Core Viewpoint - Wall Street's first GPU stock, Biren Technology, saw its share price surge over 110% on its debut, closing at HKD 41.48 per share, significantly above its IPO price of HKD 19.6 [1] Group 1: Company Overview - Biren Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first new stock of the year in the Hong Kong market [1] - The company specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, providing essential computational power for AI applications [4] - Biren Technology has developed its first-generation GPGPU architecture since 2019, successfully launching two chips, BR106 and BR110, along with a series of GPGPU-based hardware [4][5] Group 2: Financial Performance - For the years 2022 to 2024, Biren Technology reported revenues of HKD 0.5 million, HKD 62.03 million, and HKD 337 million, with adjusted net losses of HKD 1.038 billion, HKD 1.051 billion, and HKD 767 million respectively [7] - The company anticipates a significant increase in net losses for 2025, primarily due to rising R&D expenses and financial costs [7] - R&D expenditures from 2022 to 2025 amounted to approximately HKD 3.302 billion, consistently exceeding 70% of total operating expenses [7] Group 3: Market Position and Orders - As of 2024, Biren Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market [6] - The company has secured 24 binding orders valued at approximately HKD 822 million and has established framework sales agreements totaling HKD 1.241 billion [6] Group 4: Product Development and Innovation - The BR106 chip addresses AI training and inference computational needs, while the BR110 chip is designed for embedded scenarios [5] - The BR166 chip, which is based on the BR106 architecture, offers double the performance in peak computing power and memory compared to the BR106 [5] - Biren Technology's BR10X architecture is tailored for AI workloads, ensuring compatibility with emerging AI paradigms and optimizing performance [5]

Core Viewpoint - Wallen Technology (06082) has successfully listed its shares at a price of HKD 19.60, raising a net amount of HKD 5.375 billion, with a significant initial surge of 82.14% to HKD 35.7 per share, indicating strong market interest and investor confidence [1]. Group 1: Company Overview - Wallen Technology was established in 2019 and focuses on developing GPGPU chips and intelligent computing solutions based on GPGPU technology to provide the computational power required for AI [1]. - The company integrates its self-developed GPGPU-based hardware with its proprietary BIRENSUPA software platform, supporting a wide range of applications for AI model training and inference from cloud to edge [1]. Group 2: Financial Performance - Wallen Technology's revenue is projected to grow dramatically from RMB 499,000 in 2022 to RMB 337 million by 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1]. Group 3: Product Development - The company has successfully developed and mass-produced two chip models, BR106 and BR110, and has launched a higher-performance chip, BR166, which began mass production in 2025 [1]. - In addition to its existing product lineup, Wallen Technology plans to introduce next-generation flagship data center chips, the BR20X and BR30X series, based on a second-generation architecture [1].

港股芯片股集体走强，其中，华虹半导体涨超7%，芯智控股涨近5%，中电华大科技、ASMPT、中芯国 际涨超3%。个股消息面上，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。 ...

个股消息面上，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。 格隆汇1月2日｜港股芯片股集体走强，其中，华虹半导体涨超7%，芯智控股涨近5%，中电华大科技、 ASMPT、中芯国际涨超3%。 | 代码 | 名称 | | 涨跌幅 √ | 最新价 | 总市值 | | --- | --- | --- | --- | --- | --- | | 01347 | 华虹半导体 | 0 | 7.74% | 80.050 | 1389.67亿 | | 02166 | 芯智控股 | | 4.76% | 2.200 | 10.75亿 | | 00085 | 中电华大科技 | | 3.88% | 1.340 | 27.2 Z | | 00522 | ASMPT | | 3.29% | 80.000 | 334.22 乙 | | 00981 | 中芯国际 | | 3.36% | 73.850 | 5908.3亿 | | 09660 | 地平线机器人- ...

Core Viewpoint - Baidu's subsidiary Kunlun Core has submitted a listing application to the Hong Kong Stock Exchange, aiming for an independent public offering to enhance its operational and financial transparency, attract specialized investors, and improve its market position [1][3]. Group 1: Listing and Financial Impact - Kunlun Core's listing is expected to reflect its value based on its strengths, allowing investors to independently assess its performance and potential [3]. - The company aims to attract investors focused on AI computing chips and related hardware and software systems, differentiating itself from Baidu's diversified business model [3]. - Following the announcement, Baidu's stock surged by 6.92%, with a total market capitalization of HKD 386.7 billion [4]. Group 2: Company Background and Valuation - Kunlun Core, previously Baidu's Intelligent Chip and Architecture Department, completed its first round of independent financing in April 2021, with an initial valuation of approximately RMB 13 billion [5]. - The latest financing round in July 2023 valued Kunlun Core at around RMB 21 billion (approximately USD 2.97 billion), with Baidu holding a 59.45% stake [6]. - Analysts predict that Kunlun Core's revenue will increase from approximately RMB 1.3 billion in 2025 to RMB 8.3 billion in 2026, a sixfold increase, potentially leading to a valuation exceeding RMB 80 billion [8]. Group 3: Product and Market Position - Kunlun Core's P800 series chips have been deployed in thousands, with a single cluster exceeding 30,000 cards, demonstrating significant market acceptance [8]. - The P800 chip is recognized for its performance and energy efficiency, supporting configurations of 8 and 16 cards, with a maximum throughput of 482 times per second [9]. - IDC data indicates that Kunlun Core's shipment volume is projected to reach 69,000 units in 2024, significantly outpacing competitors like Cambricon [9].

