Core Viewpoint - The company, Bilan Technology (06082), has exercised its overallotment option for a total of 42.7268 million H-shares, representing approximately 15% of the total shares available for subscription under the global offering [1] Group 1: Overallotment Details - The overallotment shares will be issued at a price of HKD 19.60 per H-share, which is the same as the global offering price excluding various fees [1] - The overallotment shares are intended to expedite the delivery of H-shares to subscribers who agreed to purchase them under the global offering [1] Group 2: Stabilization Period - The stabilization period for the global offering ended on January 28, 2026, which is 30 days after the deadline for submitting applications for the Hong Kong public offering [1] - During the stabilization period, the stabilization agent, China International Capital Corporation Hong Kong Securities Limited, engaged in stabilization actions, including the overallotment of 42.7268 million H-shares [1]

智通财经APP讯，壁仞科技(06082)发布公告，保荐人兼整体协调人(为其本身及代表国际包销商)已于 2026年1月28日(星期三)悉数行使招股章程所述的超额配股权，涉及合共4272.68万股 H股(超额配发股 份)，占全球发售项下可供认购发售股份总数(于发售量调整权获悉数行使后及任何超额配股权获行使前) 约15%。 (2) 保荐人兼整体协调人(为其本身及代表国际包销商)于2026年1月28日(星期三)按每股H股19.60港元(即 全球发售项下每股H股的发售价，不包括1%经纪佣金、0.0027%证监会交易征费、0.00565%联交所交易 费及0.00015%会财局交易征费)就合共4272.68万股H股悉数行使超额配股权，以加快向同意其根据全球 发售认购的相关H股延迟交付的承配人交付部分H股。 根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，本公司宣布，全球发售的稳定价格期 间于2026年1月28日(星期三)(即递交香港公开发售申请的截止日期后第30日)结束。稳定价格操作人中国 国际金融香港证券有限公司或其联属人士或任何代其行事的人士在稳定价格期间进行的稳定价格行动载 列如下： (1) 在国 ...

格隆汇1月28日丨壁仞科技(06082.HK)公告，公司宣布，保荐人兼整体协调人(为其本身及代表国际包销 商)已于2026年1月28日(星期三)悉数行使招股章程所述的超额配股权，涉及合共42,726,800股H股，占全 球发售项下可供认购发售股份总数(于发售量调整权获悉数行使后及任何超额配股权获行使前)约15%。 超额配发股份将由公司按每股H股19.60港元(即全球发售项下的每股H股发售价，不包括1%经纪佣金、 0.0027%证监会交易徵费、0.00565%联交所交易费及0.00015%会财局交易徵费)发行及配发。超额配发 股份将用于加快向同意其根据全球发售认购的相关H股延迟交付的承配人交付部分H股。 根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，全球发售的稳定价格期间 于2026年1月28日(星期三)(即递交香港公开发售申请的截止日期后第30日)结束。有关稳定价格操作人中 国国际金融香港证券有限公司或其联属人士或任何代其行事的人士在稳定价格期间进行的稳定价格行动 的进一步资料载于本公告内。 ...

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」）所刊發日期 為2025年12月22日的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。 本公告僅供參考，並不構成對任何人士進行收購、購買或認購本公司任何證券的要約或誘使作 出要約的邀請。本公告並非招股章程。潛在投資者在決定是否投資於發售股份前，應細閱招股 章程內有關下文所述本公司及全球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招 股章程所提供的資料而作出。 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美國或任何其他司法管轄區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境內提呈發售、出售、質押或轉讓，惟獲豁免遵守美國證券法 登記規定或不受該等規定所規限的交易則除外。發售股份將不會於美國公開發售。發售股份僅 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。 Shan ...

Core Viewpoint - Insurance capital is increasingly participating in cornerstone investments in Hong Kong IPOs, signaling strong market confidence, with significant investments from major insurance companies like Taikang Life and Ping An Life [1][3][4]. Group 1: Investment Trends - In early 2026, four insurance companies participated in eight Hong Kong IPO cornerstone investments, with Taikang Life investing $10 million in the IPO of Mingming Hen Mang [1]. - From 2025 to early 2026, seven insurance institutions participated as cornerstone investors in 20 Hong Kong IPOs, with a total subscription amount of HKD 4.679 billion [1][4]. - The average return for Hong Kong IPOs in 2025 was 38%, with the first-day price drop rate at a five-year low of 23.08% [6][10]. Group 2: Challenges Faced - Insurance companies face challenges in accessing IPO projects due to high entry barriers and the need for strong cross-market research capabilities [2][15]. - The balance between high return potential and net asset value volatility is a significant concern for insurance funds, which are generally risk-averse [2][15]. Group 3: Market Outlook - The IPO fundraising scale in Hong Kong is expected to remain strong in 2026, with insurance capital becoming a long-term force in the market [2][15][16]. - The cornerstone investment mechanism is seen as a key entry point for quality assets in the Hong Kong market, enhancing liquidity and valuation flexibility [2][16]. Group 4: Sector Focus - Insurance capital is focusing on sectors such as AI, biomedicine, and new consumer brands, with a notable interest in companies like MINIMAX and Ruibo Biotechnology [9][10]. - The investment strategy is shifting towards a more diversified valuation framework, moving beyond traditional profit metrics to include growth potential [10][11].

