Core Viewpoint - The article highlights the successful IPO of Birran Technology, marking it as the first GPU company listed on the Hong Kong Stock Exchange, and emphasizes the significant investment journey of Huaying Capital in the hard technology sector [2][5][12]. Investment Journey - Huaying Capital made a decisive investment in Birran Technology in June 2020, when the company was still in its early stages, and followed up with additional funding in October 2022, showcasing a commitment to supporting the company through challenging times [5][6]. - The investment in Birran Technology is seen as a pivotal moment for Huaying Capital, which has since expanded its portfolio to include over 50 hard technology companies, with a focus on semiconductor and AI sectors [13][14]. Market Context - The IPO of Birran Technology, priced at HKD 19.60 per share, resulted in a market capitalization exceeding HKD 100 billion, illustrating the growing importance of GPU technology in China's computing landscape [2][12]. - The article discusses the broader implications of this IPO for the hard technology investment landscape in China, indicating a shift from soft technology to hard technology investments by Huaying Capital [12][18]. Strategic Insights - Huaying Capital's strategy involved a thorough analysis of the GPU market, recognizing the potential for growth in both graphics and computing sectors, particularly in the context of China's manufacturing capabilities [8][9]. - The firm has successfully built a diverse investment team that covers various hard technology sectors, including AI, intelligent manufacturing, and quantum computing, reflecting a comprehensive approach to investment in emerging technologies [12][13]. Future Outlook - The article suggests that the success of Birran Technology's IPO could lead to a historic year for Huaying Capital in 2026, with expectations of multiple IPOs and a focus on achieving significant market valuations [16][17]. - Huaying Capital aims to leverage its experience and insights to anticipate national strategic development trends, positioning itself as a forward-thinking investor in the hard technology space [18].

Group 1 - The core viewpoint of the news is that Shanghai Birun Technology Co., Ltd. has successfully passed its listing hearing and is set to become the first GPU stock on the Hong Kong Stock Exchange, highlighting its rapid growth and strong market potential [1][3]. - Birun Technology is a leading provider of general intelligent computing solutions in China, with revenue skyrocketing from 499,000 yuan in 2022 to 337 million yuan in 2024, reflecting a compound annual growth rate of 2500% [1]. - The company plans to launch its high-performance Birun™166 series products in the second half of 2025, which is expected to further enhance its competitive edge and revenue potential [1]. Group 2 - Birun Technology has attracted significant attention from top financial investment institutions and industry capital, achieving a post-financing valuation exceeding 20 billion yuan before its IPO in August 2025 [2]. - The company's strong founding team, led by CEO Zhang Wen, possesses over 10 years of experience in AI and hardware technology, which supports its promising commercialization prospects [2]. - With the upcoming mass production and commercialization of the new Birun™166 chip in 2025, the company is poised for rapid growth in sales and revenue [2]. Group 3 - Birun Technology is positioned to benefit from policy incentives as a strategic emerging industry, with AI chips showing vast growth potential and structural investment opportunities [3]. - As the first GPU stock in the Hong Kong market, Birun Technology will fill a significant gap in the GPU sector, providing investors with new opportunities to engage with the Chinese AI industry chain [3].