Core Viewpoint - Wallan Technology, a domestic GPU manufacturer, officially listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock and the first company to go public in 2026, with a significant opening price increase of 82% from its initial offering price [1][3]. Group 1: Listing Details - Wallan Technology's global offering consisted of approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering, achieving a record oversubscription of 2346.53 times for the public offering [3]. - The company raised a total of HKD 5.583 billion, marking the largest fundraising project since the implementation of Chapter 18C of the Hong Kong Stock Exchange listing rules [4]. Group 2: Financial Performance - Wallan Technology reported revenues of RMB 0.499 million, RMB 62.03 million, and RMB 337 million for the years 2022, 2023, and 2024, respectively, with a compound annual growth rate of 2500% [6]. - The company has not yet achieved profitability, with net losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.601 billion for the years 2022, 2023, 2024, and the first half of 2025, totaling over RMB 6.3 billion in cumulative losses [6]. Group 3: Future Prospects - Wallan Technology plans to utilize the funds raised for the development of intelligent computing solutions, including hardware and software upgrades, and the commercialization of these solutions [4]. - The AI chip sector is experiencing a hot market, with Wallan Technology's successful listing potentially influencing the trajectory of other domestic AI chip manufacturers in 2026 [7].

Core Insights - The article highlights the successful listing of Birran Technology on the Hong Kong Stock Exchange, marking it as the first GPU stock in the market, which signifies a milestone for the domestic GPU sector [1] - Birran Technology is recognized for its advanced packaging technology and its leadership in the application of Chiplet technology in chip design, aiming to build a self-sufficient computing ecosystem in China [1][4] - The company is focusing on creating supernodes for high-performance computing, utilizing both Scale up and Scale out strategies, with a notable achievement in Scale up technology [2][3] Group 1 - Birran Technology has officially become the first GPU stock on the Hong Kong Stock Exchange, indicating a significant achievement in the domestic GPU market [1] - The company is a pioneer in advanced packaging technology and is positioned among the industry leaders in supporting advanced interconnect specifications [1] - The successful market entry is expected to facilitate the conversion of capital into technological capabilities, driving product iterations and contributing to the trillion-level computing market [1] Group 2 - The implementation of supernodes is evolving from single-card performance to large-scale computing clusters, with domestic manufacturers striving to catch up with international competitors [1][2] - Birran Technology's collaboration with partners has led to the development of a distributed optical interconnect chip and supernode application innovation solution, which won the "SAIL" award [2] - The company’s OCS technology offers significant advantages over traditional copper cabling and optical modules, enhancing performance and reducing latency [3] Group 3 - Birran Technology is actively building a self-controlled computing ecosystem by collaborating with major domestic server manufacturers and supporting domestic CPUs [4] - The company has achieved full-stack compatibility with mainstream AI frameworks, ensuring a seamless integration from hardware to application [4] - Strategic partnerships with various industry players aim to address the challenges of computing resource isolation and enhance the overall computing infrastructure [5] Group 4 - Birran Technology's R&D expenditures from 2022 to the first half of 2025 totaled 1.02 billion yuan, representing a significant portion of its operational expenses, indicating a strong commitment to innovation [5] - The recent IPO provides the company with the necessary funding to sustain high-intensity R&D efforts and compete in the global high-end computing market [6] - The future success of Birran Technology will depend on its ability to translate technological capabilities into market advantages within the trillion-level computing sector [6]

