华映资本：两次在壁仞艰难时期坚定出手，迎来硬科技领域第一个IPO

Core Viewpoint - Shanghai Birun Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first GPU stock in Hong Kong and the largest new stock issued since the implementation of the 18C chapter special technology company listing mechanism [3] Investment Background - Birun Technology has attracted a prestigious lineup of investors, including top financial institutions, diverse industrial capital, semiconductor professional funds, and well-known state-owned investment platforms [3] - Huaying Capital made its first investment in Birun Technology in June 2020, when the company was still in its early stages, and further invested in October 2022 [3] Founder's Vision and Capabilities - Zhang Wen, the founder and CEO of Birun Technology, expressed his ambition to create a company with a market value of 100 billion yuan when he approached Huaying Capital for funding in February 2020 [4] - Zhang possesses strong commercialization and operational capabilities, having previously managed two large companies and built the business model for Birun [5] - He demonstrated the ability to quickly assemble a team, successfully recruiting key members from Huawei's HiSilicon GPU R&D team [5] - Zhang's background as a former private equity fund manager on Wall Street supports his financing capabilities for the ambitious GPU project [5] - The company initially focused on developing advanced products, directly targeting the challenging 7nm chip market [5] Investment Strategy and Methodology - Huaying Capital's partner, Zhang Gaonan, had been monitoring the GPU sector since 2019 and recognized the importance of domestic GPU development [7] - After thorough research and interviews with the founding team, Huaying Capital decided to invest 70 million yuan in Birun Technology, exceeding the initial plan of 50 million yuan [7] - Huaying Capital is a selected management unit of the National SME Development Fund, and Birun Technology is the first project of Huaying's sixth phase growth fund [8] Additional Investments and Portfolio - By mid-2022, Huaying Capital decided to make additional investments in high-quality projects, with Birun Technology being the top choice [8] - Huaying Capital has invested in over 50 companies in the hard technology sector, covering mainstream tracks, including notable projects like Hanbo Semiconductor and Shenzhou Semiconductor [8] Investment Dimensions - Huaying Capital's investment approach is not fixed but adapts to industry development cycles and national competition, focusing on three dimensions: 1. Definition of rights, targeting disruptive technologies and early-stage investments [9] 2. Dominance of rights, focusing on large strategic sectors with significant investment potential [10] 3. Participation rights, emphasizing the efficiency upgrade of mature industrial chains and the certainty of revenue for scaling companies [11][12]