一家深圳VC爆发：18天三个IPO

Core Viewpoint - Wall Street-backed GPU unicorn Birun Technology has officially listed on the Hong Kong Stock Exchange, becoming the first GPU stock in Hong Kong, with an IPO price of HKD 19.60 per share and a market capitalization exceeding HKD 100 billion at opening [3][17]. Company Overview - Zhang Wen, the key figure behind Birun Technology, began his career on Wall Street and returned to China to start multiple ventures, officially entering the domestic GPU wave in 2019 with the founding of Birun Technology [3][17]. - Birun Technology has attracted significant investment, leading to a financing frenzy in the domestic GPU sector, with a long list of investors [3][17]. Investment Highlights - The successful IPO of Birun Technology marks the third major IPO for Songhe Capital within 18 days, following the listings of Angrui Micro on December 16 and 51WORLD on December 30 [3][9][17]. - Songhe Capital's investment in Birun Technology began with a USD 2 million stake during its A-round financing, which set a record for the highest A-round financing in the domestic industry at RMB 1.1 billion [5][19]. - Prior to the IPO, Songhe Capital held a 1.89% stake in Birun Technology, resulting in over 60 times return on investment based on initial valuation [6][20]. Industry Context - The domestic GPU market is critical as 99.9% of GPUs were previously imported, creating a significant bottleneck for industry development [5][19]. - Songhe Capital has strategically focused on key areas within the semiconductor and artificial intelligence sectors, investing in companies that address critical pain points in the industry [21][22]. Broader Investment Strategy - Songhe Capital has built a comprehensive investment portfolio in hard technology, including investments in GPU, CPU, and DPU sectors, as well as sensor technologies [22][23]. - The firm has also invested in various AI application companies, demonstrating a commitment to supporting the growth of the AI ecosystem [22][23]. Historical Perspective - Over the past 30 years, Songhe Capital has evolved alongside the Chinese venture capital industry, maintaining a focus on hard technology and achieving significant milestones, including managing over RMB 24 billion and investing in 500 companies [24][25]. - The firm emphasizes a disciplined investment philosophy, focusing on areas of deep understanding and avoiding excessive pursuit of trends [25][26].