“港股GPU第一股”壁仞科技确定IPO发售价格区间，预计明年1月2日上市交易

Core Viewpoint - Biran Technology, a prominent player in the GPU sector, is set to launch its IPO in Hong Kong with a price range of HKD 17.00 to 19.60 per share, aiming to raise up to approximately HKD 48.55 billion for the development of next-generation chips [2][3][7]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [10][12]. - The expected listing date on the Hong Kong Stock Exchange is January 2, 2026, with a minimum entry fee of approximately HKD 3,959.54 for retail investors [9][10][19]. - The IPO is crucial for Biran Technology as it seeks to enhance its competitive edge in the GPU market, which is dominated by a few major players [3][12]. Group 2: Financial Performance - Biran Technology has shown rapid revenue growth, with revenues of RMB 49,900 in 2022, RMB 62,030,000 in 2023, and projected revenues of RMB 336,803,000 in 2024 [19][22]. - The company reported a revenue of RMB 58,903,000 in the first half of 2025, marking a year-on-year increase of 49.9% [18][19]. - Despite the growth, the company continues to face significant losses primarily due to high R&D expenditures, which accounted for over 70% of total operating expenses in recent years [21][22][23]. Group 3: Market Position and Competition - Biran Technology is recognized as one of the "Four Little Dragons" of domestic GPUs in China, alongside other companies like Moore Threads and Suiryan Technology [6][12]. - The smart computing chip market in China is projected to grow significantly, with market share expected to increase from approximately 20% in 2024 to about 60% by 2029 [24]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, posing challenges for new entrants [24]. Group 4: Strategic Focus - The funds raised from the IPO will primarily be used to invest in core technologies, further develop solutions, and enhance commercialization capabilities, particularly focusing on the development of next-generation chips like BR20X and BR30X [12][19]. - The company has a backlog of 24 binding orders valued at approximately RMB 821.8 million and additional framework agreements worth RMB 1.24 billion, indicating a solid foundation for future revenue growth [15][16].