壁仞科技今起招股：获超豪华阵容约29亿港元基石认购，稀缺性强化估值逻辑

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].