Market Performance - The Hang Seng Index increased by 2.18%, reaching 26,189.79 points [1] - The Hang Seng Tech Index surged by 3.38%, closing at 5,702.56 points [1] - The Hang Seng China Enterprises Index rose by 2.26%, ending at 9,115.17 points [1] - The market recorded a half-day trading volume of 76.869 billion HKD [1] Notable Stock Movements - Wallen Technology experienced a significant increase of over 72% [1] - Hua Hong Semiconductor rose by 9.89% [1] - Baidu Group-SW saw a gain of 7.45% [1] - Sanhua Intelligent Control increased by 6.37% [1] - NetEase-S rose by 5.87% [1] - Li Auto-W gained 4.93% [1] - SMIC increased by 4.9% [1] - Trip.com Group-S rose by 4.33% [1] - Huatai Securities increased by 4.04% [1] Declining Stocks - Global New Material International fell by 8.99% [1] - 361 Degrees dropped by 10.89% [1] - Goldwind Technology increased by 17.15% [1] - Derin Holdings rose by 14.22% [1]

Group 1: Market Overview - The Hong Kong stock market opened the year 2026 with the Hang Seng Index rising by 2.18%, gaining 559 points to close at 26,189 points, while the Hang Seng Tech Index increased by 3.38% [1] - The early trading volume in the Hong Kong market reached 76.8 billion HKD [1] Group 2: Aerospace and Technology Sector - Blue Arrow Aerospace's IPO on the Sci-Tech Innovation Board has been accepted, accelerating the capitalization process in the commercial aerospace sector, leading to significant gains in related stocks: Goldwind Technology rose over 17%, Asia-Pacific Satellite surged over 32%, Aerospace Holdings increased by over 18%, and AVIC Industry rose by 4% [1] - Huahong Semiconductor surged over 10% as it plans to invest 8.27 billion RMB to acquire equity in Huali Microelectronics [2] - The robotics sector continues to rise, with frequent industry chain exchanges and market anticipation for Tesla's Optimus project, leading to gains in companies like Lijiang Technology (up over 6%), Sanhua Intelligent Control (up 6.37%), and Delta Electronics (up 4.1%) [2] Group 3: Notable Company Developments - Baidu Group's stock rose over 7% as its subsidiary Kunlun Chip submitted a listing application to the Hong Kong Stock Exchange [3] - NetEase's stock increased by over 5%, with its game "Yanyun" topping the iOS sales chart in China, indicating a strong product pipeline [4] - Xirui's stock rose over 8% as the U.S. classified advanced air traffic as a national strategy, benefiting Xirui's long-standing presence in the U.S. market [5] - Skyworth Group's stock increased by nearly 10% following the formal signing of a 10MW distributed photovoltaic power station project in Italy [6] - Li Auto's stock rose over 5%, with cumulative deliveries surpassing 1.5 million units, and reports indicate adjustments to the company's product line [7] - Biran Technology debuted on the market with an opening increase of 82.14%, later rising by 72%, focusing on self-developed GPGPU chips and intelligent computing solutions [7]

Core Insights - Wall Street is optimistic about AI, with the debut of Wall Street's first GPU company, Birran Technology, marking a significant milestone for the industry [2] - The IPO of Birran Technology serves as a reference for the valuation and market feedback of China's AI chip industry, particularly for emerging GPU startups [2] - The success of domestic GPU companies like Birran Technology highlights the importance of innovation and practical operations in the semiconductor industry [3][4] Company Overview - Birran Technology was established in 2019 and focuses on general-purpose graphics processing units (GPGPU), with significant R&D investments exceeding 3.3 billion yuan from 2022 to mid-2025, accounting for over 70% of operating expenses [4][5] - The company has developed the BR10X architecture tailored for AI workloads, achieving industry-leading performance levels and plans to launch new chip generations annually from 2023 to 2025 [5][12] - Birran Technology has filed over 1,500 patents, with a 100% authorization rate for invention patents, positioning itself as a leader among domestic GPU companies [5] Market Strategy - The company targets high-demand sectors such as AI data centers, telecommunications, and fintech, establishing strategic partnerships with major clients, including nine Fortune China 500 companies [10] - Birran Technology's revenue has seen exponential growth, from 500,000 yuan in 2022 to 6203 million yuan in 2023, and is projected to reach 3.37 billion yuan in 2024, reflecting a compound annual growth rate of 2500% [10] Industry Trends - The global intelligent computing chip market is expected to reach $585.7 billion by 2029, with China's market projected to grow significantly, increasing its share from 25.3% in 2024 to 34.4% by 2029 [9][10] - The domestic GPU market is currently dominated by foreign companies, but predictions indicate a substantial increase in the market share of domestic manufacturers, potentially reaching 60% by 2029 [10] Future Developments - Birran Technology plans to launch the next-generation BR20X chip in 2026, designed for cloud training and inference, which will enhance performance and reduce total ownership costs [12][13] - The company is also exploring quantum computing and has made significant strides in supporting quantum-classical hybrid computing platforms [13] - The IPO will enable Birran Technology to enhance its product development and expand its sales network, while also increasing transparency and governance standards [12][14]

