最全梳理！壁仞科技上市，市值狂飙至900亿，揭秘背后资本版图丨创投智库

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong stock market on January 2, 2024, with an opening surge of 82.14%, reaching a market capitalization of over 90 billion HKD, marking a significant milestone for China's GPU industry and venture capital investments in this sector [1][14]. Company Overview - Wallen Technology was founded in September 2019 by Zhang Wen, a former president of SenseTime, who is recognized for his strategic vision despite not having a formal background in GPU technology [1][3]. - The company aims to compete with industry giants like NVIDIA, presenting a narrative of catching up from scratch [3][14]. Investment Journey - Initial funding was secured from Qiming Venture Partners, which recognized the potential of AI technology and its demand for computing power, leading to a successful first round of investment in December 2019 [5][11]. - By mid-2020, Wallen Technology completed four rounds of financing, raising approximately 2.9 billion CNY, with a pre-investment valuation soaring to 6.06 billion CNY [8][12]. - Significant investments came from major players like Gree Group and Country Garden, which provided substantial capital and strategic support [9][10]. Financial Performance - Wallen Technology's revenue figures show a gradual increase, with approximately 49,900 CNY in 2022, 6.203 million CNY in 2023, and a projected 340 million CNY in 2024, although it lags behind competitors like Moore Threads and Muxi Technology [12][14]. - The company has raised a total of 9.32 billion CNY in funding, with a notable slowdown in financing activities compared to its competitors during the same period [12][14]. Market Position and Challenges - Despite the successful IPO, Wallen Technology faces significant challenges from NVIDIA, which reported a global revenue of 130.5 billion USD for the fiscal year 2025, dwarfing the combined revenue of Wallen Technology and its competitors [14]. - The company aims to utilize the funds raised from the IPO to attract top talent and potentially pursue mergers and acquisitions to strengthen its market position [14].