赴港IPO，成了“全村的希望”

Core Viewpoint - The surge in market capitalization of domestic GPU manufacturers like Moore Threads and Muxi Co., exceeding 600 billion yuan, reflects a capital frenzy in the industry, similar to previous trends observed in the market [1]. Group 1: IPO Trends and Market Dynamics - Several companies, including the first domestic GPU stock in Hong Kong, Birun Technology, are preparing for IPOs, driven by the optimized listing regulations in Hong Kong, particularly the new Chapter 18C, which allows unprofitable "specialized and innovative" tech companies to go public [3][10]. - The Hong Kong market has seen a significant increase in IPO activity, with 102 companies listed by 2025, raising a total of 272.476 billion HKD, a year-on-year increase of 226.62%, marking a four-year high [3]. - As of December 17, there are 298 companies in the IPO hearing process in Hong Kong, with 28 new applications in just half a month of December, surpassing the 18 from the same period in November [3]. Group 2: Financial Pressures and Market Entry - Many suppliers are pursuing IPOs primarily to address "blood-making" needs, often driven by contractual obligations rather than purely for growth capital [6][14]. - Companies like Yushi Technology, which filed for an IPO on November 28, reported significant financial losses, with pre-tax losses of 250 million yuan, 213 million yuan, and 212 million yuan projected for 2022 to 2024, indicating a pressing need for capital [8]. - The flexible and inclusive nature of Hong Kong's listing requirements, especially for unprofitable companies, has attracted many firms seeking funding support [10]. Group 3: Industry Challenges and Competitive Landscape - The automotive intelligence suppliers face common challenges, including ongoing losses, funding pressures, and insufficient self-sustaining capabilities, which are critical for their survival [14][16]. - The rapid technological iteration in the automotive sector necessitates continuous high R&D investment, impacting short-term profitability and creating a competitive environment where even successful IPOs do not guarantee long-term success [16]. - The shift in Hong Kong's capital market towards a more rational and stringent review process poses additional challenges for companies seeking to enter the market, as the focus has moved from merely having a good "tech story" to demonstrating solid technological capabilities and future growth potential [10][16].