1月2日消息，港股三大指数高开高走。截至午间收盘，恒生指数涨2.18%，报26189.79点，恒生科技指 数涨3.38%，国企指数涨2.26%。盘面上，科网股全线上涨，百度涨超7%，网易涨超5%，阿里巴巴、腾 讯、快手涨超3%，哔哩哔哩、联想、京东、小米涨超2%；电力设备股大涨，金风科技涨超17%；半导 体板块强势，华虹半导体涨近10%；壁仞科技上市首日涨超72%。 电力设备股大涨，金风科技涨超17%。12月31日，上交所官网信息显示，蓝箭航天空间科技股份有限公 司科创板IPO申请获受理，正式冲刺科创板"商业火箭第一股"。根据招股书申报稿，蓝箭航天目前仍处 于亏损状态，拟采用科创板第五套标准上市。这意味着科创板第五套上市标准正式扩大至商业航天领 域。根据金风科技2023年年报，公司持有蓝箭航天空间科技股份有限公司8.3%股权。 半导体板块强势，华虹半导体涨近10%。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。此次交易对价为82.68亿元人民币，拟配套募集资金75.56亿元人民 ...

Core Viewpoint - Wallen Technology, a GPU company, debuted on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a peak increase of over 110%, and achieving a market capitalization exceeding 90 billion HKD, marking it as the third GPU company to go public within a month after Moore Threads and Muxi Technology [1][2]. Company Overview - Wallen 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 [3][5]. - The company was established during a period of significant uncertainty in China's chip industry, with Zhang Wen presenting a narrative of challenging industry giants like NVIDIA to potential investors [5][6]. Investment and Financing - Over 300 billion CNY has been invested in the top three domestic GPU companies, including Wallen Technology, since their inception around 2020, marking a significant milestone for Chinese chip startups [2]. - Wallen Technology's initial funding rounds included a Pre-A round in December 2019, raising 15 million USD from Qiming Venture Partners, and a Pre-A+ round in February 2020, raising 10 million USD from IDG [7][8]. - By mid-2020, Wallen Technology had completed four financing rounds, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [11][12]. Market Position and Performance - As of 2023, Wallen Technology's revenue figures were approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and projected at 340 million CNY in 2024, indicating steady growth but trailing behind competitors Moore Threads and Muxi Technology [17][20]. - The company’s pre-IPO valuation reached 6.06 billion CNY, significantly higher than its competitors at the time, which has led to a slowdown in subsequent financing efforts [20]. Strategic Partnerships and Support - Key partnerships have been established with major investors such as Gree Group, which played a crucial role in Wallen Technology's development by investing 140 million CNY and facilitating project implementation and team building [14][15]. - Other notable investors include Hillhouse Capital and Songhe Capital, which have provided substantial backing and strategic support throughout various funding rounds [15][16]. Industry Context - Wallen Technology, along with Moore Threads and Muxi Technology, has collectively raised 31.46 billion CNY in the past six years, establishing a strong presence in the domestic GPU market [27]. - Despite these achievements, domestic GPU manufacturers face significant challenges from industry leader NVIDIA, which reported global revenues of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenues of the three companies [27].

