Core Insights - Wall Street's first IPO of the year is the successful listing of Birran Technology on the Hong Kong Stock Exchange, marking it as the first GPU stock in the Hong Kong market with an opening price of HKD 19.60 per share and a market capitalization exceeding HKD 100 billion [1][2] Company Overview - Birran Technology was founded in 2019 by Harvard PhD Zhang Wen, who transitioned from Wall Street to entrepreneurship, focusing on the GPU chip sector [2][4] - The company has attracted significant investment interest, with 23 top-tier investment institutions planning to subscribe for HKD 28.99 billion, achieving a remarkable subscription rate of over 2300 times [2] Technological Development - Birran Technology has adopted a challenging technical route, aiming to develop large GPGPU chips that compete with next-generation products from international giants [6][9] - The company successfully launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 petaflops per second, directly competing with NVIDIA's flagship products [7][9] Financial Performance - The revenue trajectory of Birran Technology shows significant growth, with revenues of RMB 0.499 million in 2022, RMB 0.62 billion in 2023, and projected revenues of RMB 3.37 billion in 2024 [9] - The company has secured substantial orders, with a total value of approximately RMB 20 billion from various sectors, including telecommunications and AI data centers [15][16] Market Position and Future Outlook - The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [15] - Birran Technology's strategic positioning and technological advancements are expected to play a crucial role in the domestic GPU market, which is increasingly moving towards self-sufficiency and reducing reliance on imports [16][17]

Group 1 - Baidu announced that Kunlun Chip has submitted a listing application to the Hong Kong Stock Exchange for its shares to be traded on the main board, with plans for a global offering that includes public and institutional placements [1] - Baidu clarified that it is currently evaluating the proposed spin-off and listing of Kunlun Chip, and that any such action would require regulatory approval [3] - On the first trading day of the new year, Baidu's stock surged over 8%, reaching a new high [4] Group 2 - Kunlun Chip, established in 2011, has a strong background in AI acceleration and has been independently financed since April 2021 [6] - According to research from Zhongyin International, the expected valuation for Kunlun Chip upon its spin-off is estimated to be between 30 billion to 100 billion HKD, with a current contribution to Baidu's valuation of approximately 50 billion HKD, representing 25% of its market value [7]

| 分时 | 五日 | 周K 月K 甲多, | | | --- | --- | --- | --- | | | 均价:138.124 最新:141.900 10.400 7.91% | | | | 142.200 | | 8 14% : 10 142.900 | | | | | 卖9 142.800 | | | | | 卖8 142.700 | | | | | 卖7 142.600 | | | | | 卖6 142.500 | | | | | 卖5 142.400 | | | 131.500- | | 卖4 142.300 | | | | | 卖3 142.200 | | | | | 卖2 142.100 | | | | | 卖1 142.000 | | | | | 买1 141.900 · | | | | | 买2 141.800 | | | 120.800 | | Q110/ 23 141.700 | | | | | | 2009 111 175 | 消息面上，2026年1月2日早间，百度集团-SW在港交所公告称，1月1日，昆仑芯已透过其联席保荐人以保密形式向香港联交所提交上市申请表格（A1表 格），以申 ...

Core Viewpoint - Wall Street-backed Birran Technology has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first GPU company to go public in Hong Kong, with an IPO price of HKD 19.60 per share and a market capitalization exceeding HKD 1 trillion shortly after listing [2][4]. Company Background - Founded in September 2019 by Harvard PhD Zhang Wen, Birran Technology aims to capitalize on the growing demand for GPU chips, which are essential for AI applications [4][5]. - The company has faced skepticism due to Zhang's non-technical background in the GPU industry, but he has successfully assembled a strong team of experts from leading tech companies [6][7]. Investment Journey - Birran Technology achieved a record A-round financing of RMB 1.1 billion in June 2020, led by prominent investors including Qiming Venture Partners and IDG Capital, with a post-money valuation of nearly RMB 300 million [11]. - Subsequent funding rounds have seen the company’s valuation soar, reaching over RMB 7 billion after a Pre-B round led by Hillhouse Capital and Yunji Capital [12][13]. Product Development and Market Position - The company launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 trillion floating-point operations per second, directly competing with NVIDIA's flagship products [8][10]. - Birran Technology has developed a comprehensive platform strategy, which includes a unified software platform and multiple chip products, driving significant revenue growth from RMB 499,000 in 2022 to an expected increase in 2025 [10]. Market Dynamics - The Chinese smart computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [16]. - Birran Technology has secured numerous contracts, with a total value of approximately RMB 20 billion, indicating strong growth potential in the smart computing solutions sector [17][18]. Strategic Importance - The emergence of Birran Technology as a domestic GPU provider is crucial for China's AI industry, which has historically relied on imports, highlighting the need for local innovation and production capabilities [18]. - The successful IPO and subsequent funding rounds reflect a growing confidence in the domestic GPU market and the potential for significant returns on investment for early backers [15].

