Core Viewpoint - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, becoming the first GPU company to do so in Hong Kong and achieving a market capitalization exceeding HKD 100 billion [1] Group 1: IPO Details - Wallen Technology's IPO was highly sought after, with a public offering oversubscription rate soaring to 2,347 times, indicating unprecedented enthusiasm for new listings in the market [1] - The final issuance price for H shares was set at HKD 19.6, resulting in a total net fundraising of HKD 5.375 billion [1] Group 2: Fund Utilization - 85% of the net proceeds from the IPO will be allocated to research and development, focusing on the commercialization of the next-generation flagship chip BR20X, which is planned for launch in 2026 [1] - The company is also developing BR30X for cloud training/inference and BR31X for edge inference, with expected launches in 2028 [1] Group 3: Business Model and Financials - Wallen Technology's future profitability will rely on a three-pronged model of "hardware scaling + high-margin software + ecosystem binding," despite currently not being profitable [1] - Cumulative losses from 2022 to the first half of 2025 are projected to exceed CNY 6.3 billion, but the company has an order reserve of CNY 822 million, with clients including China Mobile and China Telecom [1]

Core Viewpoint - Wallen Technology (06082.HK) achieved rapid growth from zero to 337 million in revenue within two years, driven by both technology and commercialization [1][12]. Group 1: IPO and Market Position - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, with a 76% increase on its debut, becoming the first GPU company listed in Hong Kong and achieving the largest fundraising scale since the implementation of the new listing policy in March 2023 [3][4]. - The IPO was highly sought after, with a subscription rate of 2347 times, reflecting strong market enthusiasm [3]. - The company raised a net amount of 5.375 billion HKD during its IPO, with significant backing from cornerstone investors such as Qiming Venture Partners and Ping An Life [4]. Group 2: Industry Growth and AI Impact - AI is recognized as a crucial driver of global economic and social development, with the McKinsey Global Institute predicting that AI-related industries will contribute between 29 trillion to 48 trillion USD in incremental revenue over the next 15 years, accounting for one-third of global GDP growth [5]. - The GPU market is projected to exceed 1 trillion CNY in 2024 and reach 3.6 trillion CNY by 2029, with a compound annual growth rate (CAGR) of 24.5% [5][8]. - The Chinese AI-related GPU market is expected to grow from 4.3 billion CNY in 2020 to 99.7 billion CNY in 2024, and reach 1.03 trillion CNY by 2029, with a CAGR of 56.7% [8]. Group 3: Company Growth and Product Development - Wallen Technology was founded in 2019 and launched its first BR106 GPU chip in 2020, achieving significant revenue growth from 0.5 million CNY in 2022 to 620.3 million CNY in 2023, and further to 3.37 billion CNY in 2024 [11][12]. - The company has established a diverse product matrix, including the BR110 and BR166 chips, catering to various application scenarios [11][12]. - Wallen Technology has secured contracts with nine Fortune China 500 companies and five Fortune Global 500 companies, creating a strong industry barrier and competitive advantage [12]. Group 4: Strategic Collaborations and Future Prospects - In 2025, Wallen Technology will collaborate with major telecom operators to establish domestic computing clusters, enhancing its market presence [13]. - The company has a robust order backlog of 1.24 billion CNY as of November 15, 2025, indicating strong future revenue potential [15]. - Wallen Technology's focus on high-performance computing and continuous innovation positions it well for future growth in the AI and GPU sectors [16][23]. Group 5: R&D and Innovation - Wallen Technology maintains a high level of R&D investment, with expenditures of 10.18 billion CNY in 2022, 8.86 billion CNY in 2023, and 8.27 billion CNY in 2024, representing over 70% of total operating expenses [30][31]. - The company has submitted over 1,500 patents globally, leading the industry in patent achievements, with a 100% authorization rate for invention patents [32]. Group 6: Leadership and Shareholder Support - Wallen Technology is led by a team with extensive experience in AI and hardware technology, including founder and CEO Zhang Wen, who has over 10 years of management experience in the field [33]. - The company has a strong shareholder base, including notable investment funds and industry players, providing substantial capital and resources for growth [34].

1月2日，壁仞科技在港交所正式上市，成为香港市场的"国产GPU第一股"，同时也是港股2026年上市的 第一只股票。 当天上午，壁仞科技开盘价即上涨82.14%至35.70港元并迅速走高，一度涨超118%，报42.88港元/股， 随后涨幅有所回落。截至2日收盘，壁仞科技涨75.82%，总市值约825亿港元（约合人民币740亿元）。 此前公告显示，壁仞科技发行价为19.6港元，发行2.85亿股，募资总额为55.83亿港元。在公开发售阶 段，壁仞科技获2347.53倍认购，国际配售阶段获25.95倍认购。 历经多轮融资，壁仞科技在2025年8月隐含的投资后估值达到209.15亿元。截至目前，壁仞科技已形成 多层次的资本体系，代表性投资人包括上海国投先导基金、上海人工智能产业投资基金、广州产投、知 识城集团等国资平台，启明创投、华登、高瓴创投、IDG等创新科技及半导体投资基金，以及平安集 团、中兴通讯、中芯聚源等产业投资方。 近段时间以来，国产GPU行业纷纷加速IPO进程。摩尔线程、沐曦股份、壁仞科技、天数智芯常被并称 为"国产GPU四小龙"。其中，摩尔线程和沐曦股份先后在12月登陆A股科创板，上市首日股价分别大涨 ...

