Core Insights - The Hong Kong stock market is witnessing a significant moment for domestic GPU companies, with the listings of Birun Technology and Tian Shu Zhixin, marking a new phase for the domestic GPU industry [2][5] - The investment by Chengdu Media Group's Tianfu Cultural Investment in these leading GPU projects highlights a strategic focus on the integration of technology and cultural industries, aiming to build a robust technological foundation for the digital cultural sector [2][9] Company Summaries - Birun Technology, established in 2019, is a leading provider of general intelligent computing solutions, with its proprietary Birun™ series GPU products supporting various critical industries such as AI data centers, telecommunications, and fintech [3][5] - Tian Shu Zhixin, founded in 2015, produced China's first general-purpose GPU in 2021, achieving significant commercial success with over 52,000 units delivered to more than 290 clients by June 2025, and a revenue growth from 189 million yuan in 2022 to 540 million yuan in 2024, reflecting a compound annual growth rate of 68.8% [5][7] Investment Highlights - The Tianfu Cultural Investment's total investment of 90 million yuan in the two GPU projects has effectively mobilized over 4.35 billion yuan towards the GPU sector, demonstrating the fund's strong leverage and investment return capabilities [7][8] - The recent market valuations post-listing indicate significant returns on investment, with Birun's estimated market value at approximately 82.6 billion HKD and Tian Shu Zhixin at over 40 billion HKD, resulting in a return of about 7.3 times for Birun and 3.0 times for Tian Shu Zhixin [8] Industry Context - The GPU is recognized as a fundamental resource for the digital cultural industry, serving as the core engine driving the intelligent upgrade of this sector, with applications ranging from film special effects to AI training and scientific simulations [9][10] - The strategic investment in GPU technology aligns with the broader goal of enhancing the digital cultural ecosystem in Chengdu, positioning it as a key player in the integration of culture and technology [12][15] Ecosystem Development - Chengdu Media Group's Tianfu Cultural Investment is constructing a comprehensive digital cultural and future industry ecosystem, extending from infrastructure to content production, with a focus on AI chips and computing infrastructure [12][14] - The initiative includes investments in various technology companies, aiming to create a self-sustaining ecosystem that supports local industry growth and innovation [15]

2026年资本市场，青岛开了个好头。 1月2日，"国产GPU（图形处理器）四小龙"之一的上海壁仞科技股份有限公司（以下简称"壁仞科技"）在港交所主板挂牌上市。 作为一家以"硬核"技术见长的独角兽，壁仞科技甫一登陆港股便备受各路资本追捧，上市首日市值一度突破千亿港币。截至1月8日收盘，壁仞科技总市值 已达726.2亿元。 在这场资本狂欢中，青岛国资并未缺席。据青岛城投官微消息，青岛城投创投公司于2020年通过义乌华芯远景基金参与投资壁仞科技，此番上市意味着这 笔投资将带来财务回报。 更重要的是，其还进一步提升了青岛城投在新一代信息技术产业领域的存在感和影响力，进而为青岛拥抱前沿科技带来新的可能。 市值超700亿元！ "港交所GPU第一股"来了 成立于2019年的壁仞科技，是国内领先的通用智能计算解决方案提供商，其以自主研发的壁砺™系列GPU产品为核心，为各行业提供强大、安全、高效的 算力基础设施，客户包括移动、电信、联通三大运营商以及商汤科技、百度等头部企业。 图片来源：壁仞科技官网 值得关注的是，GPU是一个风险极高、成功率较低的行业，一颗GPU研发成本至少2亿美元，且在五年内难以实现规模化收入，故而形成了较 ...

