Core Viewpoint - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange on January 2, 2026, marking it as the first GPU stock in Hong Kong and the largest IPO since the implementation of the Chapter 18C rules [1][6]. Group 1: Company Overview - Wallan Technology was founded in 2019 and is a leading provider of general intelligent computing solutions in China [6]. - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a domestic intelligent computing industry ecosystem [6]. - Wallan Technology has developed its first-generation GPGPU architecture and a series of hardware based on GPGPU, including the Walli™ 106, Walli™ 110, and the higher-performance Walli™ 166 chip products [6]. Group 2: Investment and Support - Qiming Venture Partners has been a steadfast supporter of Wallan Technology since its inception, leading the company's first round of financing and continuing to support its development [3]. - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [3]. Group 3: Future Outlook - Wallan Technology's CEO, Zhang Wen, emphasized that becoming a public company brings greater responsibility and that the company will continue to increase R&D investment to enhance the domestic computing power system [6]. - Qiming Venture Partners' partner, Zhou Zhifeng, expressed excitement about Wallan Technology's successful listing, viewing it as a significant milestone and a new beginning for the company, highlighting the importance of continuous technological innovation [6].

Core Viewpoint - The article discusses the IPO of Birun Technology, a leading domestic GPU company, which aims to reshape the valuation landscape of domestic GPUs in the context of increasing AI computing power demand and accelerated domestic substitution [1][10]. Group 1: IPO Details - Birun Technology plans to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, raising an estimated total of HKD 4.21 to 4.85 billion [1]. - The cornerstone subscription for the IPO has seen unprecedented enthusiasm, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, resulting in a cornerstone subscription ratio of approximately 64% [1]. Group 2: Technological Innovation - Birun Technology has focused on original core architecture since its establishment in 2019, achieving a global breakthrough in Chiplet technology and developing high-performance chips with a computing density of 10 PFLOPS per chip using a 7nm process [2]. - The company has built a comprehensive software platform, BIRENSUPA, which supports major open-source frameworks, significantly reducing customer migration costs and fostering a collaborative innovation ecosystem [2]. Group 3: Patent and Product Pipeline - As of December 15, Birun Technology has applied for over 1,500 patents globally, ranking first among Chinese general GPU companies, with a 100% authorization rate for invention patents [3]. - The company has a clear and forward-looking product pipeline, with the next-generation flagship product, Birun™ 20X series, expected to be commercialized in 2026, which is a key focus for the market [3][4]. Group 4: Financial Performance - Birun Technology's revenue surged from CNY 500,000 in 2022 to CNY 337 million in 2024, representing a growth of approximately 675 times [6]. - The company holds five framework sales agreements and 24 sales contracts valued at CNY 1.241 billion, providing a solid foundation for short-term performance growth [6]. Group 5: Market Position and Valuation - Birun Technology's listing in Hong Kong fills a gap in the market for pure GPU companies, providing a rare hard-tech asset and enhancing the capital layout of the AI industry [7]. - The company's strong technological originality and comprehensive product pipeline position it for a potential upward valuation breakthrough, especially with the anticipated commercialization of the Birun™ 20X series [7][8]. Group 6: Investment Considerations - Investors are encouraged to focus on three core logics: technological certainty, product growth potential, and the scarcity of domestic substitution opportunities [8]. - The commercialization of the Birun™ 20X series is expected to unlock significant growth potential, supported by a solid order backlog of CNY 12.41 billion [8][10].

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].