Core Viewpoint - Wall Ran Technology Co., Ltd. has initiated its IPO process, aiming to issue 24,769,280 H-shares, with trading expected to commence on January 2, 2026, marking it as the first GPU company listed in Hong Kong following the domestic listing of Moer Thread as the first GPU company on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Founded in September 2019 by former SenseTime president Zhang Wen, Wall Ran Technology has recruited top talents, including the head of the self-developed GPU team from HiSilicon, to form its core team [1] - The company focuses on developing chips for AI model training and inference, with its first product, the BR106, designed to target next-generation products from international competitors [1][2] Group 2: Product Development - The BR106 chip was successfully designed and mass-produced within approximately three years, with production commencing in January 2023 [2] - The second product, BR110, is aimed at edge and cloud inference applications, with mass production expected in October 2024 [2] - Wall Ran is also developing the next-generation flagship data center chip, BR20X, which is expected to provide enhanced computing power and support for a wider range of data formats [2][3] Group 3: Technological Innovations - Wall Ran Technology is the first in China to adopt 2.5D chiplet technology for packaging dual AI computing bare chips, which helps to overcome limitations in traditional single-chip IC manufacturing [3] - The company has developed advanced packaging technologies that improve chip and memory integration, particularly beneficial for AI training workloads and cloud computing [4] Group 4: Financial Performance - Wall Ran Technology reported revenues of 0.5 million yuan in 2022, which increased to 3.368 billion yuan in 2024, driven by a growing customer base and increased revenue per customer [6] - The company has incurred significant losses over the years, with losses of 14.743 billion yuan in 2022 and projected increases in losses due to rising R&D expenditures [7][8] - R&D expenditures have been substantial, with 203,980% of total revenue in 2022, indicating a strong focus on innovation despite financial losses [7] Group 5: Market Position and Future Outlook - As of 2024, Wall Ran Technology holds a market share of 0.16% in the Chinese smart computing chip market and 0.20% in the GPGPU market, with expectations to increase to 0.19% and 0.23% respectively by 2025 [8] - The company has secured 24 binding orders valued at approximately 821.8 million yuan and has established several framework sales agreements, indicating a strong future revenue pipeline [8]

壁仞科技是"国产GPU四小龙"中唯一选择港股"全流通"上市的企业。而在此之前，该公司曾于2024年9月在上海证监局办理科创板IPO辅导备案。 12月15日，证监会国际合作司披露了关于上海壁仞科技股份有限公司(以下简称"壁仞科技")境外发行上市及境内未上市股份"全流通"备案通知书。 根据备案通知书，壁仞科技拟发行不超过372458000股境外上市普通股并在香港联合交易所上市。该公司57名股东拟将所持合计873272024股境内未上市股 份转为境外上市股份，并在香港联合交易所上市流通。 市场端同样对壁仞科技给予高度关注。2025年胡润百富独角兽排行榜显示，其估值已达160亿元人民币。 基于BR100及其衍生产品(如BR104)，壁仞科技打造了壁砺系列商用硬件产品线，已量产落地。该系列包含液冷/风冷OAM模组、推理AI加速卡等，依托原 创的GPGPU芯片架构以及BIRENSUPA软件开发平台，支持业内主流的深度学习框架与模型，为广泛的AI计算场景提供高能效比、高通用性的强大算力。 研发方面，截至2025年9月30日，壁仞科技在全球多个国家和地区累计公开专利1200余项，位列中国通用GPU公司第一，获得专利授权550 ...

12月15日，证监会国际合作司披露了关于上海壁仞科技股份有限公司(以下简称"壁仞科技")境外发行上市及境内未上市股份"全 流通"备案通知书。 根据备案通知书，壁仞科技拟发行不超过372458000股境外上市普通股并在香港联合交易所上市。该公司57名股东拟将所持合计 873272024股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 壁仞科技是"国产GPU四小龙"中唯一选择港股"全流通"上市的企业。而在此之前，该公司曾于2024年9月在上海证监局办理科创 板IPO辅导备案。以通用GPU为核心 壁仞科技由前商汤科技总裁张文于2019年创立。 在"国产GPU四小龙"中，壁仞科技与沐曦股份均选择了通用GPU(GPGPU)技术路线：壁仞更专注于高端云端大算力GPGPU，沐 曦布局了更全栈的通用计算与图形渲染融合产品。 2022年，壁仞科技发布其首款通用GPU芯片BR100。BR100采用7nm制程，创新性应用Chiplet与2.5D CoWoS封装技术，将两颗计 算核心封在一块硅Interposer上，其16位浮点算力达到1000T以上、8位定点算力达到2000T以上，在当时创造了全球算力纪录。 值得一提 ...