“国产GPU四小龙”相继冲刺上市，算力市场迎新机遇

Group 1 - The core point of the article is the successful listing of Wallan Technology, the first GPU company in Hong Kong, which opened at HKD 35.7 per share, an increase of 82.14% from its issue price of HKD 19.6 [1] - Wallan Technology was founded in 2019 and focuses on the development of general-purpose graphics processing unit (GPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies in China [4] - The company has completed a critical loop from technological breakthroughs to market validation, with commercialized products since August 2022 and revenue contributions from intelligent computing solutions starting in 2023 [4] Group 2 - By December 15, 2025, Wallan Technology had secured five framework sales agreements and 24 sales contracts, with a total value exceeding CNY 1.2407 billion [4] - The Chinese GPU market is entering a crucial opportunity period, with predictions indicating that the AI chip market in China will grow from CNY 142.5 billion to CNY 1.34 trillion by 2029 [5] - The domestic GPU sector is experiencing significant investment interest, especially with the recent listings of other companies in the "Four Little Dragons" of domestic GPUs, including Moer Technology and Muxi Technology [4]