Core Viewpoint - The successful IPO of Wallen Technology marks a significant milestone in the domestic AI chip industry, positioning it as the first GPU stock in the Hong Kong market and reflecting the growing demand for AI computing power [1][3][5]. Company Overview - Wallen Technology, founded by Zhang Wen in September 2019, aims to develop top-tier domestic general-purpose computing chips, particularly in the high-performance GPU sector, which is crucial for AI development [6][10]. - The company has successfully developed its first-generation GPGPU architecture and two chips, BR106 and BR110, and plans to launch the next-generation BR20X series by 2026 [10][11]. Market Demand and Growth - The global demand for AI computing power has surged, with the Chinese AI chip market projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with GPUs expected to increase their market share from 69.9% to 77.3% during the same period [4][5]. - Wallen Technology's revenue has seen exponential growth, from 499,000 yuan in 2022 to 620.3 million yuan in 2023, with a compound annual growth rate of 2500% [11]. Capital Market Strategy - Wallen Technology's IPO raised a total of 5.583 billion HKD, the largest fundraising project since the implementation of the Hong Kong Stock Exchange's 18C chapter for specialized technology companies [7]. - The funds will primarily be allocated to R&D for intelligent computing solutions, with 85% directed towards developing and upgrading existing GPGPU chips and software platforms [7][8]. Competitive Landscape - The AI chip market in China is highly concentrated, with the top two players holding 76.2% and 18.2% of the market share, indicating fierce competition and significant growth potential for domestic GPU companies [11]. - Wallen Technology is positioned among the top tier of domestic GPU firms, alongside companies like Moore Threads and Muxi Technology, highlighting its competitive standing in the industry [6][10].
剑指千亿市值，“港股GPU第一股”有望开启价值重估