Core Viewpoint - Wall Street's first domestic GPU company, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking a significant milestone in the domestic GPU industry [1] Group 1: IPO and Market Performance - Birun Technology's opening price surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 before closing at a 75.82% gain, with a total market capitalization of approximately HKD 82.5 billion [1] - The company issued shares at an initial price of HKD 19.6, raising a total of HKD 5.583 billion through the issuance of 285 million shares, with a subscription rate of 2347.53 times in the public offering phase and 25.95 times in the international placement phase [1] Group 2: Use of Proceeds - The funds raised from the IPO will primarily be allocated to research and development of intelligent computing solutions, including the development of next-generation GPGPU chips such as BR20X and BR30X, with approximately 85% of the net proceeds dedicated to R&D [1] Group 3: Financial Performance - Birun Technology has not yet achieved profitability, reporting revenues of CNY 499,000, CNY 62.03 million, CNY 337 million, and CNY 59 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net losses of CNY 1.474 billion, CNY 1.744 billion, CNY 1.538 billion, and CNY 1.601 billion during the same periods [4] - The cumulative net loss exceeded CNY 6.3 billion from 2022 to June 2025, with gross margins declining from 100% in 2022 to 31.9% in the first half of 2025 [4] Group 4: Industry Context - Birun Technology is part of a growing trend in the domestic GPU industry, often referred to as the "Four Little Dragons of Domestic GPUs," alongside companies like Moer Thread and Muxi Co., which have also recently gone public [5] - The company has established a multi-tiered capital system with notable investors, including state-owned platforms and venture capital firms, indicating strong backing in the competitive landscape of AI and semiconductor investments [5]

Core Viewpoint - Wallan Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock in Hong Kong and the first stock to be listed in 2026 [1][3] Group 1: Company Overview - Wallan Technology is a provider of general intelligent computing solutions in China, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [3] - The company issued 285 million shares, raising a total of HKD 5.583 billion, which will be primarily used for the development of intelligent computing solutions, including hardware and software upgrades [3] Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 and the first half of 2025 is reported as follows: HKD 499,000, HKD 62.03 million, HKD 337 million, and HKD 59 million respectively [3] - The annual losses for the same periods are reported as HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion respectively [3] Group 3: Market Performance - The stock opened at HKD 35.7 per share, representing an increase of 82.14% from the issue price of HKD 19.6 per share, with an intraday high of HKD 42.88 per share, exceeding 100% increase, before closing with a gain of 75.82% [1][3]

Core Viewpoint - Shanghai Biran Technology Co., Ltd. has successfully completed its global offering, with the final offering price set at HKD 19.60 per share, raising approximately HKD 5.583 billion in total proceeds [1] Group 1: Global Offering Details - The total number of shares offered globally was 284,846,600 H-shares, including 247,692,800 shares from the base offering and an additional 37,153,800 shares from the exercise of the over-allotment option [1] - After deducting estimated listing expenses, the net proceeds from the global offering amount to approximately HKD 5.375 billion [1] - The Hong Kong public offering received 471,116 valid applications, resulting in a subscription level of 2,347.53 times, triggering the clawback mechanism [1] Group 2: Allocation of Shares - The initial number of shares available for subscription in the Hong Kong public offering was 12,384,800 shares, which was adjusted to a final total of 49,538,600 shares, accounting for 17.39% of the total global offering [1] - In the international placement, there were 359 participants, with a subscription level (excluding the over-allotment option) of 25.95 times, leading to a final allocation of 235,308,000 shares, representing 82.61% of the total global offering [1] Group 3: Cornerstone Investors - A total of 24 cornerstone investors participated in the global offering, collectively subscribing to 147,926,400 shares, which is 51.93% of the total offering (assuming the over-allotment option is not exercised) [2] - Notable cornerstone investors include 3W Fund Management Limited, which subscribed to 31,769,600 shares (11.15% of the total), and Qiming Venture Partners, which subscribed to 13,899,200 shares (4.88%) [2] - Other significant cornerstone investors include Hao Great China Focus Fund, China Ping An Life Insurance Co., Ltd., and Huadeng Technology Peak Fortitude Ventures Ltd [2]

