Core Viewpoint - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, becoming the first GPU company to do so in Hong Kong and achieving a market capitalization exceeding HKD 100 billion [1] Group 1: IPO Details - Wallen Technology's IPO was highly sought after, with a public offering oversubscription rate soaring to 2,347 times, indicating unprecedented enthusiasm for new listings in the market [1] - The final issuance price for H shares was set at HKD 19.6, resulting in a total net fundraising of HKD 5.375 billion [1] Group 2: Fund Utilization - 85% of the net proceeds from the IPO will be allocated to research and development, focusing on the commercialization of the next-generation flagship chip BR20X, which is planned for launch in 2026 [1] - The company is also developing BR30X for cloud training/inference and BR31X for edge inference, with expected launches in 2028 [1] Group 3: Business Model and Financials - Wallen Technology's future profitability will rely on a three-pronged model of "hardware scaling + high-margin software + ecosystem binding," despite currently not being profitable [1] - Cumulative losses from 2022 to the first half of 2025 are projected to exceed CNY 6.3 billion, but the company has an order reserve of CNY 822 million, with clients including China Mobile and China Telecom [1]
快讯 | 2026年香港首个IPO！壁仞科技成功在香港上市，首日大涨118%！