Core Viewpoint - Wallen Technology, known as the "first GPU stock in Hong Kong," has successfully listed on the Hong Kong Stock Exchange, marking the first new stock listing in the Hong Kong market for 2026, with a significant opening price increase of 82% [1] Group 1: Company Overview - Wallen Technology was founded in 2019 and focuses on the research and development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies in China [3][4] - The company has a market share of approximately 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture about 0.2% of the projected market size of $50.4 billion by 2025 [3] Group 2: Financial Performance - Wallen Technology's revenue for the years 2022 to 2024 is reported as 0.5 million, 62.03 million, and 337 million yuan respectively, with adjusted net losses of 1.038 billion, 1.051 billion, and 767 million yuan [5] - For the first half of 2025, the company reported a revenue of 58.9 million yuan and an adjusted net loss of 552 million yuan, with expectations of a significant increase in net losses due to rising R&D and financial costs [5] Group 3: IPO Details - The global offering consisted of approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering, achieving a subscription rate of 2347.53 times for public offering and 25.95 times for international offering [2][3] - The final offer price was set at 19.6 HKD per share, with the net proceeds from the offering estimated at approximately 5.375 billion HKD [2] Group 4: Future Plans and Investments - Approximately 85% of the net proceeds from the IPO will be allocated to R&D, focusing on the next generation of product iterations and technological innovation, while 5% will be used for commercial expansion and 10% for working capital and general corporate purposes [8] - The company has secured 24 binding orders valued at approximately 822 million yuan and has established framework sales agreements and contracts worth a total of 1.241 billion yuan [4]

耀途资本创始合伙人杨光（左三）在上市仪式现场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海壁仞科技股份有限公司（以下简称"壁仞科技"）于2026年1月2日正式 以"6082"为股票代码在港交所主板挂牌上市，成为"港股GPU第一股"，同时也是港股18C章特专科 技公司上市机制落地以来发行规模最大的新股。 成立至今，壁仞科技已云集了一个涵盖顶级财务投资机构、多元产业资本、半导体专业基金以及知名 国有投资平台等在内的豪华投资阵容。其中， 耀途资本于2020年参与了壁仞科技的A轮融资 。 在耀途资本创始合伙人白宗义&杨光看来，壁仞科技成长的关键在于：一是敏锐的商业洞察，精准把 握创业时机；二是极致的人才战略，汇聚并激励了行业顶尖的研发与管理团队；三是强大的抗风险韧 性，平稳度过了资本与供应链的起伏周期；四是果断的资本战略，坚定选择港股并成功抢占先机，获 得了市场的稀缺性溢价。 光羽芯辰、得一微电子、网迅科技、精控集成、NeuReality、赛勒科技、先进全成等。 在基础软件层 ，耀途资本已投资硅基流动、焱融科技、揽岳智能、速石科技、MemVerg ...

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a market capitalization of over 90 billion HKD, marking a significant milestone for China's GPU industry and venture capital investments in this sector [1][14]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision despite not having a formal background in GPU technology [1][3]. - The company aims to compete with industry giants like NVIDIA, presenting a narrative of catching up from scratch [3][14]. Investment Journey - Initial funding was secured from Qiming Venture Partners, which recognized the potential of AI technology and its demand for computing power, leading to a successful first round of investment in December 2019 [5][11]. - By mid-2020, Wallen Technology completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [8][12]. - Significant investments came from major players like Gree Group and Country Garden, which provided substantial capital and strategic support [9][10]. Financial Performance - Wallen Technology's revenue figures show a gradual increase, with approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and a projected 340 million CNY in 2024, although it lags behind competitors like Moore Threads and Muxi Technology [12][14]. - The company has raised a total of 9.32 billion CNY in funding, with a notable slowdown in financing activities compared to its competitors during the same period [12][14]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces significant challenges from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Wallen Technology and its competitors [14]. - The company aims to utilize the funds raised from the IPO to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [14].