Group 1 - Wallran Technology (壁仞科技) officially listed on the Hong Kong Stock Exchange on January 2, 2026, opening with a rise of over 110%, reaching a peak of 42.88 HKD per share, with a total market capitalization of approximately 99 billion HKD [2][23] - Wallran Technology is recognized as the "first GPU stock" in Hong Kong and has the largest issuance scale since the implementation of the 18C rule [2][23] - The IPO price was set at 19.6 HKD per share, with a global offering of approximately 248 million H shares, and cornerstone investors subscribed for about 64% of the fundraising amount, totaling 372.5 million USD [2][23] Group 2 - Founded in September 2019, Wallran Technology is one of the earliest companies among the "four small dragons" of domestic GPUs, focusing on original core architecture and pioneering Chiplet high-performance chips [2][23] - As of the end of 2025, Wallran Technology has applied for over 1,500 patents globally, ranking first among Chinese general GPU companies, with over 600 patents granted and a 100% invention patent authorization rate [3][24] Group 3 - Wallran Technology's products have been deployed in key industries such as AI data centers, telecommunications, energy, and financial technology, effectively supporting the computational needs of AI training and research innovation [3][24] - The company has established a customer base that includes several Fortune China 500 and Fortune Global 500 companies, achieving large-scale commercial deployment of domestic computing clusters with the three major telecom operators [3][24] Group 4 - Early investor Songhe Capital (松禾资本) has seen significant returns from its investment in Wallran Technology, holding 1.89% of the shares as of the listing, with an estimated investment return of about 60 times based on initial valuation [4][25] - Songhe Capital has invested a total of 200 million USD in Wallran Technology through two funding rounds, becoming one of its core early investors [4][25] Group 5 - The founder of Songhe Capital, Li Wei, recognized the potential of Wallran Technology's founder, Zhang Wen, during their first meeting, leading to a decisive investment in the company [6][26] - Zhang Wen's vision for Wallran Technology was driven by the need for domestic AI companies to reduce reliance on imported GPU chips, especially in light of increasing geopolitical risks [6][26] Group 6 - Wallran Technology has achieved rapid financing success, raising a total of over 9 billion RMB through 11 rounds of financing, including a record 4.7 billion RMB in 18 months [8][29] - The company's core team includes experienced professionals from leading firms like NVIDIA and Huawei, with 83% of employees in R&D roles [9][30] Group 7 - Songhe Capital emphasizes a long-term investment strategy, focusing on companies that can "change the world" through hard technology, with a management scale exceeding 24 billion RMB and over 500 projects invested [12][33] - The firm has strategically invested in various sectors, including digital technology, precision medicine, and innovative materials, with a focus on addressing core pain points in computing power [34][36] Group 8 - The investment landscape for hard technology is evolving, with recent regulatory changes in both the A-share and Hong Kong markets facilitating the listing of innovative companies [17][37] - Songhe Capital plans to launch venture capital bonds in 2026 to support its continued investment in hard technology, emphasizing a value-oriented approach rather than a scale-oriented one [38][39]
壁仞上市，连投两轮的这家大股东赚翻了