Core Viewpoint - Wallen Technology (6082.HK) has successfully priced its IPO at HKD 19.60 per share, raising approximately HKD 5.583 billion, marking it as the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [1] Group 1: IPO Details - The IPO received overwhelming response, with 471,000 retail investors participating, making it the most subscribed new stock in the Hong Kong market over the past year [1] - Wallen Technology is set to list on January 2, 2026, becoming the first new stock to be listed on the Hong Kong Stock Exchange in 2026 [1] Group 2: Fund Utilization - Approximately 85% of the net proceeds from the IPO will be allocated to research and development, focusing on next-generation product iterations and technological innovations [1] - About 5% of the funds will be used for commercial expansion, while 10% will be reserved for working capital and general corporate purposes, indicating a clear strategic plan for future growth [1] Group 3: Product Development - The next flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth, along with enhanced native support for broader data formats like FP8 and FP4 [1] - Initial development stages for the BR30X chip, aimed at cloud training and inference, and the BR31X chip for edge inference have commenced, with expected launches in 2028, indicating a continuous product pipeline that will open up growth opportunities [1]