港股迎“国产GPU第一股”：上半年营收0.6亿，市值740亿

Core Viewpoint - Wall Street Technology officially listed on the Hong Kong Stock Exchange on January 2, becoming the first "domestic GPU stock" in the market and the first stock to be listed in Hong Kong in 2026 [1] Group 1: IPO Details - The opening price of Wall Street Technology surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 per share before closing at a 75.82% increase, with a total market capitalization of approximately HKD 82.5 billion (around RMB 74 billion) [1] - The company issued shares at an initial price of HKD 19.6, totaling 285 million shares, raising a total of HKD 5.583 billion [1] - The public offering was oversubscribed by 2,347.53 times, while the international placement was oversubscribed by 25.95 times [1] Group 2: Fund Utilization - The funds raised from the IPO will primarily be used for research and development of intelligent computing solutions, including the development of smart computing hardware, software platform upgrades, commercialization of solutions, and advancing the development of next-generation GPGPU chips like BR20X and BR30X [1] - Approximately 85% of the net proceeds will be allocated to R&D, 5% for commercialization expansion, and 10% for working capital and general corporate purposes [1] Group 3: Financial Performance - Wall Street Technology is still in the early stages of commercialization, having reported strong revenue growth over the past three years but has not yet achieved profitability [4] - Revenue figures for the years 2022, 2023, 2024, and the first half of 2025 were HKD 499,000, HKD 62.03 million, HKD 337 million, and HKD 59 million, respectively, with net losses of HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion [4] - Cumulatively, the company has incurred over HKD 6.3 billion in net losses from 2022 to June 2025, with gross margins decreasing from 100% in 2022 to 31.9% in the first half of 2025 [4] Group 4: Investment Landscape - Wall Street Technology's implied post-investment valuation reached RMB 20.915 billion in August 2025, with a multi-tiered capital structure supported by various state-owned and private investment platforms [5] - The domestic GPU industry is accelerating its IPO processes, with Wall Street Technology, Moer Technology, Muxi Co., and Tensu Zhixin often referred to as the "four little dragons of domestic GPUs" [5] - Following Wall Street Technology's listing, Tensu Zhixin is set to be listed on January 8, and Baidu's AI chip company Kunlun has submitted a confidential application to the Hong Kong Stock Exchange [5]