第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 上海GPU"四小龙"背后，是已布局几十年的集成电路产业。在世界集成电路协会《全球集成电路产业综 合竞争力百强城市》最新排名中，上海位列全球第四、中国（大陆）第一。 | 排名 | 城市 | 国家/地区 | 洲别 | | --- | --- | --- | --- | | 1 | 圣克拉拉 | 美国 | 北美 | | 2 | 新竹 | 中国台湾 | 亚洲 | | ...

Core Insights - Shanghai has successfully listed another AI chip company, TianShu ZhiXin, on the Hong Kong Stock Exchange, following the listings of MuXi Co. and BiRan Technology, marking a significant milestone for the local GPU industry [1] - The integrated circuit industry in Shanghai is projected to achieve a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [1] - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of national industry talent and nearly 50% of innovation resources [1] Company Insights - TianShu ZhiXin is the first domestic company to independently develop general-purpose GPUs, having completed the entire process from core technology development to commercialization [1] - The R&D team at TianShu ZhiXin consists of 480 members, with an average of over 20 years of industry experience, and more than one-third of the team having over 10 years of experience in chip design and software development [2] Industry Insights - Shanghai ranks fourth globally and first in mainland China in the latest ranking of integrated circuit industry competitiveness by the World Semiconductor Association [2][3] - The integrated circuit industry in Shanghai has developed a comprehensive ecosystem that includes design, manufacturing, packaging, and testing, with a focus on nurturing leading enterprises in various segments [4] - The city has established a full industry chain system that supports chip design, manufacturing, and advanced packaging, with 35 companies listed on the Sci-Tech Innovation Board, leading the domestic market [5] - Shanghai aims to further enhance its integrated circuit industry by focusing on innovation breakthroughs, nurturing leading enterprises, and attracting high-level talent, with the goal of creating a world-class integrated circuit industry cluster [5]

浓冬时节，香港交易所内一声浑厚铜锣鸣响，铿锵悠远，响彻整个交易大厅。 1月2日，港交所新年首个交易日，上海壁仞科技股份有限公司(简称"壁仞科技")正式登陆资本市场，不仅一举摘得"港股GPU第一股"的桂冠，更以"开门 红"之势，成为2026年港股市场的首只上市新股。聚光灯下，身着深蓝色西装、搭配淡蓝色领带的壁仞科技创始人张文，与核心团队共同迎来了六年创业 征程中至关重要的里程碑时刻。 作为国产AI芯片代表企业，壁仞科技(股票代码：06082.HK)的上市之路始终牵动着市场目光。上市首日，其开盘即报35.7港元/股，较19.6港元的发行价大 涨82.14%，期间市值一举突破千亿港元；截至当日收盘，股价定格在34.46港元/股，涨幅达75.82%，总市值攀升超过800港元。 潜行六年，一朝蝶变。时间回溯至2019年9月，壁仞科技由前商汤科技总裁张文跨界创立。彼时，其精准洞察到AI时代潜藏的巨大算力缺口，随即集结英 伟达、AMD等全球顶尖芯片企业的技术菁英，组建起一支硬核研发团队。而其锚定的赛道，正是当下全球科技竞争的焦点、兼具极高战略价值的高性能 GPU(图形处理单元)领域。 从技术属性来看，GPU是一种专为并行计 ...

Group 1 - Jiang Investment Group's subsidiary, Jiang Investment Capital, successfully listed Shanghai Biran Technology Co., Ltd. on the Hong Kong Stock Exchange, marking it as the first direct investment project under the "research-driven investment" strategy and the first GPU stock in Hong Kong [1] - The IPO attracted over 470,000 subscriptions, making it the most sought-after new stock in the Hong Kong market over the past year and the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [1] - The funds raised will support the commercialization of Biran Technology's next-generation flagship chip BR20X in 2026, as well as the ongoing development of cloud training and inference product BR30X and edge inference product BR31X [1] Group 2 - The head of Jiang Investment Capital stated the commitment to deepen the "research-driven investment" core philosophy, increasing systematic investment in forward-looking industry research to enhance understanding in key technology areas [3] - The company aims to efficiently translate cutting-edge research results into investment decisions, continuously improving specialized investment and post-investment management capabilities to contribute to sustainable development [3]

