Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity, with 25 companies successfully listing in December alone, bringing the total for the year to 114, the highest in five years. Wallran Technology is set to be the first stock listed in 2026, with its IPO scheduled for January 2, 2024 [1]. IPO Information - Wallran Technology (06082.HK) is set to issue 94.69 million shares, with a price range of HKD 17 to 19.6. The company aims to raise approximately HKD 48.6 billion, with cornerstone investors committing around HKD 29 billion, representing 64% of the total offering [1][9]. - The IPO will have a public offering of 5% and an international placement of 95%, with a minimum subscription amount of HKD 3,960 [1]. Company Overview - Founded in 2019, Wallran Technology focuses on the design and development of GPU chips and intelligent computing solutions for AI applications [1]. - The company operates on a fabless model, outsourcing manufacturing and assembly to third-party contractors [2]. Financial Performance - Wallran Technology's revenue has shown significant growth, from HKD 499,000 in 2022 to HKD 62.03 million in 2023, and projected to reach HKD 336.8 million in 2024. However, the company has incurred substantial losses, totaling over HKD 6.3 billion from 2022 to mid-2025 [4][5]. - The company’s gross margin stands at 31.9%, which is lower than its competitors, indicating challenges in profitability despite revenue growth [5]. Market Position and Potential - In the Chinese smart computing chip market, Wallran Technology holds a mere 0.16% market share, with significant growth potential as the market is expected to grow from USD 30.1 billion in 2024 to USD 201.2 billion by 2029, at a CAGR of 46.3% [7][8]. - The company has established strategic partnerships in high-demand sectors such as AI data centers, telecommunications, and fintech, with contracts valued at approximately HKD 1.241 billion signed by December 2025 [3][8]. Competitive Landscape - Wallran Technology faces intense competition, particularly from Nvidia and Huawei, which dominate the market with a combined share of 94.4%. In the GPGPU segment, Nvidia holds a staggering 97.6% market share [7]. - Despite its small market share, Wallran Technology's unique GPGPU architecture and comprehensive software capabilities provide it with a competitive edge [6]. Investment Sentiment - The strong participation of cornerstone investors in Wallran Technology's IPO reflects confidence in its future growth prospects, which may stabilize its stock price post-listing [9].
壁仞科技港股IPO，与摩尔线程、沐曦股份齐名的国产GPU四小龙