港股GPU第一股将诞生

Core Viewpoint - The domestic computing chip industry is experiencing a significant moment in the capital market, highlighted by the successful listing applications of companies like Birran Technology and Tensu Zhixin on the Hong Kong Stock Exchange [1][7]. Group 1: Birran Technology - Birran Technology, established in 2019, focuses on the development of General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, positioning itself among the top domestic GPU companies [2]. - The company has developed a three-in-one core business system comprising GPGPU chip hardware systems, the BIRENSUPA software platform, and intelligent computing cluster delivery, supporting high-performance computing for various sectors [2][3]. - Financially, Birran Technology's revenue has surged from 499,000 yuan in 2022 to 337 million yuan in 2024, marking a cumulative growth of over 675 times, although it reported a net loss of 15.38 billion yuan in 2024 [4]. Group 2: Tensu Zhixin - Tensu Zhixin is the first domestic company to achieve mass production of training and inference general-purpose GPUs using 7nm advanced technology, with a product matrix covering all AI computing scenarios [5][6]. - The company has seen significant growth in its customer base, expanding from 22 clients in 2022 to over 290 by mid-2025, with a total of over 900 deployments in key sectors [6]. - Revenue for Tensu Zhixin has also increased, reaching 5.4 billion yuan in 2024, with a compound annual growth rate of 68.8% from 2022 to 2024 [6]. Group 3: Market Trends and Regulations - The Hong Kong Stock Exchange's 18C special technology listing system has lowered financial thresholds for unprofitable tech companies, leading to a surge in listing applications, with 19 companies having applied under this rule as of now [7][9]. - Industry experts predict that 150 to 200 companies will list in Hong Kong next year, with an expected IPO total of 300 billion yuan, making it the largest globally [8]. - The 18C mechanism provides crucial capital access and market confidence for high-investment, long-cycle, unprofitable domestic GPU companies, although it raises expectations for stable cash flow and predictable orders from investors [9].