Core Viewpoint - Wallen Technology, a domestic high-performance GPU company, successfully listed on the Hong Kong Stock Exchange, becoming the first company focused on GPU chips and intelligent computing solutions in the market, and raised the highest amount since 2018 [1][3] Group 1: Company Overview - Wallen Technology's initial public offering (IPO) price was HKD 19.60 per share, with a first-day trading surge of approximately 80%, reaching a peak of HKD 42.88 per share, resulting in a market capitalization exceeding HKD 100 billion [3] - The company plans to allocate approximately 85% of the raised funds for future research and development of intelligent computing solutions, 5% for commercialization, and 10% for operational funds and other general corporate purposes [3] - Wallen Technology has a strong lineup of cornerstone investors, including MSA Capital, Ping An Life, and UBS AM Singapore, with 23 top investment institutions subscribing to USD 373 million, representing about 64% of the total offering [3] Group 2: Market Position and Growth - Wallen Technology is recognized as a leading provider of general intelligent computing solutions, with its proprietary Walli™ series offering high efficiency, high computing power, and versatility, serving key industries such as AI data centers, telecommunications, and fintech [3] - The company has experienced rapid revenue growth, with income increasing from CNY 49,900 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate of 2499% [12] - Wallen Technology has established five framework sales agreements and 24 sales contracts valued at approximately CNY 1.24 billion, with clients including nine Fortune 500 companies [12] Group 3: Technological Innovation - Wallen Technology has developed and mass-produced the Walli™106 and Walli™110 chips, with plans to launch the next-generation BR20X series for cloud training and inference by 2026 [15] - The company ranks first among Chinese GPGPU companies in terms of the number of self-developed invention patent applications, demonstrating its strong R&D capabilities [15] - Wallen Technology's management team includes industry experts with extensive experience in chip design and development, ensuring its competitive edge in the high-performance GPU market [10] Group 4: Investment Perspective - MSA Capital views its investment in Wallen Technology as a validation of its long-term investment strategy, emphasizing the importance of the GPU sector in the context of AI and technological advancement [4][6] - The investment reflects MSA Capital's systematic approach to hard technology investments, focusing on companies that drive market transformation through technological innovation [16] - MSA Capital aims to support Wallen Technology in its journey from original innovation to commercial success, contributing to the development of China's high-end chip industry [6][16]
港股GPU第一股壁仞科技上市 和玉资本6年陪伴发展