壁仞科技冲刺港股，沐曦股份本周三登陆科创板

Core Insights - Two domestic GPU companies in China are making progress towards their IPOs, with Biran Technology aiming for a listing on the Hong Kong Stock Exchange and Muxi Co., Ltd. set to debut on the A-share Sci-Tech Innovation Board [1][2] Group 1: Biran Technology - Biran Technology has completed the overseas listing filing and plans to issue up to 372,458,000 ordinary shares for its IPO in Hong Kong [1] - The company has 57 shareholders who intend to convert a total of 873,272,024 unlisted shares into shares for overseas listing [1] - Biran Technology's valuation reached 14 billion RMB prior to its Hong Kong listing, following a financing round of 1.5 billion RMB led by state-owned institutions [1] Group 2: Muxi Co., Ltd. - Muxi Co., Ltd. will officially list on the A-share Sci-Tech Innovation Board on December 17, becoming the second domestic GPU company to do so [1] - The total share capital after the IPO will be 400.1 million shares, with 40.1 million shares issued at a price of 104.66 RMB per share, resulting in a market capitalization of approximately 41.874 billion RMB [2] - Muxi Co., Ltd. has a projected static price-to-sales ratio of 56.35 for 2024, which is lower than the average for comparable companies [2] - The company is not yet profitable, with expectations to reach breakeven by 2026, and projected revenues for 2025 are between 1.5 billion and 1.98 billion RMB, representing a growth of 101.86% to 166.46% compared to 2024 [2] - The net loss attributable to the parent company is expected to be between 527 million and 763 million RMB for 2025, indicating a reduction in losses of 45.84% to 62.59% compared to 2024 [2]