Core Insights - The Chinese AI chip sector is experiencing significant capital events, highlighted by the listing of Birun Technology on the Hong Kong Stock Exchange as the first domestic GPU stock on January 2, 2026, alongside Baidu's Kunlun Chip submitting a listing application on January 1, 2026 [1][2][3] Group 1: Birun Technology - Birun Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first domestic GPU stock and the first new stock of the year [2][7] - Founded in 2019 by former SenseTime president Zhang Wen, Birun Technology achieved a remarkable milestone by completing its transition from establishment to listing in just six years [2][7] - The stock received extraordinary market enthusiasm, with over 2300 times subscription during the offering period, making it the largest new stock issuance since the implementation of the special technology company listing mechanism [2][7] - Birun Technology focuses on providing general intelligent computing solutions, with its self-developed Birun™ series GPU products at the core, enhancing the domestic high-performance computing ecosystem [2][7] Group 2: Kunlun Chip - Baidu announced on January 2, 2026, that its AI chip company Kunlun Chip submitted a confidential listing application to the Hong Kong Stock Exchange on January 1, 2026 [3][8] - Kunlun Chip originated from Baidu's Intelligent Chip and Architecture Department and completed its first round of independent financing in April 2021, with an initial valuation of approximately 13 billion yuan [3][8] - As of July 2025, Kunlun Chip has undergone D-round financing and has released three generations of products: K100/K200, R200 series, and P800 [3][8] - Despite the independent listing, Kunlun Chip is expected to remain a subsidiary of Baidu, maintaining close technical and business collaboration [3][8] Group 3: Market Trends - The domestic GPU industry is undergoing a rapid capital influx, with other companies like Tiandu Zhixin planning to list on January 8, 2026, and Suiruan Technology completing its IPO guidance on January 1, 2026 [5][10] - The acceleration of these companies' listings underscores the explosive growth in demand for domestic AI chips [10][11] - According to Zhi Shi Consulting, the market size of China's AI chip sector is projected to surge from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with an average annual growth rate of 53.7% from 2025 to 2029 [11]

Core Viewpoint - Wallan Technology, a leading domestic GPU company, officially listed on the Hong Kong Stock Exchange, marking it as the first "domestic GPU stock" and the first IPO of the year in Hong Kong [2] Group 1: Company Overview - Founded in 2019 by Zhang Wen, former president of SenseTime, Wallan Technology has filled a critical gap in China's high-end computing power sector with its self-developed high-performance computing technology [2] - The company has submitted over 1,500 global patent applications, ranking first among Chinese general GPU companies, with over 600 authorized invention patents and a 100% authorization rate [2] Group 2: Financial Performance - Wallan Technology is currently in a strategic investment phase, with revenues of 499,000 yuan, 62.03 million yuan, 337 million yuan, and 59 million yuan from 2022 to the first half of 2025, while net losses were 1.474 billion yuan, 1.744 billion yuan, 1.538 billion yuan, and 1.601 billion yuan during the same period, totaling 6.357 billion yuan in losses over three and a half years [3] - The company holds 24 legally binding unfulfilled orders valued at approximately 822 million yuan, along with framework sales agreements amounting to 1.241 billion yuan, providing strong support for future performance growth [3] Group 3: Funding and Investment - Wallan Technology's founder, Zhang Wen, has a unique industrial background that has injected advantages into the company's development, having previously achieved significant technical breakthroughs in LED chips and accumulated management experience at SenseTime [4] - The company completed over 5 billion yuan in financing before its IPO, with notable investors including Qiming Venture Partners and IDG Capital, and plans to allocate 85% of the net proceeds from the IPO to R&D [4] Group 4: Market Context - The listing of Wallan Technology coincides with a critical window for domestic alternatives amid intensified Sino-U.S. tech competition, with ByteDance planning to procure over 40 billion yuan in domestic AI chips in 2026, significantly increasing from 2025 [5] - Other domestic AI chip manufacturers are also preparing to enter the capital market, with Tianzuo Zhixin set to list on January 8, and Baidu announcing its application for Kunlun Chip's listing [5]

Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. has officially passed the Hong Kong Stock Exchange hearing and aims to become the first domestic GPU stock in Hong Kong, with plans to issue up to 372 million shares [1][4]. Company Overview - Birun Technology was established in 2019, focusing on the research and development of high-performance general-purpose GPUs, primarily through its self-developed Birun™ series GPU products [4]. - The company aims to create a self-owned high-performance GPU hardware and software ecosystem and provide comprehensive intelligent computing solutions to the market [4]. Fundraising and Use of Proceeds - The funds raised from the IPO will primarily be used for the development of intelligent computing solutions, including hardware and software platform upgrades, as well as general operational purposes [4][6]. Research and Development - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Birun™106, Birun™110, and the higher-performance Birun™166, which has successfully entered mass production this year [6]. - The company's R&D expenditures from 2022 to the first half of 2025 are projected to be RMB 10.18 billion, RMB 8.86 billion, RMB 8.27 billion, and RMB 5.72 billion, respectively, totaling RMB 33.02 billion [6]. Patent and Product Pipeline - As of June 30, 2025, Birun Technology has submitted 1,158 self-developed invention patent applications, ranking first among GPGPU companies in China [7]. - The company plans to launch the next-generation flagship data center chip, the Birun™20X series, aimed at cloud training and inference, expected to be commercialized next year [7]. Financial Performance - Revenue figures for Birun Technology from 2022 to 2024 are RMB 499,000, RMB 62.03 million, and RMB 336.8 million, with a compound annual growth rate of 2,500% [7][8]. - The gross profit margins for the same period are 100%, 76.4%, and 53.2%, respectively [7]. - As of December 15, 2023, the company has signed five framework sales agreements and 24 sales contracts, totaling approximately RMB 1.241 billion, contributing to future revenue [7]. Industry Context - The domestic AI chip market is experiencing a listing wave, with companies like Moer Thread and Muxi Technology having recently gone public, achieving significant market valuations despite not yet being profitable [9].

Core Viewpoint - Wallan Technology, a leading domestic GPU company, has initiated its listing process in Hong Kong, marking a significant step towards capitalizing its development and filling a gap in the AI computing sector in the Hong Kong market [2][5]. Company Overview - Founded in 2019, Wallan Technology has evolved from obscurity to a key player in the capital market, providing general intelligent computing solutions with its self-developed Bili™ series GPUs [3]. - The company's products are deployed across critical industries such as AI data centers, telecommunications, fintech, energy, and public utilities, supporting large model training and inference services [3][4]. - Wallan's Bili™ series GPUs utilize 7nm process technology and innovative Chiplet technology, achieving a leading global level of computing density with a single chip capable of reaching 10 PFLOPS [3]. Financial and Market Position - Wallan Technology has raised over 5 billion yuan in funding, with a pre-listing valuation of 14 billion yuan in 2025 [4]. - The funds raised from the IPO will primarily be used for next-generation chip development, production scale expansion, and global market outreach [5]. Industry Context - The listing of Wallan Technology is timely, coinciding with a surge in demand for AI computing power and technological transformation in the industry [6]. - The global AI acceleration chip market for data centers is expected to grow rapidly, creating a multi-billion dollar market opportunity [8]. - The demand for computing power is expanding beyond internet giants to traditional sectors like finance, manufacturing, and energy, as well as emerging fields such as edge computing and intelligent driving [8]. Challenges and Competitive Landscape - Despite its promising outlook, Wallan Technology faces significant challenges, including rapid technological iterations and intense competition from global giants like NVIDIA and AMD [9][10]. - The company is currently operating at a loss, with projected revenues of approximately 400 million yuan in 2024, and high R&D expenditures pose ongoing cash flow challenges [10]. - Supply chain security risks are heightened due to geopolitical factors, as Wallan Technology relies on international foundries for high-end GPU production [10]. Strategic Importance - Wallan Technology's role extends beyond its own growth, contributing to the construction of a domestic computing ecosystem and addressing the urgent need for self-sufficiency in AI computing power [5][11]. - The company's advancements in technology and its push for a heterogeneous mixed training standard are pivotal in overcoming challenges in the AI computing landscape [5].