“港股GPU第一股”，要来了

Core Viewpoint - Wallan Technology, one of the "Four Little Dragons" of domestic GPUs, is making significant strides towards becoming the first GPU stock in Hong Kong by planning an IPO to raise approximately HKD 48.55 billion [3][6]. Group 1: IPO Details - Wallan Technology plans to issue 247,692,800 H-shares at a price range of HKD 17.00 to HKD 19.60 per share, with the maximum fundraising amount being approximately HKD 48.55 billion if the upper limit is used [3][8]. - The stock code for Wallan Technology is "6082," and it is expected to officially start trading on the Hong Kong Stock Exchange on January 2, 2026 [3][8]. - The entry fee for investors is approximately HKD 3,959.54 based on the upper limit price [9]. Group 2: Fund Utilization - The funds raised from the IPO will primarily be used to advance the development of next-generation chips such as BR20X and BR30X, as well as to invest in core technologies and enhance commercialization capabilities [12][18]. Group 3: Business Performance - Wallan Technology has accumulated a total of 24 binding orders valued at approximately RMB 821.8 million, along with five framework sales agreements and 24 sales contracts totaling RMB 1.24 billion, indicating a strong potential revenue reserve exceeding RMB 2 billion [14][15][19]. - The company reported rapid revenue growth, with revenues of RMB 62.03 million in 2023 and RMB 589.03 million in the first half of 2025, reflecting a year-on-year increase of 49.9% [20][24]. Group 4: Market Landscape - The smart computing chip market presents both opportunities and challenges, with the market share of Chinese enterprises expected to grow from approximately 20% in 2024 to about 60% by 2029 [28]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other participants [28]. Group 5: Investment and Strategic Decisions - Wallan Technology has attracted significant capital, having completed multiple rounds of financing totaling over RMB 9 billion, with notable investors including Qiming Venture Partners and IDG Capital [31]. - Initially targeting the A-share Science and Technology Innovation Board for its IPO, the company ultimately chose Hong Kong for its diverse investor base and capital acquisition opportunities [33].