Core Viewpoint - Wallen Technology (06082.HK) successfully listed on the Hong Kong Stock Exchange, marking the first IPO of 2026 in Hong Kong, with a strong response from investors, particularly retail investors [2][4] Group 1: IPO Details - The IPO attracted 471,000 subscriptions in the public offering segment, the highest for a new stock in the past year in the Hong Kong market [2] - This IPO is the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [2] - The net proceeds from the IPO will primarily fund R&D, with approximately 85% allocated for technological advancements and product iterations [2][14] Group 2: Product Development - The next-generation flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth [2] - Initial R&D for the BR30X and BR31X products has begun, with expected launches in 2028, indicating a continuous product pipeline for growth [2] Group 3: Business Model and Technology - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, providing essential computing power for AI applications [4][5] - The company integrates its proprietary BIRENSUPA software platform with GPGPU hardware to support a wide range of AI model training and inference applications [4][7] - The GPGPU architecture allows for high performance, energy efficiency, and flexibility, reducing the total cost of ownership for clients [8] Group 4: Market Position and Financials - The Chinese intelligent computing chip market is highly concentrated, with the top two players holding 94.4% market share as of 2024, presenting opportunities for growth for emerging players like Wallen Technology [13] - Revenue figures for Wallen Technology from 2022 to 2024 show a significant increase, with revenues of 0.5 million, 62 million, and 337 million RMB respectively [13][14] - The company has a strong focus on R&D, with total R&D expenditures of 1.018 billion, 886 million, and 827 million RMB for the years 2022, 2023, and 2024 respectively, representing a high percentage of total operating expenses [9]

Group 1 - The core viewpoint of the article highlights that the Hong Kong stock market debut of Biran Technology saw a significant increase of over 110% on its first day of trading [1] - The public offering phase received an overwhelming subscription rate of 2,347.53 times, indicating strong investor interest [1] - The international placement phase also experienced a robust subscription rate of 25.95 times, further reflecting the demand for the company's shares [1] Group 2 - Biran Technology is identified as a domestic provider of general intelligent computing solutions, focusing on self-developed GPU products under the Bili series [1] - The company aims to provide computing power infrastructure across various industries, positioning itself as a key player in the technology sector [1]

有"国产GPU四小龙"之称的壁仞科技(6082.HK)今日首日上市，盘初涨幅扩大至118.78%，报42.88港 元，市值突破1000亿港元。壁仞科技此次IPO每股定价19.60港元，公开发售获2347.53倍认购。 ...

每经AI快讯，1月2日，港股壁仞科技上市，股价盘中一度涨超118%，最高报42.88港元/股，截至发稿时 涨101%，报39.5港元/股。 ...

每经AI快讯，1月2日，港股壁仞科技上市首日涨幅扩大至超110%，现报41.48港元/股。 ...

来源：券商中国 壁仞科技今日正式上市！ 2026年1月2日，"港股GPU第一股"壁仞科技在港交所挂牌上市，成为2026年港股市场首只上市新股。 最新数据显示，壁仞科技开盘上涨82%，若不计手续费，投资者中签一手（200股）可赚3220港元。 | 06082回= | | | | | --- | --- | --- | --- | | 06082 L2 ▼ | | | | | 35 700 今天 35.700 最高 35.700 最低 35.700 | | | | | 82.14% 16.100 换手 3.22% 总量 3727万股 余额 12.89亿 | | | | | 总值⊙ 855.4亿 市盈 -35.02 市净 -8.67 | | | 車客 | | 分时 五日 日K 周K 月K 更多,80 | | | | | 最新: 35.700 16.100 82.14% | | | | | 82 14% 室10 35.940 600 (1) 35,700 | | | | | 至日 | | | 35.920 5.4万 (6) | | 季8 | | | 35,900 6800(16) | | 27 | | | 35,88 ...

大型科技股中，阿里巴巴-W涨0.28%，腾讯控股涨0.25%，京东集团-SW涨0.63%，小米集团-W涨 0.25%，网易-S涨2.52%，美团-W平收，快手-W跌0.16%，哔哩哔哩-W涨1.4%。造车新势力普涨，理想 汽车、零跑汽车涨超1%；新股壁仞科技开盘大涨82%，市值达855亿港元。 离岸人民币兑美元升破6.97，最高升至6.9678，创2023年5月以来新高。美股在2025年最后一个交易日走 势向下，科技股走势拖低大市，三大指数均录得跌幅收市。美元低位靠稳，美国十年期债息回升至4.17 厘水平，金价急跌后有反弹，油价则有所回落。 1月2日，港股恒生指数开盘涨0.34%，报25717.42点，恒生科技指数涨0.58%，报5547.85点，国企指数 涨0.4%，报8949.76点，红筹指数涨0.56%，报4037.86点。 | 名称 | 最新价 | 涨跌幅√ | | --- | --- | --- | | 恒生科技指数 | 5547.85 | +0.58% | | 800700 | | | | 国企指数 | 8949.76 | +0.40% | | 800100 | | | | 恒生指数 | 2571 ...

每经AI快讯，1月2日，港股新股壁仞科技盘初快速拉升涨超100%，市值超940亿港元。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月2日，港股新股壁仞科技盘初快速拉升涨超100%，市值超940亿港元。 ...

Core Viewpoint - Wall Street's GPU leader, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking the first new stock listing in the Hong Kong market for the year, with an opening surge of 82% [1][4]. Group 1: Company Overview - Birun Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) applications [4]. - The company has developed its first-generation GPGPU architecture since 2019, successfully launching two chips, BR106 and BR110, and a higher-performance chip, BR166, which is twice as powerful as BR106 in various performance metrics [4][5]. Group 2: Financial Performance - For the years 2022 to 2024, Birun Technology's revenue is projected to be 50,000, 62.03 million, and 337 million respectively, with adjusted net losses of 1.038 billion, 1.051 billion, and 767 million [6]. - The company anticipates a significant increase in net losses for 2025, primarily due to rising R&D expenses and financial costs [6]. - The gross profit recorded for 2022, 2023, 2024, and the first half of 2025 was 49,900, 47.4 million, 179.2 million, and 18.8 million respectively, with corresponding gross margins of 100%, 76.4%, 53.2%, and 31.9% [7]. Group 3: Market Position and Orders - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of the projected 50.4 billion USD market size by 2025 [6]. - The company currently has 24 binding orders valued at approximately 822 million, along with framework sales agreements and contracts totaling 1.241 billion [6].