壁仞科技赴港IPO获证监会备案

Core Viewpoint - Wall Street's interest in Chinese AI chip startup Birun Technology is growing as the company plans to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, alongside converting 873,272,024 shares held by 57 shareholders into tradable shares [1][4]. Group 1: Company Overview - Birun Technology, founded on September 9, 2019, focuses on developing original general-purpose computing systems and efficient hardware-software platforms, aiming to provide integrated solutions in intelligent computing [6]. - The company has successfully launched its first general-purpose GPU chip, BR100, which achieved a global computing power record with INT8 computing power reaching 2048 TOPS and BF16 computing power at 1024 TFLOPS [6][8]. Group 2: Financial and Market Position - Birun Technology's latest financing round in June raised approximately 1.5 billion RMB, with a pre-investment valuation of around 14 billion RMB and a post-investment valuation exceeding 15.5 billion RMB [4]. - The company is part of a growing trend in the Chinese AI/GPU chip sector, with predictions indicating that by 2027, sales for Chinese GPU manufacturers could reach 287 billion RMB, capturing 70% of the domestic market [11]. Group 3: IPO and Market Strategy - Birun Technology is pursuing an IPO in Hong Kong due to the relatively lenient listing requirements compared to A-shares, which may allow for a quicker market entry and potential valuation premiums [13]. - The company has shifted its focus from A-share listings to the Hong Kong market, partly due to ongoing losses and limited revenue, with projected sales of only 400 million RMB in 2024 [13]. Group 4: Competitive Landscape - The Chinese AI chip market is witnessing a surge in local startups, driven by the U.S. export restrictions on advanced AI chips, which has accelerated the push for domestic chip production [11]. - Birun Technology's competitors, such as Moer Thread and Muxi Technology, are also preparing for IPOs, indicating a competitive environment for capital and market share in the AI chip sector [12][14].