（文章来源：新京报） 新京报贝壳财经讯 1月2日，港股芯片股集体走强，其中，华虹半导体盘中涨超9%，芯智控股盘中涨近 5%，中电华大科技、ASMPT、中芯国际盘中涨超3%。个股消息面上，华虹半半导体宣布拟通过发行股 份方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名符合条件 的特定对象发行股票募集配套资金。此次交易对价为82.68亿元人民币，拟配套募集资金75.56亿元人民 币。 ...

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, indicating a potential spin-off and independent listing, which is expected to enhance Baidu's overall valuation and market position [1][3]. Group 1: Listing Announcement - On January 1, Kunlun Core submitted a listing application to the Hong Kong Stock Exchange through its joint sponsors, aiming for a public offering and institutional placement [1]. - The proposed spin-off is expected to be completed while Kunlun Core remains a subsidiary of Baidu [1]. Group 2: Market Reaction - Following the announcement of the potential spin-off, Baidu's stock surged over 8% on the first trading day of the new year, reaching a new high [3]. - Baidu's stock has seen significant growth, with an increase of over 35% in the past eight trading days, adding more than 935 million HKD to its market capitalization [4]. Group 3: Company Background - Kunlun Core, established in 2011, focuses on AI acceleration and has a strong foundation in architecture, chip implementation, software systems, and application scenarios [4]. - The company completed independent financing in April 2021, further solidifying its position in the AI chip sector [4]. Group 4: Valuation Insights - According to research from Zhongyin International, the expected valuation for domestic GPU companies listed in Hong Kong ranges from 30 billion to 100 billion HKD, with Kunlun Core likely positioned at the higher end of this range [5]. - Currently, Kunlun Core is estimated to contribute approximately 50 billion HKD to Baidu's valuation, representing about 25% of its market value [5].

Group 1 - Wallan Technology, known as the "first GPU stock in Hong Kong," was listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first new stock to be listed in the Hong Kong market for 2026 [1] - The latest data shows that Wallan Technology's stock price surged nearly 120% at one point after opening, with a total market capitalization exceeding HKD 100 billion. As of the report, the stock price increased by 93.78%, reaching HKD 37.98 per share, with a market capitalization of HKD 87.7 billion [1][2] - Wallan Technology's global offering included approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering. The final offer price was HKD 19.6 per share, raising a net amount of approximately HKD 5.375 billion. The public offering was oversubscribed by 2,347.53 times, while the international offering was oversubscribed by 25.95 times [2] Group 2 - Wallan Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing the necessary computational power for artificial intelligence (AI). The company's solutions support a wide range of AI model training and inference applications from cloud to edge through its proprietary BIRENSUPA software platform [3]

Core Viewpoint - Wallan Technology, a Chinese high-performance general-purpose computing chip company, made its debut on the Hong Kong Stock Exchange, experiencing a significant price surge of over 118% on its first trading day [1][3]. Group 1: Company Overview - Wallan Technology was established in 2019 and is headquartered in Shanghai, focusing on the development of general-purpose GPUs and AI acceleration chips [3][4]. - The company aims to provide computing power solutions for AI training, inference, and high-performance computing [3]. Group 2: IPO Details - Wallan Technology's IPO was priced at HKD 19.60 per share, raising approximately HKD 55.83 billion, marking the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [3][4]. - The public offering attracted 471,000 subscriptions, making it the most sought-after new stock by retail investors in the past year [3]. Group 3: Market Position and Projections - As of 2024, Wallan Technology holds a market share of 0.16% in China's intelligent computing chip market and 0.20% in the GPGPU market [3]. - The Chinese intelligent computing chip market is projected to reach USD 50.4 billion by 2025, with Wallan Technology aiming for approximately 0.2% market share [3]. Group 4: Financial Performance - Wallan Technology's revenue for 2022, 2023, and 2024 is reported at RMB 0.5 million, RMB 62.03 million, and RMB 337 million, respectively, with adjusted net losses of RMB 1.038 billion, RMB 1.051 billion, and RMB 767 million [7]. - In the first half of 2025, the company reported revenue of RMB 58.9 million and an adjusted net loss of RMB 552 million [7]. Group 5: Research and Development - As of June 30, 2025, Wallan Technology has submitted 1,158 self-developed invention patent applications globally, ranking first among Chinese GPGPU companies [7]. - The company plans to allocate 85% of the raised funds for R&D of intelligent computing solutions, 5% for commercialization, and 10% for working capital and other general corporate purposes [7][6].

