Company Overview - Wallen 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 list in Hong Kong in 2026 [1] - The opening price surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 per share, closing with a gain of 75.82% and a total market capitalization of approximately HKD 82.5 billion (around RMB 74 billion) [1] IPO Details - The IPO price was set at HKD 19.6, with 285 million shares issued, 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] Fund Utilization - The funds raised will primarily be used for research and development of intelligent computing solutions, including 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] Financial Performance - Wallen Technology is still in the early stages of commercialization, with significant revenue growth over the past three years but has not yet achieved profitability [4] - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were reported as RMB 499,000, RMB 62.03 million, RMB 337 million, and RMB 59 million respectively, with net losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.601 billion [4] - Cumulative net losses exceeded RMB 6.3 billion by mid-2025, with gross margins declining from 100% in 2022 to 31.9% in the first half of 2025 [4] Industry Context - The domestic GPU industry is accelerating its IPO processes, with Wallen Technology, Moer Technology, Muxi Co., and Tensu Zhixin often referred to as the "Four Little Dragons of Domestic GPU" [5] - Moer Technology and Muxi Co. recently listed on the A-share Science and Technology Innovation Board, with first-day stock price increases of 425.46% and 692.95% respectively [5] - Following Wallen 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]
港股迎“国产GPU第一股”壁仞科技：上半年营收0.6亿，股价首日涨76%