“港股GPU第一股”壁仞科技确定IPO发售价格区间，预计明年1月2日上市交易

Core Viewpoint - Biren Technology, known as one of the "Four Little Dragons of Domestic GPUs," is making significant strides towards becoming the first GPU stock in Hong Kong, with plans to issue 247,692,800 H-shares priced between HKD 17.00 and HKD 19.60, potentially raising up to HKD 48.55 billion [1][2][6]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [2][4]. - The expected trading date for the H-shares on the Hong Kong Stock Exchange is January 2 of the following year [1]. - The entry fee for retail investors is approximately HKD 3,959.54 for a minimum purchase of 200 shares at the upper price limit [4]. Group 2: Financial Performance - Biren Technology has shown explosive revenue growth, with revenues of RMB 0.499 million in 2022, RMB 62.03 million in 2023, and projected RMB 336.8 million in 2024 [10][11]. - Despite revenue growth, the company has faced significant losses, with net losses of RMB 14.74 billion in 2022, RMB 17.44 billion in 2023, and RMB 15.38 billion in 2024 [10][11]. - The company has accumulated a backlog of orders valued at approximately RMB 821.8 million and has signed framework agreements worth RMB 1.24 billion, indicating potential future revenue [6][9]. Group 3: Market Position and Competition - The smart computing chip market presents both opportunities and challenges, with expectations for market share growth from 20% in 2024 to 60% by 2029 [14]. - The market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other competitors [14]. - Biren Technology's core business focuses on developing general-purpose graphics processing unit (GPGPU) chips and AI computing solutions, integrating proprietary hardware and software [6][12]. Group 4: Investment and Future Plans - The funds raised from the IPO will primarily be used to enhance core competitiveness, focusing on the development of next-generation chips like BR20X and BR30X [6][12]. - The company has received substantial backing from notable investors, raising over RMB 9 billion since its inception, with plans to initially list on the A-share Sci-Tech Innovation Board before opting for the Hong Kong market [15]