Core Viewpoint - Wall Street is anticipating the IPO of Shanghai Birun Technology Co., Ltd., known as the "first GPU stock in Hong Kong," which will begin its public offering today and end on December 29, 2023, with plans to list on January 2, 2026, under the stock code "6082" [1] Group 1: Company Overview - Birun Technology is a general-purpose intelligent chip design company founded in 2019, focusing on developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence (AI) [2] - The company has attracted significant investment from major institutions, completing multiple funding rounds, with the last round valuing the company at 20.9 billion yuan [2] Group 2: Market Demand and Growth - The demand for computing solutions is surging due to the rapid development of AI, particularly in large language models (LLMs) and generative AI, prompting Birun Technology to develop a comprehensive intelligent computing solution [3] - The Chinese intelligent computing chip market is projected to grow from $1.7 billion in 2020 to $30.1 billion by 2024, with a CAGR of 105%, and expected to reach $20.12 billion by 2029 [5] Group 3: Product and Technology - Birun Technology's product offerings include the BR106 and BR110 chips, which are expected to see increasing sales from 2024 to 2025, along with the commercialization of the new BR166 chip [3] - The company has achieved significant operational stability, with its GPGPU clusters running continuously for over five days without failure, demonstrating reliability in large-scale training applications [5] Group 4: Investment Opportunity - Birun Technology's IPO is expected to raise between 4.21 billion and 4.85 billion HKD, with a market capitalization estimated between 40.1 billion and 46.2 billion HKD [1] - The company has a strong order backlog of 1.241 billion yuan and a clear product roadmap, positioning it as a key player in the domestic AI computing supply chain [6]