Core Viewpoint - Wall Street's first stock of the new year, Birran Technology, saw a significant increase of over 118% on its debut in the Hong Kong Stock Exchange, indicating strong market interest and investor confidence in the company [2][4]. Group 1: Company Overview - Birran Technology, established in 2019, is a Chinese high-performance general-purpose computing chip company headquartered in Shanghai, focusing on the development of general-purpose GPUs and AI acceleration chips [4]. - The company aims to provide computing power solutions for AI training, inference, and high-performance computing [4]. Group 2: IPO Details - Birran Technology's shares were priced at HKD 19.60, raising approximately HKD 55.83 billion, making it the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [4]. - The IPO attracted 471,000 retail investors, marking it as the most sought-after new stock in the Hong Kong market over the past year [4]. Group 3: Market Position and Projections - As of 2024, Birran Technology holds a market share of 0.16% in China's intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture about 0.2% of the projected USD 50.4 billion market by 2025 [4]. - The company has secured sales agreements valued at approximately RMB 1.241 billion as of December 15, 2025 [4]. Group 4: Financial Performance - Revenue projections for Birran Technology from 2022 to 2024 are as follows: RMB 0.5 million, RMB 62.03 million, and RMB 337 million, with adjusted net losses of RMB 1.038 billion, RMB 1.051 billion, and RMB 767 million respectively [7]. - For the first half of 2025, the company reported revenue of RMB 58.9 million and an adjusted net loss of RMB 552 million [7]. Group 5: Innovation and Intellectual Property - As of June 30, 2025, Birran Technology has submitted 1,158 self-developed invention patent applications, ranking first among Chinese GPGPU companies, and has received 388 invention patents with a 100% authorization rate [8].

Core Viewpoint - Wallen Technology, a Chinese high-performance general-purpose computing chip company, made its debut on the Hong Kong Stock Exchange on January 2, 2024, with a significant price increase of over 118% from its opening price [2][5][8]. Group 1: Company Overview - Wallen Technology, established in 2019 and headquartered in Shanghai, focuses on the research and development of general-purpose GPUs and AI acceleration chips, aiming to provide computing power solutions for AI training, inference, and high-performance computing [5][6]. - The company is recognized as one of the "Four Little Dragons" of domestic GPUs in China [4][8]. Group 2: IPO Details - The IPO was priced at HKD 19.60 per share, raising approximately HKD 5.583 billion, and attracted 471,000 retail investors, marking it as the most subscribed new stock in the Hong Kong market over the past year [5][12]. - This IPO is the largest fundraising project since the implementation of Chapter 18C of Hong Kong's listing rules [5]. Group 3: Market Position and Projections - As of 2024, Wallen Technology holds a market share of 0.16% in China's intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of the market by 2025, which is projected to reach USD 50.4 billion [6][12]. - The company has secured sales agreements valued at approximately RMB 1.241 billion and plans to launch its next-generation flagship data center chip, the Wallen™ 20X series, by 2026 [7]. Group 4: Financial Performance - Wallen Technology's revenue from 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 337 million, with adjusted net losses of RMB 1.038 billion, RMB 1.051 billion, and RMB 767 million respectively [12]. - As of the first half of 2025, the company reported revenue of RMB 58.9 million and an adjusted net loss of RMB 552 million [12]. Group 5: Investment and Support - The IPO attracted 23 cornerstone investors, including prominent firms such as Qiming Venture Partners and Ping An Life Insurance, providing strong backing for the company [10][11].