Core Viewpoint - Wallan Technology, a leading domestic GPU company, officially listed on the Hong Kong Stock Exchange, marking it as the first "domestic GPU stock" and the first IPO of the year in Hong Kong [2] Group 1: Company Overview - Founded in 2019 by Zhang Wen, former president of SenseTime, Wallan Technology has filled a critical gap in China's high-end computing power sector with its self-developed high-performance computing technology [2] - The company has submitted over 1,500 global patent applications, ranking first among Chinese general GPU companies, with over 600 authorized invention patents and a 100% authorization rate [2] Group 2: Financial Performance - Wallan Technology is currently in a strategic investment phase, with revenues of 499,000 yuan, 62.03 million yuan, 337 million yuan, and 59 million yuan from 2022 to the first half of 2025, while net losses were 1.474 billion yuan, 1.744 billion yuan, 1.538 billion yuan, and 1.601 billion yuan during the same period, totaling 6.357 billion yuan in losses over three and a half years [3] - The company holds 24 legally binding unfulfilled orders valued at approximately 822 million yuan, along with framework sales agreements amounting to 1.241 billion yuan, providing strong support for future performance growth [3] Group 3: Funding and Investment - Wallan Technology's founder, Zhang Wen, has a unique industrial background that has injected advantages into the company's development, having previously achieved significant technical breakthroughs in LED chips and accumulated management experience at SenseTime [4] - The company completed over 5 billion yuan in financing before its IPO, with notable investors including Qiming Venture Partners and IDG Capital, and plans to allocate 85% of the net proceeds from the IPO to R&D [4] Group 4: Market Context - The listing of Wallan Technology coincides with a critical window for domestic alternatives amid intensified Sino-U.S. tech competition, with ByteDance planning to procure over 40 billion yuan in domestic AI chips in 2026, significantly increasing from 2025 [5] - Other domestic AI chip manufacturers are also preparing to enter the capital market, with Tianzuo Zhixin set to list on January 8, and Baidu announcing its application for Kunlun Chip's listing [5]

1月2日，壁仞科技在港交所上市，成为港股"国产GPU第一股"，同时也是港股2026年上市的第一只股票。这家由前商汤总裁张文2019年创立的GPU企业，正 式填上了中国算力版图的关键一环。 当日，壁仞科技盘初快速拉升涨幅一度超过100%，市值超940亿港元。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。 壁仞科技在国产AI芯片版图中占据着重要的一席，其在通用GPU领域拥有多项技术专利，技术先进性可比肩国际巨头。截至2025年12月15日，壁仞科技在 全球多个国家和地区累计申请专利1500余项，位列中国通用GPU公司第一，获得专利授权600余项，位列中国通用GPU公司前列；发明专利授权率达100%， 位列国内企业发明专利授权率榜首。 但是从业绩来看，2022年—2024年及2025年上半年，公司收入分别为49.9万元、6203万元、3.37亿元、0.59亿元，年内亏损分别为14.74亿元、17.44亿元、 15.38亿元、16.01亿元。 由此计算，壁仞科技三年半以来产生亏损达63.57亿元。公司解释称，较大幅度亏损主要系若干前股东的赎回权相关的"赎回负债账面值变动"，该变动为非 现 ...

半导体指数暴涨8.3%。截至发稿，华虹半导体涨超10%、中芯国际(00981.HK)涨9.89%。消息方面，华虹半导体发布多份公告表示，公司拟通过发行股份 方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套资金。 "港股GPU第一股"壁仞科技今日上市，盘中表现活跃。该股盘初一度大涨近120%，截至发稿，涨幅有所回落，但仍大涨80%，总市值突破800亿港元。 每经编辑｜何小桃 1月2日，港股2026年首个交易日迎来开门红。 在科技股领涨下，港股市场走势强劲，截至发稿，恒生指数大涨近700点，涨幅为2.73%，恒生科技指数涨超4%。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26329.53 | 9167.38 | 5746.31 | | +698.99 +2.73% | +253.70 +2.85% | +230.33 +4.18% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26395 | 3974.99 | 14442.02 | | +747 +2.91% | +96.5 ...

