壁仞科技正式登陆港交所：市值超千亿港元，港股GPU第一股创18C发行规模之最

Core Viewpoint - Wallran Technology Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first GPU stock in Hong Kong and the largest IPO under the special technology company listing mechanism since its implementation [3][5]. Group 1: IPO Details - Wallran Technology issued a total of 284,846,600 H-shares, with a subscription rate of 2,347.53 times for the Hong Kong public offering and 25.95 times for the international offering, raising a total of HKD 55.83 billion at an issue price of HKD 19.60 per share [5]. - As of 9:35 AM, Wallran's share price reached HKD 42.88, reflecting an increase of 118.78% from the issue price, with a market capitalization exceeding HKD 100 billion [6]. Group 2: Company Overview - Founded in 2019, Wallran Technology is a leading provider of general intelligent computing solutions, focusing on its self-developed Walli™ series GPU products to provide robust, secure, and efficient computing infrastructure across various industries [9]. - Wallran has developed the first generation of GPGPU architecture and a series of hardware based on GPGPU, including the Walli™106, Walli™110, and the higher-performance Walli™166 chip products, targeting high computing demand scenarios in sectors like AI data centers, telecommunications, energy, and fintech [13]. Group 3: Financial Performance - Wallran's revenue from 2022 to 2024 was RMB 49.9 million, RMB 620.3 million, and RMB 3.37 billion, with corresponding gross margins of 100%, 76.4%, and 53.2% [14]. - As of December 15, 2025, Wallran has signed five framework sales agreements and 24 sales contracts, with a total value of approximately RMB 12.41 billion, contributing to future revenue [15]. Group 4: R&D and Innovation - Wallran has consistently placed R&D innovation at the core of its strategy, with R&D expenditures of RMB 10.18 billion, RMB 8.86 billion, RMB 8.27 billion, and RMB 5.72 billion from 2022 to the first half of 2025, totaling RMB 33.02 billion over three years [18]. - As of June 30, 2025, Wallran has submitted 1,158 self-developed invention patent applications globally, ranking first among GPGPU companies in China, with a 100% authorization rate [19]. Group 5: Market Position and Future Outlook - The Chinese government has emphasized the importance of technological self-reliance and the development of artificial intelligence, which aligns with Wallran's focus on autonomous and controllable computing power [20]. - Wallran aims to leverage its IPO to further fund technological advancements and accelerate the application of artificial intelligence, reinforcing its mission to strengthen national computing power [21].