Core Viewpoint - Wallen Technology, known as the "first GPU stock in Hong Kong," has successfully listed on the Hong Kong Stock Exchange, marking the first new stock listing in the Hong Kong market for 2026, with a significant opening price increase of 82% [1] Group 1: Company Overview - Wallen Technology was founded in 2019 and focuses on the research and development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies in China [3][4] - The company has a market share of approximately 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture about 0.2% of the projected market size of $50.4 billion by 2025 [3] Group 2: Financial Performance - Wallen Technology's revenue for the years 2022 to 2024 is reported as 0.5 million, 62.03 million, and 337 million yuan respectively, with adjusted net losses of 1.038 billion, 1.051 billion, and 767 million yuan [5] - For the first half of 2025, the company reported a revenue of 58.9 million yuan and an adjusted net loss of 552 million yuan, with expectations of a significant increase in net losses due to rising R&D and financial costs [5] Group 3: IPO Details - The global offering consisted of 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 [2][3] - The final offer price was set at 19.6 HKD per share, with the net proceeds from the offering estimated at approximately 5.375 billion HKD [2] Group 4: Future Plans and Investments - Approximately 85% of the net proceeds from the IPO will be allocated to R&D, focusing on the next generation of product iterations and technological innovation, while 5% will be used for commercial expansion and 10% for working capital and general corporate purposes [8] - The company has secured 24 binding orders valued at approximately 822 million yuan and has established framework sales agreements and contracts worth a total of 1.241 billion yuan [4]
开盘大涨超110%！“港股国产GPU第一股”壁仞科技上市，一手赚超3000港元