Core Viewpoint - The successful IPO of Wallen Technology marks a significant milestone in the domestic AI chip industry, positioning it as the first GPU stock in the Hong Kong market and reflecting the growing demand for AI computing power [1][3][5]. Company Overview - Wallen Technology, founded by Zhang Wen in September 2019, aims to develop top-tier domestic general-purpose computing chips, particularly in the high-performance GPU sector, which is crucial for AI development [6][10]. - The company has successfully developed its first-generation GPGPU architecture and two chips, BR106 and BR110, and plans to launch the next-generation BR20X series by 2026 [10][11]. Market Demand and Growth - The global demand for AI computing power has surged, with the Chinese AI chip market projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with GPUs expected to increase their market share from 69.9% to 77.3% during the same period [4][5]. - Wallen Technology's revenue has seen exponential growth, from 499,000 yuan in 2022 to 620.3 million yuan in 2023, with a compound annual growth rate of 2500% [11]. Capital Market Strategy - Wallen Technology's IPO raised a total of 5.583 billion HKD, the largest fundraising project since the implementation of the Hong Kong Stock Exchange's 18C chapter for specialized technology companies [7]. - The funds will primarily be allocated to R&D for intelligent computing solutions, with 85% directed towards developing and upgrading existing GPGPU chips and software platforms [7][8]. Competitive Landscape - The AI chip market in China is highly concentrated, with the top two players holding 76.2% and 18.2% of the market share, indicating fierce competition and significant growth potential for domestic GPU companies [11]. - Wallen Technology is positioned among the top tier of domestic GPU firms, alongside companies like Moore Threads and Muxi Technology, highlighting its competitive standing in the industry [6][10].

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。 ...

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].