Core Viewpoint - Huitong International Holdings (01146) announced that its invested fund, Qingdao Huaxin Anchor Investment Center, informed that its portfolio company, Shanghai Biran Technology Co., Ltd., successfully listed on the Hong Kong Stock Exchange on January 2, 2026 [1] Group 1: Company Overview - Qingdao Huaxin Anchor is a limited partnership established under the laws of the People's Republic of China, with its general partner being Qingdao Anchor Technology Investment Development Co., Ltd. [1] - Shanghai Biran, founded in China, primarily engages in the sales of General-Purpose Graphics Processing Unit (GPGPU) chips, GPGPU-based intelligent computing solutions to support artificial intelligence, and related research and development activities [1] Group 2: Investment Details - Following the completion of the listing, the company holds 1.70255 million shares of Shanghai Biran, representing approximately 0.07% of Shanghai Biran's issued share capital, which has been converted into H-shares [1] - Based on the closing price of Shanghai Biran H-shares at HKD 34.46 on January 2, 2026, the fair value of the company's stake through Qingdao Huaxin Anchor is approximately HKD 58.6699 million (around RMB 52.9918 million) [2] - After deducting the company's investment cost and related expenses, this investment is expected to yield a net gain compared to the initial investment cost in Qingdao Huaxin Anchor [2]

Core Viewpoint - 汇成国际控股 has announced that its invested fund, 青岛华芯锚点投资中心, has successfully listed its portfolio company, 上海壁仞科技股份有限公司, on the Hong Kong Stock Exchange on January 2, 2026 [1] Group 1: Company Overview - 青岛华芯锚点 is a limited partnership established under the laws of the People's Republic of China, with its general partner being 青岛锚点科技投资发展有限公司 [1] - 上海壁仞 focuses on the sales of General-Purpose Graphics Processing Unit (GPGPU) chips and provides intelligent computing solutions to support artificial intelligence and related services [1] - The company is engaged in GPGPU-related research and development activities primarily in China and other regions [1] Group 2: Investment Details - Following the listing, 汇成国际控股 holds 1,702,550 shares of 上海壁仞, representing approximately 0.07% of its issued share capital, which has been converted into H-shares [1] - Based on the closing price of 上海壁仞's H-shares at HKD 34.46 on January 2, 2026, the fair value of 汇成国际控股's investment through 青岛华芯锚点 is approximately HKD 58.6699 million (around RMB 52.9918 million) [1] - After deducting the investment cost and related expenses, the investment is expected to yield a net gain compared to the initial investment cost in 青岛华芯锚点 [1]

Core Viewpoint - Wallen Technology Co., Ltd. (壁仞科技) successfully listed on the Hong Kong Stock Exchange, closing at HKD 34.46, a 75.82% increase from its final offering price of HKD 19.60 [1][2]. Group 1: Company Overview - Wallen Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence [1]. - The company issued a total of 284,846,600 shares before the exercise of the over-allotment option, with 49,538,600 shares allocated for public offering and 235,308,000 shares for international offering [2][3]. Group 2: Financial Details - The total amount raised from the offering was HKD 5,583.0 million, with net proceeds of HKD 5,374.5 million after deducting estimated listing expenses of HKD 208.5 million [2][3]. - The net proceeds will be used for research and development of intelligent computing solutions, commercialization of these solutions, working capital, and other general corporate purposes [3]. Group 3: Investor Participation - Key cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and several insurance and investment firms, indicating strong institutional interest [6][8]. - The cornerstone investors collectively hold significant shares, with 3W Fund Management Limited owning 31,769,600 shares, representing 11.15% of the total shares issued [7]. Group 4: Financial Performance Projections - Wallen Technology's projected revenues for 2022, 2023, 2024, and the first half of 2025 are RMB 0.5 million, RMB 62.0 million, RMB 336.8 million, and RMB 58.9 million, respectively [8][10]. - The company is expected to incur substantial losses over these years, with total losses amounting to RMB 6,356.9 million from 2022 to mid-2025 [10][11]. Group 5: Cash Flow Analysis - The net cash outflow from operating activities for the years 2022 to 2025 is projected to be RMB 1,183.6 million, RMB 847.1 million, RMB 1,009.2 million, and RMB 1,073.3 million, respectively [11][12]. - The company’s cash and cash equivalents are expected to fluctuate significantly, reflecting the ongoing investment in R&D and operational activities [12].

