Core Viewpoint - Wall Street's first domestic GPU company, Birun Technology, officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking a significant milestone in the domestic GPU industry [1] Group 1: IPO and Market Performance - Birun Technology's opening price surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 before closing at a 75.82% gain, with a total market capitalization of approximately HKD 82.5 billion [1] - The company issued shares at an initial price of HKD 19.6, raising a total of HKD 5.583 billion through the issuance of 285 million shares, with a subscription rate of 2347.53 times in the public offering phase and 25.95 times in the international placement phase [1] Group 2: Use of Proceeds - The funds raised from the IPO will primarily be allocated to research and development of intelligent computing solutions, including the development of next-generation GPGPU chips such as BR20X and BR30X, with approximately 85% of the net proceeds dedicated to R&D [1] Group 3: Financial Performance - Birun Technology has not yet achieved profitability, reporting revenues of CNY 499,000, CNY 62.03 million, CNY 337 million, and CNY 59 million for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net losses of CNY 1.474 billion, CNY 1.744 billion, CNY 1.538 billion, and CNY 1.601 billion during the same periods [4] - The cumulative net loss exceeded CNY 6.3 billion from 2022 to June 2025, with gross margins declining from 100% in 2022 to 31.9% in the first half of 2025 [4] Group 4: Industry Context - Birun Technology is part of a growing trend in the domestic GPU industry, often referred to as the "Four Little Dragons of Domestic GPUs," alongside companies like Moer Thread and Muxi Co., which have also recently gone public [5] - The company has established a multi-tiered capital system with notable investors, including state-owned platforms and venture capital firms, indicating strong backing in the competitive landscape of AI and semiconductor investments [5]
港股迎“国产GPU第一股”壁仞科技，股价首日涨76%