国产GPU上市奇观：同是国产AI芯片，A股与港股天差地别

Core Viewpoint - Nvidia has become a significant player in the tech industry, with its market value surpassing $5 trillion, leading to a surge in interest for domestic GPU companies in China, prompting them to pursue IPOs [1] Group 1: IPO Performance - The four domestic GPU companies, known as the "Four Little Dragons," have successfully gone public, with two listed on the A-share market and two on the Hong Kong stock market [3] - Moer Technology and Muxi Co., Ltd. listed on the A-share market, experiencing explosive growth, with Moer Technology's stock price rising by 500% on its debut, leading to a current market value of over 300 billion yuan [5] - Muxi Co., Ltd. had an initial price of 104.66 yuan, with a debut market value of over 418 billion yuan, and has since reached around 250 billion yuan, ranking second among the four companies [5] Group 2: Comparison of Market Performance - In contrast, Wall Street-listed companies, Birran Technology and Tensu Zhixin, had a much less favorable performance, with Birran's initial price at 19.6 HKD and a debut market value of approximately 462 billion HKD, only achieving a maximum increase of around 110% [7] - Birran's current market value is about 790 billion HKD (approximately 710 billion yuan), significantly lower than its A-share counterparts, at less than a quarter of Moer Technology's value [8] - Tensu Zhixin's initial price was 144.6 HKD, with a debut market value of 367.7 billion HKD, and it has only reached a current market value of 412 billion HKD (approximately 370 billion yuan), which is less than one-eighth of Moer Technology's value [8] Group 3: Implications of Listing Location - The stark difference in market performance highlights the impact of the chosen listing location, with Moer Technology and Muxi Co., Ltd. experiencing over fivefold increases, while Birran Technology and Tensu Zhixin have not even doubled in value [10] - If Birran and Tensu had listed on the A-share market, their market values could have exceeded 2 billion yuan each, indicating a significant loss due to their choice of listing location [10] - The situation serves as a lesson for tech companies regarding the importance of selecting the right market for their IPOs, as it can greatly influence their market valuation and future growth potential [12]