Core Viewpoint - Wall Street's first stock of the new year, Birran Technology, saw a significant increase of over 118% on its debut in the Hong Kong Stock Exchange, indicating strong market interest and investor confidence in the company [2][4]. Group 1: Company Overview - Birran Technology, established in 2019, is a Chinese high-performance general-purpose computing chip company headquartered in Shanghai, focusing on the development of general-purpose GPUs and AI acceleration chips [4]. - The company aims to provide computing power solutions for AI training, inference, and high-performance computing [4]. Group 2: IPO Details - Birran Technology's shares were priced at HKD 19.60, raising approximately HKD 55.83 billion, making it the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [4]. - The IPO attracted 471,000 retail investors, marking it as the most sought-after new stock in the Hong Kong market over the past year [4]. Group 3: Market Position and Projections - As of 2024, Birran Technology holds a market share of 0.16% in China's intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture about 0.2% of the projected USD 50.4 billion market by 2025 [4]. - The company has secured sales agreements valued at approximately RMB 1.241 billion as of December 15, 2025 [4]. Group 4: Financial Performance - Revenue projections for Birran Technology from 2022 to 2024 are as follows: RMB 0.5 million, RMB 62.03 million, and RMB 337 million, with adjusted net losses of RMB 1.038 billion, RMB 1.051 billion, and RMB 767 million respectively [7]. - For the first half of 2025, the company reported revenue of RMB 58.9 million and an adjusted net loss of RMB 552 million [7]. Group 5: Innovation and Intellectual Property - As of June 30, 2025, Birran Technology has submitted 1,158 self-developed invention patent applications, ranking first among Chinese GPGPU companies, and has received 388 invention patents with a 100% authorization rate [8].

Core Viewpoint - Wallen Technology, a Chinese high-performance general-purpose computing chip company, made its debut on the Hong Kong Stock Exchange on January 2, 2024, with a significant price increase of over 118% from its opening price [2][5][8]. Group 1: Company Overview - Wallen Technology, established in 2019 and headquartered in Shanghai, focuses on the research and development of general-purpose GPUs and AI acceleration chips, aiming to provide computing power solutions for AI training, inference, and high-performance computing [5][6]. - The company is recognized as one of the "Four Little Dragons" of domestic GPUs in China [4][8]. Group 2: IPO Details - The IPO was priced at HKD 19.60 per share, raising approximately HKD 5.583 billion, and attracted 471,000 retail investors, marking it as the most subscribed new stock in the Hong Kong market over the past year [5][12]. - This IPO is the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [5]. Group 3: Market Position and Projections - As of 2024, Wallen Technology holds a market share of 0.16% in China's intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of the market by 2025, which is projected to reach USD 50.4 billion [6][12]. - The company has secured sales agreements valued at approximately RMB 1.241 billion and plans to launch its next-generation flagship data center chip, the Wallen™ 20X series, by 2026 [7]. Group 4: Financial Performance - Wallen Technology's revenue from 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 337 million, with adjusted net losses of RMB 1.038 billion, RMB 1.051 billion, and RMB 767 million respectively [12]. - As of the first half of 2025, the company reported revenue of RMB 58.9 million and an adjusted net loss of RMB 552 million [12]. Group 5: Investment and Support - The IPO attracted 23 cornerstone investors, including prominent firms such as Qiming Venture Partners and Ping An Life Insurance, providing strong backing for the company [10][11].

Core Viewpoint - Baidu's subsidiary Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for a public offering to enhance its operational transparency and attract specialized investors in AI computing chips [2][4]. Group 1: Listing and Financial Aspects - The proposed spin-off will involve a global offering of Kunlun Chip shares, including a public offering in Hong Kong and allocations to institutional investors [1]. - Kunlun Chip's latest financing round in July 2023 valued the company at approximately 21 billion RMB (about 2.97 billion USD), with Baidu holding a 59.45% stake [5]. - Following positive news, Baidu's stock surged by 6.92% on January 2, 2024, bringing its total market capitalization to 386.7 billion HKD [4]. Group 2: Strategic Rationale for Spin-off - The spin-off is expected to better reflect Kunlun Chip's value based on its strengths, enhancing operational and financial transparency for investors [4]. - Kunlun Chip's business model is anticipated to attract investors focused on AI computing chips, differentiating it from Baidu's more diversified business [4]. - The separation will improve Kunlun Chip's image among clients, suppliers, and potential strategic partners, allowing for more effective negotiations and access to capital markets [4]. Group 3: Market Position and Product Development - Kunlun Chip is positioned in the top tier of the domestic AI chip market, with its P800 series chips recognized for their performance and energy efficiency [8]. - The P800 chip supports configurations of 8 and 16 cards, achieving a maximum throughput of 482 times per second, and is the first domestic chip to support full deployment of large models [8]. - IDC forecasts that Kunlun Chip's shipment volume will reach 69,000 units in 2024, significantly surpassing competitors like Cambricon [10]. Group 4: Future Growth Potential - Morgan Stanley predicts Kunlun Chip's revenue will increase from approximately 1.3 billion RMB in 2025 to 8.3 billion RMB in 2026, a sixfold increase [7]. - The company has secured a significant order worth 1 billion RMB from China Mobile, which will enhance its position as a neutral supplier and attract more external clients post-IPO [7].

