Core Viewpoint - Wallan Technology (HK06082), known as the "first GPU stock in Hong Kong," was listed on the Hong Kong Stock Exchange on the 2nd, marking the first new stock listing in the Hong Kong market for 2026. The stock opened with an 82% increase, reaching a peak rise of over 110% during trading, and closed at 39.42 HKD, representing a 101.12% increase with a market capitalization of 94.456 billion HKD [1][4]. Company Overview - Wallan Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing the necessary computational power for artificial intelligence (AI) applications [4]. - The company integrates its self-developed GPGPU hardware with a proprietary software platform, BIRENSUPA, to support a wide range of AI model training and inference applications from cloud to edge [4]. Market Position - As of 2024, Wallan Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market. The Chinese intelligent computing chip market is projected to reach 50.4 billion USD by 2025, with Wallan expected to capture approximately 0.2% of this market [4]. - The company has 24 binding orders valued at approximately 822 million CNY and has established framework sales agreements and contracts totaling 1.241 billion CNY as of December 15, 2025 [4]. Financial Performance - Wallan Technology's revenue for the years 2022 to 2024 is projected to be 500,000 CNY, 62.03 million CNY, and 337 million CNY, respectively. The adjusted net losses for the same period are expected to be 1.038 billion CNY, 1.051 billion CNY, and 767 million CNY [4]. - In the first half of 2025, the company reported a revenue of 58.9 million CNY and an adjusted net loss of 552 million CNY. The net loss for 2025 is anticipated to increase significantly due to rising R&D expenses and financial costs [4]. IPO Details - Wallan Technology's global offering consisted of approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering. The final offer price was set at 19.6 HKD per share, raising net proceeds of approximately 5.375 billion HKD. The public offering was oversubscribed by 2,347.53 times, while the international offering was oversubscribed by 25.95 times [3][4].