Group 1 - The core event of the Long Triangle Industry-Academia-Research Survey aims to gather academic, industry, and think tank expertise to identify regional development issues and construct long-term mechanisms for innovation and industry chains [1][2] - The Long Triangle region has established a collaborative mechanism for technology innovation planning and policy, leading to continuous growth in regional joint innovation output and highlighting its role as a "power source" for high-quality development [2][3] - The survey will combine problem-oriented and goal-oriented approaches, utilizing both online data and offline visits to create indices for regional development and logistics costs, while also gathering firsthand case studies through interviews with enterprises and institutions [3] Group 2 - The Long Triangle Industry-Academia-Research Survey will systematically design themes and optimize processes to cover representative enterprises, universities, and research institutions across the three provinces and one city [3] - The data collected will be integrated into the Long Triangle Integration Model, linking application scenarios to form a complete cycle of "survey-analysis-connection-application-iteration," further exploring the potential and advantages of regional cooperation [3]

Group 1 - The Hong Kong stock market for semiconductor stocks has declined, with notable drops in several companies [1] - Hua Hong Semiconductor (01347.HK) experienced a decline of over 5% [1] - SMIC (00981.HK) fell by 3.8%, while InnoCare Pharma (02577.HK) and Wallen Technology (06082.HK) saw decreases of 2.5% and 2.4% respectively [1]

Group 1 - The State Intellectual Property Office of China has granted a patent titled "Fine-tuning Method and Device for Point Cloud Classification" to Hangzhou Biran Technology Development Co., Ltd. and Shanghai Biran Technology Co., Ltd., with the announcement number CN116778133B and application date of June 2023 [1] - Hangzhou Biran Technology Development Co., Ltd. was established in 2021, located in Hangzhou, and primarily engages in technology promotion and application services, with a registered capital of 50 million RMB. The company has a total of 4 patents [1] - Shanghai Biran Technology Co., Ltd. was founded in 2019, based in Shanghai, and focuses on software and information technology services, with a registered capital of approximately 42.23 million RMB. The company has invested in 10 enterprises, holds 135 trademarks, and has 1,495 patents, along with 4 administrative licenses [1]

Core Insights - The recent surge in IPOs for AI and semiconductor companies in China has attracted significant market attention, with notable performances from companies like MiniMax and Zhipu [1][2][3] - Major gaming companies such as Tencent, Mihayou, and others are increasingly investing in AI and semiconductor firms, indicating a trend of deep integration between the gaming industry and advanced technologies [1][12][15] Investment Highlights - MiniMax, an AI unicorn, debuted on the Hong Kong Stock Exchange with a first-day increase of 109%, reaching a market capitalization of over HKD 100 billion [1] - Mihayou, an early investor in MiniMax, holds approximately 6.1% of the company, with a current stake valued at around HKD 6.5 billion, reflecting a nearly 70-fold increase in valuation since its initial investment [2] - Zhipu, another AI company, saw its market cap exceed HKD 570 billion upon listing, with significant price increases shortly after [2][3] Strategic Investments by Gaming Companies - Tencent led a USD 250 million Series B funding round for MiniMax and has also invested in Zhipu, holding 1.58% and 2.58% stakes in these companies, respectively [3][12] - Other gaming companies, such as 37 Interactive Entertainment and Youzu Interactive, are also making strategic investments in AI and semiconductor firms, indicating a broader trend within the industry [3][11] Market Dynamics - The gaming industry is increasingly viewed as a significant player in the tech investment landscape, with analysts noting that gaming companies are leveraging their cash flow to support advancements in AI and semiconductor technologies [12][15] - The shift in perception of gaming companies from mere entertainment providers to strategic investors in high-tech sectors reflects a growing recognition of their role in driving technological innovation [15][16] Future Outlook - Analysts suggest that the investments made by gaming companies are not merely opportunistic but are driven by internal needs for enhanced computational power and AI tools to improve game development processes [13][14] - The trend of gaming companies investing in upstream technologies is expected to continue, fostering a symbiotic relationship between gaming and technological advancements [14][15]

Core Insights - The Hong Kong stock market has seen a strong start in 2026, with eight companies completing their IPOs within just six trading days, including notable firms in the GPU, surgical robotics, and biotechnology sectors [2][3][5] - The initial public offerings (IPOs) have been well-received, with first-day price increases ranging from 8.44% to 109.09%, indicating strong market enthusiasm for sectors like large models, domestic chip alternatives, and surgical robotics [2][3][5] IPO Performance - MiniMax, a key player in the large model sector, achieved a remarkable first-day closing price increase of 109.09%, with a market capitalization reaching HKD 106.7 billion, and was oversubscribed by 1,836.17 times in public offerings [3][5] - Wallen Technology, the first GPU stock in Hong Kong, also performed impressively with a first-day increase of 75.82% [4] - The average first-day increase for the new batch of IPOs was 40.16%, with a cumulative average increase of nearly 62% since listing, reflecting strong market recognition of high-quality hard tech assets [5][6] Market Dynamics - The current IPO market in Hong Kong is characterized by a large backlog of over 300 companies waiting to list, indicating a robust supply pipeline [6] - In December 2025, 32 companies submitted IPO applications, and 26 companies have done so in January 2026 alone, showcasing sustained enthusiasm for new listings [6] Sector Trends - The successful performance of new IPOs has broken the previous trend of "hot IPOs followed by cold market performance," suggesting that the sectors these companies operate in are gaining market confidence [5][6] - Companies like MiniMax and Zhizhu have shown significant cumulative price increases since their IPOs, with MiniMax achieving a total increase of 141.21% and Zhizhu 79.35% [5][6] Regulatory Environment - The Hong Kong Securities and Futures Commission has emphasized the need for high-quality IPO submissions, responding to concerns about the quality of some recent applications [8] - This regulatory focus aims to shift the IPO market from quantity-driven to quality-driven, which may temporarily slow down the listing process for some companies [8]