揭秘持续捕获"时代大鱼"的投资哲学。 1月2日，壁仞科技成功登陆港交所，以"港股国产GPU第一股"的身份正式亮相全球资本市场。其开盘价 报35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从12月22日启动招股至12月29日截止，一周时间，超47.6万散户涌入，最终录得2363倍超额认购，冻结 资金高达5796亿港元，毫无悬念跻身2025年港股最热门新股行列。 公开发售端是散户的集体狂欢，而基石投资份额的争夺，则是顶级机构间的资源卡位战。 壁仞的基石份额引发超百倍认购热潮，最终敲定的23家获配机构，合计拟认购28.99亿港元。启明创 投、平安人寿、上海景林、UBS、泰康人寿等顶级机构的联袂现身，让这份基石名单自带行业风向标意 义。 当散户的狂热与机构的坚定形成共振，市场对壁仞的资本共识已然清晰。 为什么壁仞能赢？ 在投资人的语境中，张文是个极具辨识度的存在。 "不仅能够做极其清晰的战略规划，更可贵的是他能把规划一步步落地执行。"与张文合作过的投资人对 其评价道。 对于公司的融资进程，张文有极强的把控。整个融资预期，从每一轮的规划，到需要引进怎样的机构， 从设想到落地几乎"八九不离十"。 计划成为现 ...

将投中网设为"星标⭐"，第一时间收获最新推送 壁仞的基石份额引发超百倍认购热潮 ，最终敲定的23家获配机构，合计拟认购28.99亿港元。启明创 投、平安人寿、上海景林、UBS、泰康人寿等顶级机构的联袂现身，让这份基石名单自带行业风向 标意义。 当散户的狂热与机构的坚定形成共振，市场对壁仞的资本共识已然清晰。 为什么壁仞能赢？ 在投资人的语境中，张文是个极具辨识度的存在。 1月2日，壁仞科技成功登陆港交所，以"港股国产GPU第一股"的身份正式亮相全球资本市场。其开 盘价报35.70港币。 回溯招股阶段，这场资本盛宴便已经埋下伏笔。 从12月22日启动招股至12月29日截止，一周时间，超47.6万散户涌入，最终录得2363倍超额认购， 冻结资金高达5796亿港元，毫无悬念跻身2025年港股最热门新股行列。 公开发售端是散户的集体狂欢，而基石投资份额的争夺，则是顶级机构间的资源卡位战。 揭秘持续捕获 " 时代大鱼 " 的投资哲学。 来源丨 投中网 "不仅能够做极其清晰的战略规划，更可贵的是他能把规划一步步落地执行。"与张文合作过的投资人 对其评价道。 对于公司的融资进程，张文有极强的把控。整个融资预期，从每一轮的规 ...

Core Viewpoint - The article discusses the successful IPO of Shanghai Birun Technology Co., Ltd., which became the first GPU stock listed on the Hong Kong Stock Exchange, highlighting the strategic investment approach of Yunhui Capital in the hard technology sector [2][10]. Investment Strategy - Yunhui Capital has adopted a strategy of concentrating investments on a few promising companies, exemplified by their multiple rounds of investment in Birun Technology, starting from a $16 million investment at a $200 million valuation in 2020 [4][5]. - The firm believes in identifying alpha companies within beta industries, focusing on the potential of infrastructure and computing power chips as key growth areas in the AI paradigm shift [6][10]. Investment Background - Birun Technology was founded by Zhang Wen in 2019, and Yunhui Capital was one of the first investors approached for funding [3]. - The initial investment decision by Yunhui Capital was based on three key judgments: the potential for a domestic GPU company to achieve a valuation exceeding $10 billion, the early-stage nature of the domestic GPU market, and the capabilities of the founder [4]. Performance and Growth - Over the past decade, Yunhui Capital has engaged with thousands of startup projects, successfully identifying and investing in leading companies in the hard technology sector, including Birun Technology and CATL [10]. - The firm has managed over 10 billion yuan in assets and has supported more than 20 companies in going public, establishing itself as a significant player in the hard technology investment landscape [10].