Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially passed the Hong Kong Stock Exchange hearing and aims to become the first domestic GPU stock in Hong Kong, with plans to issue up to 372 million shares [1][4]. Company Overview - Birun Technology was established in 2019, focusing on the research and development of high-performance general-purpose GPUs, primarily through its self-developed Birun™ series GPU products [4]. - The company aims to create a self-owned high-performance GPU hardware and software ecosystem and provide comprehensive intelligent computing solutions to the market [4]. Fundraising and Use of Proceeds - The funds raised from the IPO will primarily be used for the development of intelligent computing solutions, including hardware and software platform upgrades, as well as general operational purposes [4][6]. Research and Development - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Birun™106, Birun™110, and the higher-performance Birun™166, which has successfully entered mass production this year [6]. - The company's R&D expenditures from 2022 to the first half of 2025 are projected to be RMB 10.18 billion, RMB 8.86 billion, RMB 8.27 billion, and RMB 5.72 billion, respectively, totaling RMB 33.02 billion [6]. Patent and Product Pipeline - As of June 30, 2025, Birun Technology has submitted 1,158 self-developed invention patent applications, ranking first among GPGPU companies in China [7]. - The company plans to launch the next-generation flagship data center chip, the Birun™20X series, aimed at cloud training and inference, expected to be commercialized next year [7]. Financial Performance - Revenue figures for Birun Technology from 2022 to 2024 are RMB 499,000, RMB 62.03 million, and RMB 336.8 million, with a compound annual growth rate of 2,500% [7][8]. - The gross profit margins for the same period are 100%, 76.4%, and 53.2%, respectively [7]. - As of December 15, 2023, the company has signed five framework sales agreements and 24 sales contracts, totaling approximately RMB 1.241 billion, contributing to future revenue [7]. Industry Context - The domestic AI chip market is experiencing a listing wave, with companies like Moer Thread and Muxi Technology having recently gone public, achieving significant market valuations despite not yet being profitable [9].