Core Viewpoint - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first GPU stock in Hong Kong and the largest IPO since the implementation of the Chapter 18C rules [1][6]. Group 1: Company Overview - Wallan Technology was founded in 2019 and is a leading provider of general intelligent computing solutions in China [6]. - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a domestic intelligent computing industry ecosystem [6]. - Wallan Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Walli™ 106, Walli™ 110, and the higher-performance Walli™ 166 chip products [6]. Group 2: Investment and Support - Qiming Venture Partners has been a steadfast supporter of Wallan Technology since its inception, leading the company's first round of financing and continuing to support its development [3]. - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [3]. Group 3: Future Outlook - Wallan Technology's CEO, Zhang Wen, emphasized that becoming a public company brings greater responsibility and that the company will continue to increase R&D investment to enhance the domestic computing power system [6]. - Qiming Venture Partners' partner, Zhou Zhifeng, expressed excitement about Wallan Technology's successful listing, viewing it as a significant milestone and a new beginning for the company, highlighting the importance of continuous technological innovation [6].

Core Viewpoint - Wallen Technology has successfully listed on the Hong Kong Stock Exchange, experiencing a significant increase in share price on its debut day, indicating strong market interest and demand for its offerings [1]. Company Overview - Wallen Technology is a domestic provider of general intelligent computing solutions, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [1]. Market Performance - The opening share price was HKD 35.7, representing an 82.14% increase from the issue price of HKD 19.6 [1]. - As of the report, Wallen Technology's share price rose over 88.88% to HKD 34.02, with a market capitalization exceeding HKD 88 billion [1]. Subscription Demand - The public offering phase saw a subscription rate of 2,347.53 times, while the international placement phase had a subscription rate of 25.95 times, reflecting high investor interest [1].