多款高端 AI 芯片实现量产，港股“GPU 第一股”壁仞科技开年挂牌：市值破千亿、首日涨幅领跑市场

Core Viewpoint - The article highlights the successful IPO of Wallen Technology, a leading GPU company in Shanghai, marking a significant milestone in the Hong Kong stock market for 2026 and representing the largest IPO since the implementation of the 18C regulations [2]. Group 1: IPO Performance - Wallen Technology's stock price surged on its debut, opening at HKD 35.70, an increase of 82.14% from the issue price of HKD 19.60, and reaching a market capitalization of approximately HKD 1002 billion [2][3]. - The company received over 2300 times oversubscription during the IPO, indicating strong market interest in the domestic GPU sector and AI computing infrastructure [4]. Group 2: Company Overview - Founded in 2019, Wallen Technology focuses on high-performance general-purpose GPUs and intelligent computing systems, targeting data center applications rather than consumer-grade GPUs [4][6]. - The company emphasizes a design philosophy of "high computing density + general programmability," aiming to provide high floating-point computing power and bandwidth to meet the demands of AI model training [6]. Group 3: Financial Performance - Wallen Technology has incurred cumulative losses exceeding RMB 6.3 billion since its inception, with significant losses reported in recent years: RMB 1.474 billion in 2022, RMB 1.744 billion in 2023, and RMB 1.538 billion in 2024 [8][11]. - The company's R&D expenses have been substantial, accounting for approximately 79.8% of total operating expenses in 2022, with expectations for further increases in R&D investment [12]. Group 4: Product Development - Wallen Technology has successfully launched three GPGPU products, with the BR106 aimed at data centers and the BR110 targeting edge scenarios, emphasizing energy efficiency [10]. - The company has developed its own GPU architecture, which includes critical components such as computing units and interconnects, to ensure long-term competitiveness and autonomy [6]. Group 5: Leadership and Funding - The founder and CEO, Zhang Wen, has a diverse background in finance and technology, having previously held key positions in notable companies before establishing Wallen Technology [15][16]. - Wallen Technology has completed multiple rounds of financing, with its valuation reaching RMB 20.915 billion after the latest funding round, reflecting market confidence in its long-term potential in the high-end GPU sector [18].