“港股GPU第一股”上市大涨，国产算力竞争升维

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 100 billion and demonstrating strong investor interest with over 2300 times subscription during the IPO phase [1][2]. Company Overview - Wallan Technology has rapidly developed its business since its establishment six years ago, launching specialized technology products and generating significant revenue growth, with a reported revenue increase of 443.29% from approximately RMB 620,300 in 2022 to about RMB 337 million in 2024 [2][3]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, along with the higher-performance BR166 chip utilizing chiplet technology [4]. Market Dynamics - The domestic AI chip market is experiencing rapid growth, with the Chinese intelligent computing chip market projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, reflecting a CAGR of 105% [5]. - By 2029, the market is expected to reach USD 201.2 billion, with Chinese companies' market share anticipated to increase from approximately 20% in 2024 to about 60% by 2029 [5]. Technological Advancements - Wallan Technology is focusing on enhancing its cluster capabilities to meet the increasing computational demands driven by AI large models, optimizing its customer structure, and winning significant commercial projects [8][10]. - The company has introduced the BR10X series, designed for AI workloads, and is planning to launch the next-generation BR20X series for cloud training and inference by 2026 [9]. Industry Collaboration - Wallan Technology has established strategic partnerships to develop intelligent computing solutions, resulting in substantial sales agreements and collaborations with major telecom operators [9][10]. - The company is actively participating in the establishment of industry standards and has been involved in nearly ten national standard formulations related to intelligent computing [11]. Future Outlook - The listing of Wallan Technology symbolizes a new development phase for the domestic computing power industry, moving beyond hardware specifications to encompass reliable deployment, open-source ecosystem collaboration, and forward-looking technical standards [12].