 300 billion CNY has been invested in the three leading domestic GPU companies, including Wallen Technology, since their inception around 2020, marking a significant milestone in China's chip entrepreneurship [27]. - Wallen Technology completed its first round of financing in December 2019, raising 15 million USD from Qiming Venture Partners, followed by additional funding rounds that significantly increased its valuation [30][31]. - By mid-2020, Wallen Technology had raised approximately 2.9 billion CNY across four financing rounds, with a pre-IPO valuation soaring to 6.06 billion CNY [33][41]. Financial Performance - The company reported revenues of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, indicating steady growth but trailing behind competitors Moore Threads and Muxi Technology [15][39]. - Wallen Technology's pre-IPO valuation reached 6.06 billion CNY, significantly higher than its competitors, which has led to a slowdown in subsequent financing efforts [41]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces substantial challenges from NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of Wallen Technology and its competitors [23]. - The company aims to leverage the funds raised from its IPO to attract top talent and potentially pursue mergers and acquisitions to enhance its competitive position in the market [24].

Core Viewpoint - Wallen Technology, a leading GPU company in Shanghai, has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock and the first new stock listed in the Hong Kong market in 2026 [2] Group 1: Company Overview - Wallen Technology's IPO price was HKD 19.60 (approximately RMB 17.60), with an opening price surge of 82.14% to HKD 35.70 (approximately RMB 32.05), resulting in a market capitalization of HKD 855.42 billion (approximately RMB 768 billion) [2] - As of 9:35 AM, the stock price reached HKD 41.80 (approximately RMB 37.52), with a latest market capitalization of HKD 1002 billion (approximately RMB 899 billion) [2] - Founded in 2019, Wallen Technology reported revenue of RMB 49.9 million in 2022, projected to grow to RMB 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [3][5] Group 2: Technological Achievements - Wallen Technology is the first Chinese company to adopt 2.5D chiplet technology for dual AI computing bare chips and has achieved significant technical milestones in the domestic AI chip sector [5] - The company has a high R&D ratio, with 83% of its workforce in R&D and over 70% of its expenses allocated to R&D, ranking first in China for the number of invention patent applications in the GPGPU sector [8][9] - Wallen Technology has applied for over 1500 patents globally, with a 100% authorization rate for invention patents, establishing a strong patent wall for long-term development [9] Group 3: Product Development and Innovation - The company has developed a self-researched GPGPU architecture that integrates innovations to enhance performance and efficiency, with plans for next-generation chips supporting FP8 and FP4 precision [15][16] - Wallen Technology's GPGPU architecture features advanced designs such as dual chiplets, tensor core architecture, and near-memory computing, significantly improving AI computation efficiency and energy consumption [18][19] - The company has successfully commercialized high-performance OAM and general-purpose boards, being one of the first in China to do so [22] Group 4: Market Position and Strategy - Wallen Technology aims to provide comprehensive solutions for large-scale intelligent computing clusters, integrating its hardware and software with third-party infrastructure [27] - The company has established partnerships with major telecom operators and has served nine Fortune China 500 companies, including five from the Fortune Global 500 [32] - Wallen Technology's software platform, BIRENSUPA, is designed to lower migration costs and enhance ecosystem development, supporting various AI models and facilitating collaboration with top universities [31]

上证报中国证券网讯（记者 刘逸鹏）1月2日，壁仞科技登陆港交所，上市首日一度涨超118%。截至10时25分,该股涨幅回落至86.43%，报36.54港元/股。 | 分时 | 五日 | 日K | 周K 月K | | 曲名, | | --- | --- | --- | --- | --- | --- | | 均价:37.371 最新:36.540 16.940 86.43% | | | | | | | 42.880 | | | | 118.78% 卖10 36.720 | | | | | | | 室d | 36.700 | | | | | | 卖8 卖7 | 36.680 36.660 . | | | | | | 卖6 | 36.640 | | | | | | 卖5 | 36.620 | | 19.600- | | | | ミイ | 36.600 2 | | | | | | 출3 | 36.580 | | | | | | 室2 | 36.560 | | | | | | 卖1 | 36.540 | | | | | | 元 | 36.520 | | | | | | 买2 | 36.500 | | | | | | ਜ਼ ...

Group 1 - The core viewpoint of the article highlights the successful IPO of Wallan Technology (06082.HK), which is recognized as the first GPU stock in Hong Kong, with its share price rising significantly from the issue price of HKD 19.6 to a peak of HKD 42.88, representing an increase of over 118% [2] - Wallan Technology raised approximately HKD 5.375 billion through the global issuance of about 285 million H-shares, with the funds primarily allocated for R&D of intelligent computing solutions, commercialization, working capital, and general corporate purposes [2] - Despite continuous revenue growth over the past three years, Wallan Technology has reported significant losses, with cumulative losses reaching HKD 4.75 billion from 2022 to 2024 [2][3] Group 2 - The company's R&D expenditure has been notably high relative to its annual revenue, totaling HKD 2.73 billion from 2022 to 2024, with R&D spending accounting for 245.5% of annual revenue in 2024 [3] - Wallan Technology's market share in the Chinese intelligent computing chip market is currently low, at 0.16% for 2024, and 0.2% in the general GPU market, with expectations to reach 0.19% in the intelligent computing chip market by 2025 [3] - The Chinese intelligent computing chip market is highly concentrated, with Nvidia and Huawei HiSilicon commanding 94.4% of the market share, while the remaining market is fragmented, providing opportunities for growth for other participants [3]

