2026开局 | 港股GPU第一股上市首日涨超100%

Core Insights - Wall Street's first GPU stock, Birun Technology, listed on the Hong Kong Stock Exchange on January 2, opening at HKD 35.7 per share, an increase of 82.14% from the issue price of HKD 19.6, and reaching a peak of HKD 42.88, with a market capitalization exceeding HKD 90 billion [2] Company Overview - Birun Technology is a major AI chip manufacturer in China, raising approximately HKD 5.375 billion from the global offering of about 285 million H-shares, with funds allocated for R&D of intelligent computing solutions, commercialization, working capital, and general corporate purposes [4] - Despite continuous revenue growth over the past three years, Birun Technology remains in a loss position, with revenues of CNY 499,000, CNY 62.03 million, and CNY 337 million from 2022 to 2024, and corresponding losses of CNY 1.474 billion, CNY 1.744 billion, and CNY 1.538 billion, totaling CNY 4.75 billion in cumulative losses [4] - In the first half of 2025, the company reported revenue of CNY 58.903 million and a loss of CNY 1.6 billion [4] R&D Expenditure - The company's R&D spending has been significantly high relative to its annual revenue, totaling CNY 2.73 billion from 2022 to 2024, with R&D expenditure accounting for 245.5% of annual revenue in 2024 [4] Market Position - The market share of domestic GPU manufacturers, including Birun Technology, remains low compared to overseas giants, with Nvidia and Huawei HiSilicon commanding 94.4% of the Chinese intelligent computing chip market by revenue in 2024 [5] - Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.2% in the general GPU market for 2024, with expectations to reach 0.19% in the intelligent computing chip market by 2025 [5] - The Chinese intelligent computing chip market is expected to see its share from domestic companies rise from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Birun Technology and other players [5]