Core Viewpoint - Wall Street is anticipating the IPO of Shanghai Birun Technology Co., Ltd., known as the "first GPU stock in Hong Kong," which will begin its public offering today and end on December 29, 2023, with plans to list on January 2, 2026, under the stock code "6082" [1] Group 1: Company Overview - Birun Technology is a general-purpose intelligent chip design company founded in 2019, focusing on developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence (AI) [2] - The company has attracted significant investment from major institutions, completing multiple funding rounds, with the last round valuing the company at 20.9 billion yuan [2] Group 2: Market Demand and Growth - The demand for computing solutions is surging due to the rapid development of AI, particularly in large language models (LLMs) and generative AI, prompting Birun Technology to develop a comprehensive intelligent computing solution [3] - The Chinese intelligent computing chip market is projected to grow from $1.7 billion in 2020 to $30.1 billion by 2024, with a CAGR of 105%, and expected to reach $20.12 billion by 2029 [5] Group 3: Product and Technology - Birun Technology's product offerings include the BR106 and BR110 chips, which are expected to see increasing sales from 2024 to 2025, along with the commercialization of the new BR166 chip [3] - The company has achieved significant operational stability, with its GPGPU clusters running continuously for over five days without failure, demonstrating reliability in large-scale training applications [5] Group 4: Investment Opportunity - Birun Technology's IPO is expected to raise between 4.21 billion and 4.85 billion HKD, with a market capitalization estimated between 40.1 billion and 46.2 billion HKD [1] - The company has a strong order backlog of 1.241 billion yuan and a clear product roadmap, positioning it as a key player in the domestic AI computing supply chain [6]

Core Viewpoint - Shanghai Biren Technology, a Chinese AI chip manufacturer, is seeking to raise up to approximately $623 million (around 4.4 billion RMB) through an IPO in Hong Kong, marking a potential resurgence of AI company listings in the region [1][2]. Group 1: IPO Details - The company plans to issue 247.7 million shares at a price range of HKD 17.00 to HKD 19.60, aiming for a maximum fundraising of HKD 4.85 billion (equivalent to $623 million) [1]. - The expected listing date for the company's shares is January 2 of the following year [1]. - The Hong Kong IPO market is recovering after years of stagnation, and successful listings may encourage more Chinese AI companies to go public, boosting the local stock market [1][2]. Group 2: Market Context - Other AI startups, such as MiniMax Group and Knowledge Atlas Technology, are also accelerating their IPO plans, indicating a trend among Chinese AI companies to leverage capital markets for funding [2]. - The competition in the AI sector is intensifying, prompting these companies to seek public financing despite being in the early stages of commercialization and not yet profitable [2]. - Hong Kong is projected to reclaim its position as the top global IPO market, with total funds raised through IPOs reaching HKD 259.4 billion from January to November 2025, more than triple the amount from the previous year [2]. Group 3: Company Technology and Solutions - Shanghai Biren Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions essential for AI applications [3]. - The company's proprietary BIRENSUPA software platform, combined with its GPGPU hardware, supports AI model training and inference across various applications, providing a competitive edge in the domestic market [3][4]. - The company has begun generating revenue from its intelligent computing solutions, with 14 clients contributing RMB 336.8 million and 12 clients contributing RMB 58.9 million for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [5]. Group 4: Funding and Investor Support - The company has secured cornerstone investors who have agreed to subscribe for shares worth $372.5 million under certain conditions [6]. - Notable cornerstone investors include 3W Fund Management, Qiming Venture Partners, and several insurance and investment firms, indicating strong institutional interest in the IPO [6].

Core Viewpoint - The company, Wallen Technology (06082), is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and plans to start trading on January 2, 2026 [1]. Group 1: Company Overview - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU technology, providing essential computing power for artificial intelligence (AI) [1]. - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1]. - Wallen Technology's GPGPU-based solutions demonstrate strong performance and efficiency in pre-training, post-training, and inference of large language models (LLMs), giving the company a competitive edge in the domestic market [1]. Group 2: Market Demand and Financials - The rapid development of AI, particularly LLMs and generative AI, has led to an increasing demand for computing solutions among enterprises to meet their surging needs for computing power and AI applications [2]. - The company has developed a specialized technology product, an intelligent computing solution consisting of a hardware system based on its GPGPU architecture and the BIRENSUPA computing software platform, which can be delivered in large-scale intelligent computing clusters [2]. - In 2023, the company's intelligent computing solutions began generating revenue, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2]. Group 3: IPO and Use of Proceeds - Assuming an offering price of HKD 18.30 per share and no exercise of the over-allotment option, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion [2]. - Approximately 85% of the proceeds will be allocated for future research and development of the company's intelligent computing solutions, 5% for commercialization, and 10% for working capital and general corporate purposes [2]. Group 4: Cornerstone Investors - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3]. - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and investment firms [3].