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, aiming for an independent public offering to enhance its operational and financial transparency, attract specialized investors, and improve its market position [1][3]. Group 1: Listing and Financial Impact - Kunlun Core's listing is expected to reflect its value based on its strengths, allowing investors to independently assess its performance and potential [3]. - The company aims to attract investors focused on AI computing chips and related hardware and software systems, differentiating itself from Baidu's diversified business model [3]. - Following the announcement, Baidu's stock surged by 6.92%, with a total market capitalization of HKD 386.7 billion [4]. Group 2: Company Background and Valuation - Kunlun Core, previously Baidu's Intelligent Chip and Architecture Department, completed its first round of independent financing in April 2021, with an initial valuation of approximately RMB 13 billion [5]. - The latest financing round in July 2023 valued Kunlun Core at around RMB 21 billion (approximately USD 2.97 billion), with Baidu holding a 59.45% stake [6]. - Analysts predict that Kunlun Core's revenue will increase from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, a sixfold increase, potentially leading to a valuation exceeding RMB 80 billion [8]. Group 3: Product and Market Position - Kunlun Core's P800 series chips have been deployed in thousands, with a single cluster exceeding 30,000 cards, demonstrating significant market acceptance [8]. - The P800 chip is recognized for its performance and energy efficiency, supporting configurations of 8 and 16 cards, with a maximum throughput of 482 times per second [9]. - IDC data indicates that Kunlun Core's shipment volume is projected to reach 69,000 units in 2024, significantly outpacing competitors like Cambricon [9].

Group 1 - Wall Street debut of Wallran Technology (06082.HK) on January 2, with opening price at HKD 35.7 per share, up 82.14% from the IPO price of HKD 19.6, reaching a peak of HKD 42.88 and a market capitalization exceeding HKD 90 billion [2] - The company raised approximately HKD 5.375 billion from the global offering of about 285 million H-shares, primarily for R&D of intelligent computing solutions and general corporate purposes [2] - Despite revenue growth over the past three years, Wallran Technology has reported significant losses, with cumulative losses of HKD 4.75 billion from 2022 to 2024 [2] Group 2 - The Chinese smart computing chip market is highly concentrated, with Nvidia and Huawei HiSilicon accounting for 94.4% of the market share in 2024, while Wallran Technology holds a mere 0.16% share in the smart computing chip market and 0.2% in the general GPU market [3] - Wallran Technology anticipates a slight increase in market share to 0.19% in the smart computing chip market by 2025 [3] - The fragmented nature of the market outside the two major players presents opportunities for growth and scale for individual participants, with expectations that the market share of Chinese enterprises in smart computing chips will rise from approximately 20% in 2024 to about 60% by 2029 [4]

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, aiming for an independent public offering to enhance its operational and financial transparency, attract specialized investors, and improve its market position [1][3]. Group 1: Listing and Financial Impact - Kunlun Core's listing is expected to reflect its value based on its strengths, allowing investors to independently assess its performance and potential [3]. - The company aims to attract investors focused on general AI computing chips and related hardware and software systems, differentiating itself from Baidu's diversified business model [3]. - Following the announcement, Baidu's stock surged by 6.92%, with a market capitalization of HKD 386.7 billion [3]. Group 2: Company Background and Valuation - Kunlun Core, previously part of Baidu's smart chip division, completed independent financing in April 2021, with an initial valuation of approximately RMB 13 billion [4]. - The latest financing round in July 2023 valued Kunlun Core at around RMB 21 billion (approximately USD 2.97 billion), with Baidu holding a 59.45% stake [5]. - If successfully listed, Kunlun Core's valuation increase could positively impact Baidu's long-term equity investment value, leading to a potential revaluation of Baidu's overall market capitalization [5]. Group 3: Product Development and Market Position - Morgan Stanley predicts Kunlun Core's revenue will soar from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, a sixfold increase, with a potential valuation exceeding RMB 80 billion based on a price-to-sales ratio of 10 [7]. - Kunlun Core's third-generation P800 series has been deployed in thousands of units, with significant internal usage for AI model training, demonstrating high performance and cost efficiency [8]. - The company has secured a significant order from China Mobile worth over RMB 1 billion, enhancing its position as a neutral supplier and increasing its appeal to external clients [8]. Group 4: Competitive Landscape - Kunlun Core is positioned in the top tier of the domestic AI chip market, with its P800 chip recognized for its performance and energy efficiency, supporting configurations that achieve high throughput [9]. - IDC forecasts that Kunlun Core's shipment volume will reach 69,000 units in 2024, significantly outpacing competitors like Cambricon, which is expected to ship 26,000 units [10].

