上海，诞生一个超级IPO！

Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first GPU stock in the Hong Kong market, with a market capitalization exceeding 100 billion HKD at opening [1][3]. Company Overview - Birun Technology was founded in 2019 in Shanghai and focuses on the research and development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions. It is now among the top tier of domestic GPU companies, alongside Moore Threads, Muxi Technology, and Suiruan Technology, collectively known as the "Four Little Dragons of Domestic GPUs" [3]. - The company raised a total of 5.583 billion HKD through its IPO, netting 5.375 billion HKD, marking the largest fundraising project since the implementation of Chapter 18C of the Hong Kong Stock Exchange listing rules [3]. Leadership and Team - The founder, Zhang Wen, has a unique background with a PhD in law from Harvard and experience as a lawyer and investor. He previously held leadership roles at companies like SenseTime and was involved in the establishment of Birun Technology [3][4]. - The CTO, Hong Zhou, has nearly 30 years of GPU design experience, having worked at major companies like NVIDIA and Huawei. The COO, Zhang Linglan, has over 23 years of experience in the semiconductor industry, previously working at AMD and Samsung [4]. Financial Performance and Funding - Birun Technology has completed 10 rounds of financing, raising over 9 billion RMB, with a valuation reaching 20.9 billion RMB as of August 2025. Notable investors include state-owned funds and top venture capital firms [5][6]. - The company has successfully attracted 23 top-tier investment institutions for its IPO, with a total subscription amount of 2.899 billion HKD [6]. Product Development and Market Position - Birun Technology focuses on cloud-based intelligent computing, with core business in GPGPU chip development. It has launched two chips, BR106 and BR110, with significant sales growth projected [7][8]. - The company has invested over 3.302 billion RMB in R&D from 2022 to mid-2025, with R&D expenses consistently accounting for over 75% of total operating expenses [8]. Revenue Growth and Market Potential - The company's revenue has shown exponential growth, increasing from 499,000 RMB in 2022 to 62.03 million RMB in 2023, and projected to reach 337 million RMB in 2024, reflecting a compound annual growth rate of 2500% [10]. - As of December 15, 2025, Birun Technology has secured sales agreements valued at approximately 1.241 billion RMB, providing solutions to several Fortune China 500 companies [11]. Industry Outlook - The Chinese GPU market is projected to reach 142.5 billion RMB in 2024, with Birun Technology's market share estimated at 0.24%, indicating significant growth potential [12]. - The GPU industry is experiencing unprecedented demand driven by AI applications, with multiple companies preparing for IPOs, highlighting the competitive landscape and the need for sustained funding [12].