Core Viewpoint - Wallen Technology, a leading player in the domestic GPU market, is set to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step in its growth strategy and capital raising efforts [1][2]. Group 1: Company Overview - Wallen Technology was founded in 2019 by former SenseTime president Zhang Wen and is recognized as the only company among the "Four Little Dragons of Domestic GPUs" to choose a full circulation listing in Hong Kong [1][2]. - The company focuses on high-end cloud computing GPGPU technology, having launched its first general-purpose GPU chip, BR100, in 2022, which achieved over 1000T floating-point computing power and over 2000T integer computing power [2][3]. Group 2: Product Development - Wallen Technology has developed the Bili series of commercial hardware products based on the BR100 chip, which includes liquid-cooled and air-cooled OAM modules and AI inference acceleration cards, supporting mainstream deep learning frameworks [3]. - The company has filed over 1,200 patents globally, ranking first among Chinese general-purpose GPU companies, with over 550 patents granted [3]. Group 3: Financial Backing - Wallen Technology has successfully completed its D-round financing, raising over 5 billion RMB, with notable investors including Qiming Venture Partners, IDG Capital, and Ping An Group [4][5]. Group 4: Technological Innovations - In July 2025, Wallen Technology unveiled the LightSphere X, the first domestic optical interconnect GPU supernode, which integrates silicon photonics technology to create a high-bandwidth, low-latency computing cluster [8]. - The architecture of the supernode aims to enhance computing density and communication efficiency, addressing the challenges faced by traditional air-cooled AI servers [8][9].