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 - 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]

Group 1 - The core point of the article is that the China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for Shanghai Birun Technology Co., Ltd. regarding its Hong Kong IPO, which is expected to make it the first GPU stock in Hong Kong [1][2] - On December 17, Birun Technology passed the hearing for its Hong Kong IPO, with China International Capital Corporation, Ping An Securities (Hong Kong), and Bank of China International serving as joint sponsors [1][2] - The CSRC requires Birun Technology to explain the rationale behind the pricing of newly added shareholders' investments over the past 12 months, including any discrepancies in investment prices and whether there are any abnormal investment considerations [3] Group 2 - Birun Technology must also provide details on its previous A-share listing guidance filing, whether it plans to continue pursuing an A-share listing, and any significant factors that may impact the current issuance and listing [5] - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing the necessary foundational computing power for artificial intelligence (AI) [6] - By integrating self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, the company's solutions support a wide range of AI model training and inference applications from cloud to edge [6]

Investment Rating - The report suggests a cautious subscription for the company [2] Core Insights - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and AI computing solutions, providing essential computational power for artificial intelligence (AI) [2] - The company's GPGPU-based solutions have strong performance and efficiency in training and inference of large language models (LLMs), giving it a competitive edge in the domestic market [2] - The Chinese smart computing chip market is expected to reach USD 50.4 billion by 2025, with the company aiming for a market share of approximately 0.2% [2] - The global smart computing chip market is projected to grow from USD 6.6 billion in 2020 to USD 119 billion by 2024, with a compound annual growth rate (CAGR) of 106.0% [2] - The company’s revenue for 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 336.8 million, with net losses of RMB -1,474.31 million, RMB -1,743.95 million, and RMB -1,538.1 million respectively [2] - The GPGPU market has significant long-term growth potential and is currently in a rapid development phase [2] - The company's Hong Kong IPO valuation is approximately 117 times price-to-sales (PS) for 2024, leading to a recommendation for cautious subscription due to unclear profitability timeline [2]

Core Viewpoint - Biren Technology, known as one of the "Four Little Dragons of Domestic GPUs," is making significant strides towards becoming the first GPU stock in Hong Kong, with plans to issue 247,692,800 H-shares priced between HKD 17.00 and HKD 19.60, potentially raising up to HKD 48.55 billion [1][2][6]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [2][4]. - The expected trading date for the H-shares on the Hong Kong Stock Exchange is January 2 of the following year [1]. - The entry fee for retail investors is approximately HKD 3,959.54 for a minimum purchase of 200 shares at the upper price limit [4]. Group 2: Financial Performance - Biren Technology has shown explosive revenue growth, with revenues of RMB 0.499 million in 2022, RMB 62.03 million in 2023, and projected RMB 336.8 million in 2024 [10][11]. - Despite revenue growth, the company has faced significant losses, with net losses of RMB 14.74 billion in 2022, RMB 17.44 billion in 2023, and RMB 15.38 billion in 2024 [10][11]. - The company has accumulated a backlog of orders valued at approximately RMB 821.8 million and has signed framework agreements worth RMB 1.24 billion, indicating potential future revenue [6][9]. Group 3: Market Position and Competition - The smart computing chip market presents both opportunities and challenges, with expectations for market share growth from 20% in 2024 to 60% by 2029 [14]. - The market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other competitors [14]. - Biren Technology's core business focuses on developing general-purpose graphics processing unit (GPGPU) chips and AI computing solutions, integrating proprietary hardware and software [6][12]. Group 4: Investment and Future Plans - The funds raised from the IPO will primarily be used to enhance core competitiveness, focusing on the development of next-generation chips like BR20X and BR30X [6][12]. - The company has received substantial backing from notable investors, raising over RMB 9 billion since its inception, with plans to initially list on the A-share Sci-Tech Innovation Board before opting for the Hong Kong market [15]