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]

Group 1 - The core viewpoint is that despite continuous revenue growth over the past three years, Wallen Technology remains in a state of loss [2][3] - Wallen Technology's stock debuted at HKD 35.7, an increase of 82.14% from the issue price of HKD 19.6, reaching a market capitalization of over HKD 90 billion [2] - The company raised a net amount of HKD 5.375 billion from the global offering of approximately 285 million H-shares, primarily for R&D and commercialization of intelligent computing solutions [3] Group 2 - Wallen Technology's revenue for the years 2022 to 2024 was HKD 499,000, HKD 62.03 million, and HKD 337 million, with corresponding losses of HKD 1.474 billion, HKD 1.744 billion, and HKD 1.538 billion, totaling a cumulative loss of HKD 4.75 billion [3] - The company's R&D expenditure from 2022 to 2024 amounted to HKD 2.73 billion, with R&D spending in 2024 accounting for 245.5% of annual revenue [3] - In the Chinese intelligent computing chip market, Wallen Technology holds a market share of 0.16% in 2024 and is projected to reach 0.19% in 2025 [4] Group 3 - The Chinese intelligent computing chip market is highly concentrated, with Nvidia and Huawei's HiSilicon accounting for 94.4% of the market share in 2024, while the remaining market is fragmented with over 15 participants [4] - Nvidia and AMD dominate the general GPU market in China, holding 98% of the market share before 2024 [4] - The market share of Chinese enterprises in intelligent computing chips is expected to increase from approximately 20% in 2024 to about 60% by 2029 [4]

壁仞科技盘中一度涨超110%，截至发稿，壁仞科技报39.42港元，涨幅101.12%，市值944.56亿港元。 | 壁仞科技 | | | | | --- | --- | --- | --- | | HK6082 HK | | | | | 39.420 | 42.880 市值 944.56亿 量比 225.06 | | | | 流通 456.53亿 换 | 35.700 | | 6.13% | | 19.820 101.12% 开 | 35.700 市盈™ 亏损 额 | | 26.38 Z | | 异动解读:IPO超额认购+GPGPU芯片+订单 ... ● × | | 速能 | | | 分时 | 日K 更多▼ | | | | 均价:37.144 最新:39.460 19.860 +101.327% | | | | | +118.78% 卖139.460 4200 | | 42.880 | | | 买139.420 1.10万 | | | | | 日月 2日 ▼ | 09:4439.460 | | | | 09:44 39.460 | | | 200 | | -19:600 -------- | 097 66 7 ...

Core Viewpoint - Wallen Technology (06082.HK) successfully listed on the Hong Kong Stock Exchange, marking the first IPO of 2026 in Hong Kong, with a strong response from investors, particularly retail investors [2][4] Group 1: IPO Details - The IPO attracted 471,000 subscriptions in the public offering segment, the highest for a new stock in the past year in the Hong Kong market [2] - This IPO is the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [2] - The net proceeds from the IPO will primarily fund R&D, with approximately 85% allocated for technological advancements and product iterations [2][14] Group 2: Product Development - The next-generation flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth [2] - Initial R&D for the BR30X and BR31X products has begun, with expected launches in 2028, indicating a continuous product pipeline for growth [2] Group 3: Business Model and Technology - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, providing essential computing power for AI applications [4][5] - The company integrates its proprietary BIRENSUPA software platform with GPGPU hardware to support a wide range of AI model training and inference applications [4][7] - The GPGPU architecture allows for high performance, energy efficiency, and flexibility, reducing the total cost of ownership for clients [8] Group 4: Market Position and Financials - The Chinese intelligent computing chip market is highly concentrated, with the top two players holding 94.4% market share as of 2024, presenting opportunities for growth for emerging players like Wallen Technology [13] - Revenue figures for Wallen Technology from 2022 to 2024 show a significant increase, with revenues of 0.5 million, 62 million, and 337 million RMB respectively [13][14] - The company has a strong focus on R&D, with total R&D expenditures of 1.018 billion, 886 million, and 827 million RMB for the years 2022, 2023, and 2024 respectively, representing a high percentage of total operating expenses [9]

每经AI快讯，1月2日，港股壁仞科技上市首日涨幅扩大至超110%，现报41.48港元/股。 ...