Group 1 - The core viewpoint of the article is that Shanghai Birun Technology Co., Ltd. is initiating its IPO process, aiming to raise between HKD 42.1 billion and HKD 48.5 billion through the issuance of 247.69 million shares priced between HKD 17.00 and HKD 19.60 per share [1] - The company plans to officially list on the Hong Kong Stock Exchange on January 2, 2026, following the start of its public offering on December 22 [1] - Birun Technology holds five framework sales agreements and 24 sales contracts, with a total value of RMB 1.241 billion, which will significantly drive its revenue growth [1] Group 2 - The company is recognized as a representative of domestic GPU manufacturers and has established key technologies including GPGPU architecture and system-level chip design [1] - Notably, the client base includes nine companies from the Fortune 500 in China, five of which are also listed in the global Fortune 500 [1]