1月5日午后，港股科技维持强势，全市场首只聚焦"港股芯片"产业链的港股信息技术ETF（159131）早 盘高开后维持小幅震荡，现涨3.19%，实时成交额超7000万元。 | | | 分野 30日 1分 5分 15分 30分 60分 日 周 月 * | | | | | 19 CHIRES COLLINE COLLEGION CO P | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.950 | | | | 159131(消酸信息链状况正IE) 1053 价 0.942 器联 0.033(3633) 356 0.933 1064 0.9458 1067 0.9458 1067 0.9458 | | | | | | 11928 40.029 +3.19% | | | | | | per for any and the many of the many of the may of the | | | | | 2.24% | | SZSE CNY 13:54:39 交易中 查看L2全覆 | | ...

Group 1 - On January 2, Wallen Technology was listed on the Hong Kong Stock Exchange, becoming the first "domestic GPU stock" and the first stock listed in Hong Kong in 2026, with an opening surge of over 100% and a market capitalization exceeding HKD 100 billion at one point [2] - As of the report, Wallen Technology's stock rose by 79.9% to HKD 35.26, with a total market capitalization of HKD 84.488 billion [2] - The company is a provider of general-purpose intelligent computing solutions, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [3] Group 2 - Wallen Technology's IPO price was HKD 19.6, issuing 285 million shares and raising a total of HKD 5.583 billion, with funds primarily allocated for R&D of intelligent computing solutions, hardware development, software platform upgrades, and general operational purposes [3] - The company experienced significant subscription demand, with a 2347.53 times oversubscription in the public offering and 25.95 times in the international placement [3] - Revenue projections for Wallen Technology from 2022 to 2025 show figures of HKD 0.499 million, HKD 62.03 million, HKD 337 million, and HKD 590 million, with annual losses of HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion respectively [3] Group 3 - Prior to the IPO, Wallen Technology completed 10 rounds of financing, attracting notable investors including state-owned platforms and various venture capital firms [4] - In 2024, NVIDIA and AMD are projected to hold 98% of the Chinese general-purpose GPU market, with Wallen Technology expected to capture 0.16% of the intelligent computing chip market and 0.2% of the general-purpose GPU market [4] - Wallen Technology has filed over 1,500 patents globally, leading among Chinese general-purpose GPU companies, with a 100% authorization rate for invention patents [4] Group 4 - The Chinese intelligent computing chip market is expected to grow from approximately 20% in 2024 to about 60% by 2029, indicating opportunities for market expansion for individual players [4] - Prior to Wallen Technology's listing, two other domestic GPU manufacturers, Moore Threads and Muxi Co., had already been listed on the A-share Science and Technology Innovation Board in December [5]

Group 1 - The core viewpoint of the article highlights the successful IPO of Wallan Technology (06082.HK), which is recognized as the first GPU stock in Hong Kong, with its share price rising significantly from the issue price of HKD 19.6 to a peak of HKD 42.88, representing an increase of over 118% [2] - Wallan Technology raised approximately HKD 5.375 billion through the global issuance of about 285 million H-shares, with the funds primarily allocated for R&D of intelligent computing solutions, commercialization, working capital, and general corporate purposes [2] - Despite continuous revenue growth over the past three years, Wallan Technology has reported significant losses, with cumulative losses reaching HKD 4.75 billion from 2022 to 2024 [2][3] Group 2 - The company's R&D expenditure has been notably high relative to its annual revenue, totaling HKD 2.73 billion from 2022 to 2024, with R&D spending accounting for 245.5% of annual revenue in 2024 [3] - Wallan Technology's market share in the Chinese intelligent computing chip market is currently low, at 0.16% for 2024, and 0.2% in the general GPU market, with expectations to reach 0.19% in the intelligent computing chip market by 2025 [3] - The Chinese intelligent computing chip market is highly concentrated, with Nvidia and Huawei HiSilicon commanding 94.4% of the market share, while the remaining market is fragmented, providing opportunities for growth for other participants [3]

