壁仞科技拟全球发售2.48亿股 引入启明创投、南方基金等基石投资者

Core Viewpoint - The company, Wallen Technology (06082), is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and plans to start trading on January 2, 2026 [1]. Group 1: Company Overview - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) [1]. - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1]. - Wallen Technology's GPGPU-based solutions demonstrate strong performance and efficiency in pre-training, post-training, and inference of large language models (LLMs), giving the company a competitive edge in the domestic market [1]. Group 2: Market Demand and Financials - The rapid development of AI, particularly LLMs and generative AI, has led to an increasing demand for computing solutions among enterprises to meet their surging needs for computing power and AI applications [2]. - The company has developed a specialized technology product, an intelligent computing solution consisting of a hardware system based on its GPGPU architecture and the BIRENSUPA computing software platform, which can be delivered in large-scale intelligent computing clusters [2]. - In 2023, the company's intelligent computing solutions began generating revenue, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2]. Group 3: IPO and Use of Proceeds - Assuming an offering price of HKD 18.30 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion [2]. - Approximately 85% of the proceeds will be allocated for future research and development of the company's intelligent computing solutions, 5% for commercialization, and 10% for working capital and general corporate purposes [2]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3]. - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and investment firms [3].