Core Viewpoint - The IPO of Biran Technology has marked a significant milestone in China's GPU industry, with the company's stock surging over 110% on its debut, reaching a market capitalization of over 90 billion HKD, making it the third GPU company to go public in a month [1][14]. Company Overview - Biran Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision and ability to attract talent and capital [1][2]. - The company has raised over 3 billion CNY in funding from various investors, including prominent venture capital firms and industry players [5][13]. Funding and Investment - The initial investment from Qiming Venture Partners in December 2019 was crucial for Biran Technology's early development, allowing the company to build a strong founding team [3][4]. - Subsequent funding rounds saw significant investments from IDG Capital, Gree Group, and other industry leaders, with total fundraising reaching approximately 9.32 billion CNY by the time of the IPO [5][8][13]. - Biran Technology's valuation skyrocketed to 6.06 billion CNY after its first round of financing, significantly outpacing competitors like Moore Threads and Muxi Technology [8][13]. Financial Performance - Biran Technology's revenue has shown steady growth, with figures of approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected 340 million CNY in 2024, although it still lags behind its competitors [8][13]. - The company has completed 18.8 billion CNY in financing from 2021 to 2024, compared to 91.7 billion CNY and 39.5 billion CNY raised by Moore Threads and Muxi Technology, respectively [8][13]. Market Position and Challenges - Despite the successful IPO and substantial funding, Biran Technology faces significant challenges from industry giants like NVIDIA, which reported a revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Biran Technology and its competitors [13]. - The company aims to leverage its IPO proceeds to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [13].

Group 1 - The core viewpoint of the article highlights the successful IPO of Wallen Technology, marking a strong start for Hong Kong's stock market in 2026, with the stock price surging over 110% on its debut [1][2] - Wallen Technology, known as the "first domestic GPU stock," issued 248 million shares at a price of HKD 19.6 per share, achieving a market capitalization of HKD 81.18 billion by midday trading [1][2] - The IPO attracted significant interest, with over 471,000 subscriptions during the public offering phase, making it the most subscribed new stock in 2025 [2] Group 2 - Wallen Technology is part of the "four little dragons" of domestic GPUs, alongside Moer Technology, Muxi Technology, and Suiruan Technology, with the latter two having already listed on the Shanghai Stock Exchange [3] - The company focuses on developing GPGPU chips and intelligent computing solutions, targeting the rapidly growing Chinese intelligent computing chip market, which is projected to reach USD 30.1 billion in 2024 and USD 201.2 billion by 2029, with a compound annual growth rate of 46.3% [3] - Wallen Technology's revenue has seen significant growth, increasing from CNY 499,000 in 2022 to CNY 62.03 million in 2023, and further projected to reach nearly CNY 337 million in 2024 [3][4] Group 3 - The company relies heavily on a few major clients, with revenue from its top five clients accounting for 98.1%, 90.3%, and 97.9% of total revenue in 2023, 2024, and the first half of 2025, respectively [4] - Wallen Technology raised a net amount of HKD 5.375 billion from the IPO, with plans to invest in the development of intelligent computing solutions, including hardware and software, as well as general corporate purposes [4]

高性能GPU公司 今日 壁仞科技在港交所挂牌 成为港股"国产GPU第一股" 也是2026年香港的第一家上市公司 壁仞科技领跑国产GPU赛道 既是交大校友核心团队的深耕发力 更是国产算力自主可控浪潮下的 技术突围和产业担当 1月2日，壁仞科技于香港交易所正式挂牌上市。上海交通大学党委副书记胡薇薇出席上市仪式，共同见 证这一重要时刻，并送呈上海交大党委书记杨振斌和校长、中国科学院院士丁奎岭的贺信。 胡薇薇在仪式现场向张文送呈贺信 胡薇薇与部分交大校友合影 此次成功上市，不仅标志着壁仞科技步入资本赋能、加速发展的新阶段，也彰显了"交大系"创新创业企 业的蓬勃活力与发展潜力。 "芯"势力崛起 壁仞科技领跑港股GPU赛道 壁仞科技是国内领先的通用智能计算解决方案提供商，以自主研发的系列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。 壁仞科技汇聚全球近千名高精尖人才，积累了强大的专有技术及工程能力。凭借着实用、可靠、创新的 产品及解决方案，已应用于AI数据中心 ...