Core Viewpoint - Wallen Technology (06082.HK), known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2026, with a significant opening price increase of 82.14% from its issue price, reflecting strong market interest in AI chip manufacturers [3]. Group 1: Company Overview - Wallen Technology is one of the leading AI chip manufacturers in China, raising approximately HKD 5.375 billion through the global issuance of about 285 million H-shares, which will be used for R&D and commercialization of intelligent computing solutions, as well as general corporate purposes [3]. - The company has experienced continuous revenue growth over the past three years, with revenues of CNY 499,000, CNY 62.03 million, and CNY 337 million from 2022 to 2024, but has also incurred significant losses of CNY 14.74 billion, CNY 17.44 billion, and CNY 15.38 billion during the same period, totaling CNY 47.5 billion in cumulative losses [3][4]. Group 2: Financial Performance - Wallen Technology's R&D expenditures have been notably high relative to its annual revenue, totaling CNY 2.73 billion from 2022 to 2024, with R&D spending accounting for 245.5% of annual revenue in 2024 [4]. - In the first half of 2025, the company reported revenue of CNY 58.903 million and a loss of CNY 1.6 billion [3]. Group 3: Market Position - The market share of Wallen Technology and other domestic GPU manufacturers remains low compared to overseas giants, with NVIDIA and Huawei HiSilicon commanding 94.4% of the Chinese smart computing chip market by revenue in 2024 [5]. - Wallen Technology holds a market share of 0.16% in the Chinese smart computing chip market and 0.2% in the general GPU market for 2024, with expectations to reach 0.19% in the smart computing chip market by 2025 [5]. - The Chinese smart computing chip market is expected to see an increase in domestic market share from approximately 20% in 2024 to about 60% by 2029, indicating potential growth opportunities for Wallen Technology and its competitors [5].

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 - Shanghai Birun Technology Co., Ltd. is progressing towards its IPO on the Hong Kong Stock Exchange, aiming to become the first GPU stock in the Hong Kong market, with plans to use raised funds for R&D and commercialization of intelligent computing solutions [1] Group 1: Financial Performance - Birun Technology's revenue is projected to grow from RMB 499,000 in 2022 to RMB 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1] - In the first half of 2025, the company reported revenue of approximately RMB 58.9 million, a nearly 50% year-on-year increase [1] - The company has a total order value of approximately RMB 1.241 billion as of December 15, 2025 [1] Group 2: Profit and Loss - The company reported losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion for the years 2022 to 2024, primarily due to changes in the book value of redemption liabilities [2] - Adjusted net losses for 2023 and 2024 were RMB 1.05 billion and RMB 770 million, respectively, indicating a narrowing loss trend [2] - Cumulative R&D expenditures reached RMB 3.302 billion over the reporting period [2] Group 3: R&D and Talent - Birun Technology has established a highly skilled R&D team, with 657 R&D personnel making up 83% of the total workforce, and 78% holding master's degrees or higher [3] - The company has provided solutions to nine Fortune China 500 companies, five of which are also listed in the Fortune Global 500 [3] - The company plans to launch the next-generation flagship data center chip, the BR20X series, expected to be commercialized in 2026 [1][2] Group 4: Market Potential - The AI chip market in China is projected to grow from RMB 142.54 billion in 2024 to RMB 1,336.79 billion by 2029, with a CAGR of 53.7% from 2025 to 2029 [3] - Despite being in the early stages of commercialization, Birun Technology is well-positioned to benefit from the explosive growth in demand for intelligent computing chips and strong government support for the industry [3]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially passed the Hong Kong Stock Exchange hearing, aiming to become the "first GPU stock" in Hong Kong, focusing on self-developed GPGPU chips and intelligent computing solutions [1] Group 1: Business Performance - Birun Technology achieved significant revenue growth from 62.03 million to 336.8 million from 2023 to 2024, with a strong order backlog of over 1.2407 billion as of December 15, 2025 [1] - The company has commercialized specialized technology products since August 2022, with intelligent computing solutions contributing to revenue starting in 2023 [1] Group 2: Technological Innovation - Birun Technology has developed a GPGPU architecture tailored for large-scale AI workloads, implementing a "1+1+N+X" platform strategy, and has created the BR110 and upgraded BR166 chips [2] - The company ranks first among Chinese GPGPU firms with 1,158 patent applications and has a 100% authorization rate for 388 granted patents [2] Group 3: Market Position and Ecosystem - The management team includes top scientists and experienced business professionals, with the founder having over 10 years of experience in AI and hardware technology [3] - Birun Technology has established deep collaborations with major telecom operators and has served nine Fortune China 500 companies, five of which are also on the Fortune Global 500 list [3] Group 4: Industry Outlook - The Chinese intelligent computing chip market is expected to reach $50.4 billion by 2025, with the GPGPU market projected to hit $40.9 billion [4] - The Hong Kong stock market has been a leading platform for fundraising since 2025, providing strong capital support for technology companies [4]