Core Viewpoint - The company, Birun Technology, is set to launch an IPO from December 22 to December 29, 2025, aiming to issue 248 million H-shares, with a price range of HKD 17.00 to HKD 19.60 per share, and is expected to start trading on January 2, 2026 [1] Group 1: Company Overview - Birun Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing essential computing power for artificial intelligence (AI) [1] - The company's solutions integrate self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1] - The technology has a strong performance in pre-training, post-training, and inference of large language models (LLMs), creating a significant competitive advantage in the domestic market [1] Group 2: Market Demand and Financials - The demand for computing solutions is increasing rapidly due to the growth of AI, particularly LLMs and generative AI, prompting the company to develop specialized technology products [2] - The intelligent computing solutions began generating revenue in 2023, with 14 and 12 clients contributing RMB 336.8 million and RMB 58.9 million in revenue for the fiscal years ending December 31, 2024, and June 30, 2025, respectively [2] - Assuming an offering price of HKD 18.30 per share, the net proceeds from the global offering are estimated to be approximately HKD 4.3506 billion, with 85% allocated for R&D of intelligent computing solutions [2] Group 3: Strategic Partnerships - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares amounting to USD 372.5 million under certain conditions [3] - Notable cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and various insurance and asset management firms [3]

Core Viewpoint - The company, Wallen Technology, has passed the Hong Kong Stock Exchange hearing and is focused on developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions to support AI computing power [1] Group 1: Company Overview - Wallen Technology develops GPGPU chips and intelligent computing solutions, integrating self-developed GPGPU hardware (including BR106, BR110, BR166 chips) and proprietary BIRENSUPA software platform [1] - The company operates on a Fabless model, outsourcing chip manufacturing, assembly, testing, and packaging to third-party contract manufacturers [1] Group 2: Market Position and Strategy - The company strategically focuses on high computing power demand industries, with approximately 821.8 million RMB in unfulfilled orders and signed framework sales agreements worth about 1.24 billion RMB [1] - The customer base primarily consists of leading enterprises in telecommunications, AI data centers, and the internet sector [1] Group 3: Industry Insights - The Chinese intelligent computing chip market is highly concentrated, with the top two players holding 94.4% market share [1] - It is projected that the market share of Chinese companies in the intelligent computing chip sector will increase from approximately 20% in 2024 to about 60% by 2029 [1] Group 4: Use of Proceeds - The net proceeds from the hearing are intended for future research and development of intelligent computing solutions (including hardware and software platforms), commercialization of these solutions (sales, marketing, technical support), and to supplement working capital and general corporate purposes [1]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. (Birun Technology), a domestic GPU company, is progressing towards its IPO on the Hong Kong Stock Exchange, following the successful hearing update on December 17, 2023 [1][3]. Company Overview - Birun Technology was founded in 2019 and is recognized for developing high-performance general-purpose GPUs, aiming to create a self-developed high-performance GPU hardware and software ecosystem [3]. - The company has consistently recorded net losses since its inception, with primary revenue sources including product sales, support or extended warranty services, and rental income from intelligent computing clusters [3]. Financial Performance - Financial data shows that Birun Technology's revenue is projected to grow from 499,000 yuan in 2022 to 3.37 billion yuan in 2024, while net losses are expected to be 1.47 billion yuan, 1.74 billion yuan, and 1.54 billion yuan for the same years [3][5]. - The increase in revenue from 2022 to 2023 is attributed to the rise in income from the company's intelligent computing solutions, which began generating revenue in 2023 after the commercialization of specialized technology products in August 2022 [5]. Market Position - Birun Technology is part of a group of four domestic GPU companies, often referred to as the "Four Little Dragons of Domestic GPUs," alongside Moore Threads, Muxi Co., and Suiruan Technology, all of which are making progress in their respective IPO processes [6]. - If Birun Technology's IPO proceeds smoothly, it will become the first GPU stock in the Hong Kong market, filling a significant gap in the GPU sector [7].