Core Viewpoint - Biran Technology has officially listed on the Hong Kong Stock Exchange, becoming the first domestic GPU company to go public in Hong Kong and marking the first listing in 2026 [1][5] Group 1: Company Overview - Biran Technology is a leading provider of general intelligent computing solutions in China, focusing on self-developed GPU products to provide robust, secure, and efficient computing infrastructure across various industries [11] - Since its establishment in 2019, Biran Technology has adhered to an original core architecture and built a technology system that promotes soft and hard collaborative innovation, aiming to create a domestic intelligent computing industry ecosystem [11] - The company has gathered nearly a thousand high-caliber talents globally, accumulating strong proprietary technology and engineering capabilities [11] Group 2: Market Position and Applications - Biran Technology's products and solutions have been applied in key industries such as AI data centers, telecommunications, and energy, effectively supporting core application scenarios like AI training, inference services, and scientific research innovation [11] - The company has achieved large-scale deployments across multiple intelligent computing clusters nationwide [11] Group 3: Academic and Industry Collaboration - The founding team of Biran Technology consists of alumni from Shanghai Jiao Tong University, showcasing the entrepreneurial vitality and development potential of the "Jiao Tong system" [5][12] - Biran Technology has established various collaborations with Shanghai Jiao Tong University, including the creation of the "Intelligent Chip and Ecosystem Joint Laboratory" and a strategic cooperation agreement with the university's Artificial Intelligence School [21]

Core Viewpoint - Wallen Technology Co., Ltd. (stock code: 06082.HK) successfully listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the "first GPU stock in Hong Kong" with a base issuance scale of $717 million, which can expand to a maximum of $825 million with the exercise of the over-allotment option, marking the largest new stock issuance since the implementation of the Chapter 18C special technology company listing mechanism in Hong Kong [1][3]. Group 1: Company Overview - Wallen Technology, established in 2019, is a leading provider of general intelligent computing solutions in China, focusing on self-developed GPU products to provide robust, secure, and efficient computing infrastructure across various industries [6]. - The company is committed to an original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a technology system that fosters soft and hard collaborative innovation, thereby contributing to the development of the domestic intelligent computing industry ecosystem [6]. Group 2: Market Performance - The public offering segment of Wallen Technology's IPO received approximately 2,348 times oversubscription, reflecting strong market interest and confidence in the company's growth potential [3][5]. - The international placement attracted a wide range of investors, including top global long-term funds, domestic long-term funds, industrial capital, multi-strategy funds, and private equity funds, indicating high recognition of Wallen Technology and the prospects of domestic computing power development [5]. Group 3: Strategic Importance - Wallen Technology is recognized as a key high-tech enterprise supported by the National Development and Reform Commission and a key "specialized and innovative" small giant enterprise by the Ministry of Industry and Information Technology, emphasizing its role in supporting national artificial intelligence strategies and breaking through critical technology bottlenecks in intelligent computing chips [3][6]. - The company aims to create a domestic intelligent computing industry ecosystem and is deeply involved in major projects, having achieved commercial deployment of its first-generation training integrated general-purpose high-performance GPU with major clients [3].

壁仞科技于1月2日正式在港交所挂牌，作为香港首批重点引进的高科技企业，创始人、董事长兼CEO张 文表示，香港的营商环境与全球资本对接将为硬科技公司提供重要平台。大圣集团投资经理李明德分析 指出，IPO暗盘价格升幅较预期小，是公司定位高端AI GPU发展可能牺牲短期收入，且上市初期散户获 利了结压力较大。然而，机构投资者对港股首只GPU股票青睐有加，二级市场购买力强劲。对比A股同 行，壁仞科技目标价看44至45港元，若股价跌至40块以内为良好入场时机。建议投资者关注机构买盘与 散户卖压变化。点击视频，一探究竟！ ...

2026年1月2日，港股市场开盘，三大指数高开高走。截至午间收盘，恒生指数涨2.18%报26189.79点，恒生国企指数涨2.26%报9115.17点，恒生科技指数 涨3.38%报5702.56点。盘面上，半导体、软件服务、保险、电讯板块领涨，工业工程、黄金及贵金属、药品及生物科技板块保持活跃，仅食品饮料板块下 跌。 "港股GPU第一股"壁仞科技在港交所上市，盘初一度涨超118%，市值一度飙升至千亿港元。芯片股走强，华虹半导体盘初涨逾12%。科技股集体上扬， 百度集团-SW盘中涨近9%，网易-S盘中涨超6%，阿里巴巴-W、腾讯控股盘中均涨超3%。 "港股GPU第一股"来了！ 盘中市值突破千亿港元 1月2日，壁仞科技在港交所上市，成为港股"国产GPU第一股"，同时也是港股2026年上市的首只新股。 当日开盘，壁仞科技盘初快速拉升，涨幅一度超过118%，总市值一度突破1027亿港元。截至午间收盘，壁仞科技股价报33.88港元/股，涨72.86%，总市值 811.8亿港元，成交额突破46亿港元。壁仞科技发行价为19.6港元/股，发行2.85亿股，募资总额约为55.83亿港元。 | FK 壁仍科技 | (Ai) [7 ...