Group 1 - Baidu's Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange, aiming for an independent IPO by January 1, 2026 [1] - Kunlun Chip, an AI chip company, was previously part of Baidu's Intelligent Chip and Architecture Department and became an independent entity in April 2021 [1] - The spin-off is expected to enhance Kunlun Chip's operational and financial transparency, allowing investors to independently assess its performance and potential [1] Group 2 - Reports of Kunlun Chip's IPO plans surfaced in December 2025, with a target to complete the IPO by early 2027, and a recent funding round raised over 2 billion yuan, valuing the company at 21 billion yuan [2] - Kunlun Chip is projected to achieve over 3.5 billion yuan in revenue by 2025 and reach breakeven [2] - Baidu plans to launch the M100 chip in early 2026 and the M300 chip in early 2027, targeting large-scale inference and multimodal model training needs [2] Group 3 - Baidu is set to release the "Tianchi 256 Super Node" and "Tianchi 512 Super Node" in the first and second halves of 2026, respectively, featuring the Kunlun Chip P800 [4] - The super node products will support up to 256 and 512 interconnected cards, with plans for thousand-card and four-thousand-card nodes starting in the second half of 2027 [4] - The decision to disclose the AI chip roadmap is influenced by competitive pressures and the upcoming IPO of Kunlun Chip [4]

2026年1月2日早间，百度在港交所公告称，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交 所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买卖。目前的方案 为建议分拆将通过昆仑芯股份的全球发售进行，包括：（i）昆仑芯股份于香港进行公开发售，以供香 港公众人士认购；及（ii）向机构及专业投资者配售昆仑芯股份。于本公告日期，昆仑芯为本公司之非 全资附属公司。建议分拆完成后，预计昆仑芯仍将为本公司之附属公司。 据公开消息，昆仑芯（北京）科技有限公司前身为百度智能芯片及架构部，于2021年4月完成独立融 资，首轮估值约130亿元。公司团队在国内最早布局AI加速领域，深耕十余年，是一家在体系结构、芯 片实现、软件系统和场景应用均有深厚积累的AI芯片企业。 2025年12月7日，百度集团港股公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非全资附 属公司昆仑芯（北京）科技有限公司进行独立上市。公司表示，目前正就拟议分拆及上市进行评估。倘 进行拟议分拆及上市，将须经相关监管审批程序，而公司并不保证拟议分拆及上市将会进行。 2025年12月5日，百度集团-SW（09888.H ...

2025年12月5日，百度集团-SW（09888.HK）午后大幅拉涨，一度上涨超7%，截至当天收盘，公司股价 涨超5%。 2026年1月2日早间，百度在港交所公告称，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交 所提交上市申请表格（A1表格），以申请批准昆仑芯股份于香港联交所主板上市及买卖。目前的方案 为建议分拆将通过昆仑芯股份的全球发售进行，包括：（i）昆仑芯股份于香港进行公开发售，以供香 港公众人士认购；及（ii）向机构及专业投资者配售昆仑芯股份。于本公告日期，昆仑芯为本公司之非 全资附属公司。建议分拆完成后，预计昆仑芯仍将为本公司之附属公司。 据公开消息，昆仑芯（北京）科技有限公司前身为百度智能芯片及架构部，于2021年4月完成独立融 资，首轮估值约130亿元。公司团队在国内最早布局AI加速领域，深耕十余年，是一家在体系结构、芯 片实现、软件系统和场景应用均有深厚积累的AI芯片企业。 2025年12月7日，百度集团港股公告称，公司注意到，于2025年12月5日有媒体报道公司拟分拆非全资附 属公司昆仑芯（北京）科技有限公司进行独立上市。公司表示，目前正就拟议分拆及上市进行评估。倘 进行拟议分拆及 ...

Core Viewpoint - Kunlun Core, a subsidiary of Baidu, is seeking to list on the Hong Kong Stock Exchange, with a recent valuation nearing $3 billion following a new funding round [2] Group 1: Company Overview - Kunlun Core was established from Baidu's AI chip and architecture department, with technology development dating back to 2011 [2] - The company launched its first AI chip, "Baidu Kunlun," in July 2018, marking its entry into the AI chip market [2] - The CEO, Ouyang Jian, has a strong background in chip architecture and has previously worked on various significant projects [2] Group 2: Product Development - Kunlun Core has developed two generations of general-purpose AI processors and several AI accelerator cards, with ongoing development of new products [4] - The company has successfully deployed three generations of products across various industries, serving hundreds of clients and reaching millions of end-users [6] Group 3: Financial Performance - The company is projected to generate approximately 2 billion RMB in revenue for 2024, with a net loss of around 200 million RMB [6] - By 2025, over half of the company's revenue is expected to come from external clients, with revenue anticipated to exceed 3.5 billion RMB and achieve breakeven [6] Group 4: Future Plans - Kunlun Core plans to launch the M100 chip in early 2026, optimized for large-scale inference scenarios, and the M300 chip in early 2027 for ultra-large-scale multi-modal model training and inference [7] - The company aims to provide powerful, low-cost, and self-controlled AI computing power for Chinese enterprises, highlighting its strategic position in ensuring domestic AI computing autonomy [7]