港股GPU第一股来了

Core Viewpoint - The article highlights the significant developments in the domestic GPU industry, particularly focusing on the upcoming IPO of Birun Technology, which aims to become the first GPU stock in Hong Kong, amidst a broader trend of domestic GPU companies seeking to enter the capital market [2][6][10]. Company Overview - Birun Technology, established in 2019, specializes in high-performance general-purpose GPUs and aims to create a domestic intelligent computing ecosystem. The company has nearly 1,000 employees and has filed for approximately 1,200 patents globally, ranking first among Chinese general-purpose GPU companies [4][5]. - The company plans to issue no more than 372 million overseas listed ordinary shares and convert approximately 873 million shares held by 57 shareholders into overseas listed shares, achieving "full circulation" [3][4]. Market Context - The article notes a surge in IPO activities among domestic GPU companies, referred to as the "Four Little Dragons of Domestic GPU," which includes Birun Technology, Moore Threads, Muxi Technology, and Suiruan Technology, all racing to enter the capital market [6][10]. - Moore Threads recently went public on the Sci-Tech Innovation Board, raising nearly 8 billion yuan, while Muxi Technology is set to list soon, indicating strong market interest in AI computing capabilities [8][9]. Financial Landscape - Birun Technology has raised over 4.7 billion yuan in funding within 18 months of its establishment, setting a record for domestic chip startups. Its latest funding round before the IPO valued the company at 14 billion yuan [11][12]. - Despite the enthusiasm in the capital market, many domestic GPU manufacturers face significant commercialization challenges, with most still incurring substantial R&D costs and losses. For instance, both Moore Threads and Muxi Technology have yet to achieve profitability [13][14]. Competitive Environment - The article emphasizes the dominance of NVIDIA in the GPU market, holding a 92% market share as of Q3 2025, making it challenging for domestic companies to compete [15][16]. - Domestic firms are adopting differentiated strategies, with each focusing on various sectors: Moore Threads covers a wide range of applications, Muxi Technology focuses on cloud-based intelligent computing, and Birun Technology emphasizes high-performance general-purpose GPUs [17][20]. Future Outlook - The GPU market in China is expected to continue its rapid growth, driven by the increasing demand for AI computing power. Birun Technology is already testing next-generation chips based on 3nm processes [24]. - The success of these companies will depend not only on their IPO performance but also on their ability to convert raised funds into technological advancements and market share [26].