Core Viewpoint - Wallen Technology has officially listed on the Hong Kong Stock Exchange, becoming the first GPU stock in Hong Kong and the largest IPO under the 18C chapter for specialized technology companies since its implementation [3] Group 1: Investment Background - Wallen Technology has attracted a prestigious lineup of investors, including top financial institutions, diverse industrial capital, semiconductor-focused funds, and well-known state-owned investment platforms [3] - Yunjiu Capital led Wallen Technology's Pre-B financing round in August 2020 with an investment of 100 million RMB, followed by an additional investment of 300 million RMB in 2024 [3][9] Group 2: Strategic Focus - In 2019, Yunjiu Capital recognized the shift of global market focus towards technology and the impetus of Sino-US tech competition, leading to a strategic upgrade to enhance investments in semiconductor and underlying technology [5] - The investment theme identified by Yunjiu Capital is "technology companies in the semiconductor industry," emphasizing platforms and ecosystems rather than just hardware manufacturing [5] Group 3: Company Strengths - Wallen Technology's core team consists of top talents from global semiconductor giants, showcasing proven original architecture design capabilities [6] - The company aims for global leadership in high-performance chips rather than merely domestic substitution, which attracts significant talent and resources [6] Group 4: Research-Driven Strategy - Yunjiu Capital's investment in Wallen Technology is part of a broader strategy to build a comprehensive AI hardware ecosystem, extending across hardware facilities, models, applications, and frontier exploration [11] - The firm has invested in various technology companies, including Yunmai Xilian and Cixin Technology, focusing on a full industry chain layout in AI [12] Group 5: Post-Investment Empowerment - Yunjiu Capital's post-investment strategy has evolved to focus on ecological collaboration among portfolio companies, fostering cooperation across different segments of the industry chain [13] - The firm also emphasizes internationalization, assisting hard-tech companies in global talent recruitment and customer engagement [14] Group 6: Market Impact - The listing of Wallen Technology marks a significant milestone in the transition from R&D to market, showcasing China's innovative technological strength and Yunjiu Capital's new position in hard-tech investment [15]