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 Insights - Wallan Technology, a leading domestic GPU company, successfully listed on the Hong Kong Stock Exchange, becoming the first listed company in Hong Kong in 2026 with an issue price of HKD 19.6 per share and an opening price of HKD 35.7 per share, resulting in a market capitalization of HKD 85.542 billion [2] Group 1: Company Overview - Wallan Technology was founded in 2019 and is recognized as a leading provider of general intelligent computing solutions in China [4] - The company focuses on original core architecture and has pioneered the Chiplet high-performance chip, aiming to build a technology system that integrates software and hardware innovation [4] - 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, which are applied in key industries such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and the internet [4] 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 [2] - Qiming Venture Partners is the largest external institutional investor in Wallan Technology and plays a significant role as a senior independent investor [2] 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 advance the development of fully autonomous and controllable products [4] - The company aims to enhance the safety, stability, and resilience of China's intelligent computing industry and lead the high-quality development of the AI industry [4] - Qiming Venture Partners' managing partner, Zhou Zhifeng, expressed optimism about Wallan Technology's future, highlighting the importance of continuous technological innovation and the company's role in contributing to the AI ecosystem both in China and globally [4]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].

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].