Core Viewpoint - Wallen Technology (06082.HK), known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2026, with a significant opening price increase of 82.14% from its issue price, reflecting strong market interest in AI chip manufacturers [3]. Group 1: Company Overview - Wallen Technology is one of the leading AI chip manufacturers in China, raising approximately HKD 5.375 billion through the global issuance of about 285 million H-shares, which will be used for R&D and commercialization of intelligent computing solutions, as well as general corporate purposes [3]. - The company has experienced continuous revenue growth over the past three years, with revenues of CNY 499,000, CNY 62.03 million, and CNY 337 million from 2022 to 2024, but has also incurred significant losses of CNY 14.74 billion, CNY 17.44 billion, and CNY 15.38 billion during the same period, totaling CNY 47.5 billion in cumulative losses [3][4]. Group 2: Financial Performance - Wallen Technology's R&D expenditures have been notably high relative to its annual revenue, totaling CNY 2.73 billion from 2022 to 2024, with R&D spending accounting for 245.5% of annual revenue in 2024 [4]. - In the first half of 2025, the company reported revenue of CNY 58.903 million and a loss of CNY 1.6 billion [3]. Group 3: Market Position - The market share of Wallen Technology and other domestic GPU manufacturers remains low compared to overseas giants, with NVIDIA and Huawei HiSilicon commanding 94.4% of the Chinese smart computing chip market by revenue in 2024 [5]. - Wallen Technology holds a market share of 0.16% in the Chinese smart computing chip market and 0.2% in the general GPU market for 2024, with expectations to reach 0.19% in the smart computing chip market by 2025 [5]. - The Chinese smart computing chip market is expected to see an increase in domestic market share from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Wallen Technology and its competitors [5].

Group 1 - Wallan Technology (06082.HK) has officially listed on the Hong Kong Stock Exchange, becoming the first general-purpose AI chip company to go public in 2025, with an opening price increase of over 100% and a market capitalization exceeding HKD 94 billion [1] - Founded in 2019 by a team of former AMD and NVIDIA chip architects, Wallan Technology has launched several high-performance GPUs, including BR100, BR104, BR106, and BR166, and has become a key player in China's AI infrastructure [1] - The investment from Shanghai State-owned Capital, which holds a 3.7853% stake in Wallan through Shanghai Lingang Economic Development Group, signifies a strategic move in the AI computing power sector [2] Group 2 - The Shanghai Guotou Pioneer AI Industry Fund made a direct investment in Wallan Technology, marking its first direct investment project, which breaks from the traditional indirect investment model [3] - This investment not only provides financial support but also enhances Wallan's capabilities in technology development, industry connections, and ecosystem collaboration [4] - Wallan's R&D expenses reached CNY 572 million in the first half of 2025, accounting for 79.1% of total operating expenses, highlighting the ongoing need for funding in its expansion and development efforts [4] Group 3 - The collaboration between Wallan Technology and Shanghai State-owned Capital has opened pathways for market entry, customer integration, and supply chain collaboration, enhancing the company's market recognition and stability [5] - Wallan's success is part of a broader ecosystem in Shanghai, which includes multiple GPU and computing power chip companies, forming a dense entrepreneurial matrix [8] - Shanghai has emerged as a capital hub for the domestic GPU sector, with leading companies collectively raising over CNY 20 billion, indicating strong investor interest and confidence in the industry [9] Group 4 - The Shanghai government has set ambitious goals for the AI computing cloud industry, aiming for a scale of CNY 200 billion by 2027, with a focus on building large-scale computing clusters and a unified scheduling platform [12] - Wallan's IPO is seen as a significant milestone for the domestic computing power ecosystem, marking the beginning of a new phase in the development of China's AI infrastructure [12] - The strategic investment and support from Shanghai State-owned Capital are crucial for fostering a sustainable and competitive environment for hard-tech companies like Wallan Technology [11]

Group 1 - Wallan Technology, known as the "first GPU stock in Hong Kong," was listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first new stock to be listed in the Hong Kong market for 2026 [1] - The latest data shows that Wallan Technology's stock price surged nearly 120% at one point after opening, with a total market capitalization exceeding HKD 100 billion. As of the report, the stock price increased by 93.78%, reaching HKD 37.98 per share, with a market capitalization of HKD 87.7 billion [1][2] - Wallan Technology's global offering included approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering. The final offer price was HKD 19.6 per share, raising a net amount of approximately HKD 5.375 billion. The public offering was oversubscribed by 2,347.53 times, while the international offering was oversubscribed by 25.95 times [2] Group 2 - Wallan Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing the necessary computational power for artificial intelligence (AI). The company's solutions support a wide range of AI model training and inference applications from cloud to edge through its proprietary BIRENSUPA software platform [3]

Core Viewpoint - Wallen Technology has successfully listed on the Hong Kong Stock Exchange, experiencing a significant increase in share price on its debut day, indicating strong market interest and demand for its offerings [1]. Company Overview - Wallen Technology is a domestic provider of general intelligent computing solutions, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [1]. Market Performance - The opening share price was HKD 35.7, representing an 82.14% increase from the issue price of HKD 19.6 [1]. - As of the report, Wallen Technology's share price rose over 88.88% to HKD 34.02, with a market capitalization exceeding HKD 88 billion [1]. Subscription Demand - The public offering phase saw a subscription rate of 2,347.53 times, while the international placement phase had a subscription rate of 25.95 times, reflecting high investor interest [1].