国产GPGPU稀缺标的壁仞科技(6082.HK)今日于港交所主板挂牌上市，正式成为2026年港股开年第一 股。以19.60港元/股发行价开盘后，其股价迅速上扬，收盘价为34.46港元/股，较发行价大涨75.82%， 在近一个月27只新股收盘涨幅排名第7位，市值一度破千亿。 本次IPO中，壁仞科技共计发行约247,692,800H股，募集资金总额达55.83亿港元，成为港交所自18C章 （特专科技公司上市规则）实施以来募资规模最大的IPO项目。 壁仞科技聚焦于开发通用图形处理器(GPGPU)芯片及智能计算解决方案，支撑从云端到边缘的AI应用。 此外，壁仞科技是中国最早实现千卡集群商用的GPGPU公司之一。千卡集群连续运行5天以上软硬件无 故障，训练服务30多天不中断，印证了在大规模训练中强大的稳定性及容错能力。 根据最新公开数据，壁仞科技在全球累计申请专利1600余项，位列中国通用GPU公司第一；专利授权 600余项，发明专利授权率达100%。值得一提的是，壁仞科技是首家亦是唯一一家受邀在Hot Chips会议 上发言的中国GPGPU公司，并在WAIC 2022及2025上荣获SAIL奖，这是智能计算领域最负盛 ...

随着港交所新年第一声锣响，壁仞科技强势开盘，开盘价为35.70港元，较发行价上涨82%，盘中股价最高触及42.88港元，市值一度超过1000亿港元。截至 收盘，该股涨75.82%报34.46港元，对应市值为826亿港元。 公司此次招股以19.6港元定价，发行2.85亿股，成为香港上市规则18C章节启用以来募资规模最大的IPO。根据规划，募资净额中约85%将用于研发投入，重 点推进下一代产品迭代与技术创新，约5%用于商业化拓展，10%用作营运资金及一般公司用途。 壁仞科技(06082.HK)于2026年1月2日成功登陆港交所，成为港股"国产GPU第一股"，也成为2026年港股市场首只上市新股。 在上市仪式上，香港特区政府财政司司长陈茂波、港交所行政总裁陈翊庭、香港财库局局长许正宇、香港创新科技及工业局局长孙东等一众香港政界、金融 界及科创领域的重量级嘉宾到场。壁仞科技创始人、董事长兼CEO张文致辞称，上市不是终点，而是一个全新的开始。未来，壁仞科技将持续加大研发投 入，全力推进全栈自主可控产品研发迭代，构建起完善的国产算力体系，着力提升我国智算产业的安全、稳定与坚韧水平，引领并赋能人工智能产业高质量 发展，"我 ...

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 Viewpoint - Wallen Technology (06082.HK) debuted on the Hong Kong Stock Exchange on January 2, 2023, with a significant opening price of HKD 35.7, reflecting an 82.14% increase, marking it as the first domestic GPU company listed in Hong Kong and the third overall in China [1][2]. Company Overview - Founded in 2019, Wallen Technology focuses on GPGPU (General-Purpose Graphics Processing Unit) chips and intelligent computing solutions, primarily generating revenue from product sales, support services, and rental income from intelligent computing clusters [2][4]. - The company has consistently recorded net losses since its inception, indicating challenges in commercializing its products and solutions [2][4]. Financial Performance - Wallen Technology's revenue for the years ending December 31 and June 30 is projected as follows: - 2022: RMB 499,000 - 2023: RMB 62.03 million - 2024: RMB 337.9 million - 2025 (first half): RMB 58.9 million - The gross profit margins are expected to decline from 100% in 2022 to 31.9% by mid-2025, with cumulative losses exceeding RMB 6.3 billion [4][5]. - The company heavily relies on a few major clients, with revenue from the top five clients accounting for 98.1% in 2023, which poses risks of revenue volatility [5]. Market Position and Competition - Wallen Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.2% in the general GPU market as of 2024, with expectations to reach 0.19% by 2025 [1]. - The Chinese smart computing chip market is highly concentrated, with Nvidia and Huawei's HiSilicon accounting for 94.4% of the market share, leaving Wallen Technology and over 15 other players to compete for the remaining share [1][2]. Research and Development - The company has incurred substantial R&D expenses, totaling RMB 10.18 billion in 2022, RMB 8.86 billion in 2023, and projected RMB 8.27 billion in 2024, which constitutes a significant portion of its total operating expenses [5][6]. - As of mid-2025, Wallen Technology employs 657 R&D personnel, representing 83% of its workforce, with a majority holding advanced degrees and significant industry experience [5][6]. IPO and Future Plans - The IPO proceeds are primarily intended for R&D of intelligent computing solutions, commercialization efforts, and general corporate purposes, with the company aiming to leverage its technological advantages in the AI model computing power sector [6][7].