Core Viewpoint - Wallan Technology is set to launch its IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on high-end General-Purpose Graphics Processing Units (GPGPU) in the market [1] Group 1: Technology and Product Capabilities - Wallan Technology has a clear technical roadmap, focusing on cloud-based intelligent computing with a continuously evolving GPGPU architecture [3] - The company has achieved mass production of two chip models, BR106 and BR110, and introduced the high-performance BR166 product using Chiplet technology, significantly enhancing computing power and memory bandwidth [3] - Wallan's self-developed BIRENSUPA platform is compatible with mainstream deep learning frameworks, reducing customer migration costs, and has received industry recognition for its performance in MLPerf Inference 2.1 tests [3] Group 2: Commercialization and Revenue Growth - Although currently in a loss phase, Wallan Technology has shown a clear revenue growth trend, with revenues increasing from approximately 500,000 yuan in 2022 to 62 million yuan in 2023, and projected to reach 337 million yuan in 2024 [3] - As of mid-2025, the company reported approximately 82.2 million yuan in unfulfilled orders, along with framework sales agreements and contracts totaling 1.241 billion yuan, providing revenue visibility for the next 1-2 years [4] Group 3: Investor Confidence and IPO Structure - The IPO has attracted 23 cornerstone investors, including notable institutions, with a total subscription ratio of about 64%, indicating strong institutional confidence in Wallan's technology and long-term prospects [4] - The company has implemented a 15% over-allotment option (green shoe mechanism) to stabilize stock prices post-IPO, reducing the risk of share price decline [4] Group 4: Market Environment - The technology sector in the Hong Kong stock market is currently valued at historical lows, with significant net inflows from southbound funds exceeding 138 billion HKD this year, indicating ample liquidity [5] - Wallan Technology is positioned as a rare asset in the Hong Kong market, especially in the context of high valuations for GPU companies in the A-share market [5] Conclusion - Wallan Technology's IPO marks a significant entry of domestic high-end GPU companies into the international capital market, supported by its technological accumulation, product delivery capabilities, and clear iteration roadmap, making it a noteworthy consideration for investors focused on hard technology sectors, particularly in semiconductors and AI computing [6]