中国经济网北京1月6日讯 壁仞科技（06082.HK）港股今日收报31.00港元，跌幅6.627%。壁仞科 技港股今日股价最低至30.10港元，创上市以来新低。 壁仞科技2026年1月2日在港交所上市。根据最终发售价及配发结果公告，壁仞科技本次发售股份 数目（超额配股权获行使前）为284,846,600股股份，其中，公开发售的发售股份最终数目（在重新分 配后）为49,538,600股股份，国际发售的发售股份最终数目（在重新分配及发售量调整权获悉数行使 后）为235,308,000股股份。壁仞科技于上市后已发行的股份数目（超额配股权获行使前）为 2,396,131,700股股份。 壁仞科技本次最终发售价为19.60港元，所得款项总额为5,583.0百万港元，扣除按最终发售价计算 的估计应付上市开支208.5百万港元后，所得款项净额为5,374.5百万港元。 壁仞科技本次发行的联席保荐人、保荐人兼整体协调人、联席全球协调人、联席账簿管理人及联席 牵头经办人为中国国际金融香港证券有限公司、中国平安资本（香港）有限公司、中银国际亚洲有限公 司，整体协调人、联席全球协调人、联席账簿管理人及联席牵头经办人为中信里昂证券有 ...

Core Viewpoint - The listing of domestic GPU companies, referred to as the "Four Little Dragons," marks a significant milestone in the capital market, with a dual market layout in A-shares and Hong Kong stocks, reflecting the growing interest and investment in the domestic GPU sector [1][2][6]. Group 1: Market Entry and Performance - Birran Technology (06082.HK) officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the "first GPU stock in Hong Kong," with an opening surge of over 110% [1]. - The "Four Little Dragons" include Moer Thread (688795.SH), Muxi Technology (688802.SH), and Suiruan Technology, which is preparing for its IPO on the Sci-Tech Innovation Board [1][2]. - Moer Thread's market debut on December 5, 2025, saw a maximum intraday increase of over 500%, with a market value exceeding 440 billion yuan [2]. - Muxi Technology followed on December 17, 2025, with an intraday peak increase of over 700%, achieving a record profit of nearly 400,000 yuan per single subscription [2]. Group 2: Capital Support and Financing - The successful listings of the "Four Little Dragons" are supported by substantial capital backing, with Moer Thread raising over 10 rounds of financing totaling in the hundreds of billions, backed by major players like Tencent and ByteDance [3]. - Muxi Technology has gathered over 100 investors and completed seven rounds of financing, amounting to tens of billions [3]. - Birran Technology completed 10 rounds of financing before its IPO, raising over 9 billion yuan [3]. - Suiruan Technology has also completed 12 rounds of financing, with notable investors including well-known institutions and industry groups [3]. Group 3: Financial Metrics and Market Position - The "Four Little Dragons" exhibit significant differentiation in market capitalization, profitability, revenue scale, and market share [4]. - Moer Thread and Muxi Technology have market values exceeding 200 billion yuan, while Birran Technology's market value is below 90 billion Hong Kong dollars [4]. - Revenue figures show that Muxi Technology achieved 743 million yuan in revenue for 2024, with projections for 2025 exceeding 3 billion yuan [5]. - Birran Technology's revenue for 2024 is projected at 337 million yuan, with a 49.9% year-on-year growth for the first half of 2025 [5]. - The "Four Little Dragons" face a common issue of reliance on major clients, with Birran Technology deriving 90.3% of its revenue from five major clients [5]. Group 4: Market Share and Competitive Landscape - The overall market share of the "Four Little Dragons" remains low, with Moer Thread and Muxi Technology holding approximately 1% market share, and Birran Technology at 0.16% [6]. - The Chinese smart computing chip market is predominantly led by Huawei and NVIDIA, which together hold 94.4% of the market share [6]. - In the high-end GPGPU market, the "Four Little Dragons" have shown competitive strength, with Birran Technology capturing 5%-10% of the market share [6]. - Bernstein predicts that by 2028, the supply of domestic AI chips will exceed demand, potentially increasing the market share of domestic GPU companies [6].

除本公告另有界定者外，本公告所用詞彙與上海壁仞科技股份有限公司（「本公司」）日期為2025 年12月22日（星期一）的招股章程（「招股章程」）所界定者具有相同涵義。 香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本公告不會直接或間接於或向美國（包括美國的領土及屬地、美國任何州以及哥倫比亞特區）發 佈、刊發、派發。本公告並不構成或組成在香港、美國或其他地方購買或認購證券的任何要約 或招攬的一部分。發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券法」） 登記。發售股份不得在美國提呈發售或出售，惟根據美國證券法的登記規定獲豁免者除外。發 售股份將不會於美國公開發售。發售股份根據美國證券法S規例以離岸交易方式在美國境外提 呈發售及出售。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招股章程。潛在 投資者於決定是否投資所提呈發售的H股前，應細閱招股章程內有關下文所 ...

