Core Viewpoint - Wall Street's GPU first stock, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking the first new stock listing in the Hong Kong market for 2026, with an opening surge of 82% [1]. Group 1: Company Overview - Birun Technology's stock opened at HKD 35.7 per share, resulting in a total market capitalization of HKD 855 billion [4]. - The company issued approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering, achieving a subscription rate of 2347.53 times for public offering and 25.95 times for international offering [4]. - Birun Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) [4]. Group 2: Product Development - The company has developed its first-generation GPGPU architecture since 2019, successfully launching two chips, BR106 and BR110, along with a series of GPGPU-based hardware [4]. - The BR106 chip addresses AI training and inference computing needs, while the BR110 chip is designed for embedded edge computing applications [5]. - The BR166 chip, which is based on two BR106 chips, offers double the performance in peak computing power, memory, video encoding/decoding, and interconnectivity compared to BR106 [5]. Group 3: Market Position and Financials - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of the projected USD 50.4 billion market by 2025 [6]. - The company has 24 binding orders valued at approximately HKD 822 million and has signed framework sales agreements and contracts worth HKD 1.241 billion [6]. - Revenue projections for 2022 to 2024 are HKD 0.5 million, HKD 62.03 million, and HKD 337 million, with adjusted net losses of HKD 1.038 billion, HKD 1.051 billion, and HKD 767 million respectively [6]. Group 4: Research and Development - Research and development expenditures from 2022 to 2025 are projected to be HKD 1.018 billion, HKD 886 million, HKD 827 million, and HKD 572 million, accounting for over 70% of total operating expenses in each period, totaling approximately HKD 3.302 billion [6]. - The gross profit for the years 2022 to 2025 is recorded at HKD 49,900, HKD 47.4 million, HKD 179.2 million, and HKD 18.8 million, with corresponding gross profit margins of 100%, 76.4%, 53.2%, and 31.9% [7].
壁仞科技今日正式上市，开盘大涨82%