Core Viewpoint - Wall Street's interest in domestic GPU companies is growing, as evidenced by the IPO of Birran Technology, which aims to raise up to HKD 48.6 billion through the issuance of 248 million shares, with significant backing from cornerstone investors [1][2][3] Group 1: IPO Details - Birran Technology plans to globally issue 248 million shares, with a maximum offer price of HKD 19.60 per share, from December 22 to December 29 [2] - The company expects to raise approximately HKD 48.6 billion, with cornerstone investors subscribing to about 148 million shares, amounting to around HKD 29 billion, which constitutes about 60% of the total fundraising [1][2] Group 2: Financial Performance and R&D Investment - Birran Technology has not yet turned a profit, primarily due to substantial R&D expenditures, which totaled approximately HKD 3.303 billion over three and a half years [1][6] - The company reported revenues of HKD 62.03 million in 2023, with projections of HKD 337 million for 2024 and HKD 58.903 million for the first half of 2025, mainly from GPGPU hardware and software [4][6] Group 3: Market Position and Competition - The Chinese AI chip market is projected to reach USD 50.4 billion by 2025, with Birran Technology aiming for a market share of about 0.2% [4] - The competitive landscape is intensifying, with other domestic GPU companies like Moole and Muxi also going public recently, indicating a trend of increasing market presence for local AI chip manufacturers [3][4] Group 4: Customer Concentration - Birran Technology has a high customer concentration, with the top five customers accounting for 98.1% and 90.3% of revenue in 2023 and 2024, respectively [5] - The largest customer contributed 85.7% and 54.5% of revenue in the same years, although this concentration improved slightly in the first half of 2025 [5]
壁仞科技启动招股最高募48.6亿港元 基石投资认购六成将开发下一代芯片