Core Insights - Wall Street's first GPU stock, Birun Technology, listed on the Hong Kong Stock Exchange on January 2, opening at HKD 35.7 per share, an increase of 82.14% from the issue price of HKD 19.6, and reaching a peak of HKD 42.88, with a market capitalization exceeding HKD 90 billion [2] Company Overview - Birun Technology is a major AI chip manufacturer in China, raising approximately HKD 5.375 billion from the global offering of about 285 million H-shares, with funds allocated for R&D of intelligent computing solutions, commercialization, working capital, and general corporate purposes [4] - Despite continuous revenue growth over the past three years, Birun Technology remains in a loss position, with revenues of CNY 499,000, CNY 62.03 million, and CNY 337 million from 2022 to 2024, and corresponding losses of CNY 1.474 billion, CNY 1.744 billion, and CNY 1.538 billion, totaling CNY 4.75 billion in cumulative losses [4] - In the first half of 2025, the company reported revenue of CNY 58.903 million and a loss of CNY 1.6 billion [4] R&D Expenditure - The company's R&D spending has been significantly high relative to its annual revenue, totaling CNY 2.73 billion from 2022 to 2024, with R&D expenditure accounting for 245.5% of annual revenue in 2024 [4] Market Position - The market share of domestic GPU manufacturers, including Birun Technology, remains low compared to overseas giants, with Nvidia and Huawei HiSilicon commanding 94.4% of the Chinese intelligent computing chip market by revenue in 2024 [5] - Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.2% in the general GPU market for 2024, with expectations to reach 0.19% in the intelligent computing chip market by 2025 [5] - The Chinese intelligent computing chip market is expected to see its share from domestic companies rise from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Birun Technology and other players [5]

Core Viewpoint - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first GPU stock in Hong Kong and the largest IPO since the implementation of the Chapter 18C rules [1][6]. Group 1: Company Overview - Wallan Technology was founded in 2019 and is a leading provider of general intelligent computing solutions in China [6]. - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a domestic intelligent computing industry ecosystem [6]. - Wallan Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Walli™ 106, Walli™ 110, and the higher-performance Walli™ 166 chip products [6]. Group 2: Investment and Support - Qiming Venture Partners has been a steadfast supporter of Wallan Technology since its inception, leading the company's first round of financing and continuing to support its development [3]. - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [3]. Group 3: Future Outlook - Wallan Technology's CEO, Zhang Wen, emphasized that becoming a public company brings greater responsibility and that the company will continue to increase R&D investment to enhance the domestic computing power system [6]. - Qiming Venture Partners' partner, Zhou Zhifeng, expressed excitement about Wallan Technology's successful listing, viewing it as a significant milestone and a new beginning for the company, highlighting the importance of continuous technological innovation [6].

普华永道作为壁仞科技的申报会计师，凭借其对人工智能芯片行业的丰富经验以及对资本市场规则和会 计准则的深刻理解，为壁仞科技提供了全面、系统、专业、高效的申报会计师及资本市场相关服务。 2026年1月2日，上海壁仞科技股份有限公司（以下简称"壁仞科技"，港交所股票代码：06082.HK）以 18C规则在香港联合交易所主板成功挂牌上市。 作为国内领军通用GPU企业，壁仞科技不仅是"港股 GPU第一股"，同时也是港股18C规则落地以来发行规模最大的新股。 作为高科技领域的重要参与者，普华永道持续协助多家人工智能行业企业登陆香港资本市场，包括创新 奇智、商汤科技、优必选、晶泰控股、黑芝麻智能、地平线机器人、云知声等企业，积累了丰富的项目 经验和行业洞察。 在此，普华永道热烈祝贺壁仞科技成功上市，并将一如既往地协助企业高质量发展。 壁仞科技是国内领先的通用智能计算解决方案提供商，以自主研发的GPU产品为核心，为各行业提供强 大、安全、高效的算力基础设施。自2019年成立以来，壁仞科技坚持原创核心架构，构建软硬协同创新 的技术体系，致力于打造国产智能计算产业生态，成为中国人工智能产业发展的核心引擎。 ...