Group 1 - The core point of the article is that the China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for Shanghai Birun Technology Co., Ltd. regarding its Hong Kong IPO, which is expected to make it the first GPU stock in Hong Kong [1][2] - On December 17, Birun Technology passed the hearing for its Hong Kong IPO, with China International Capital Corporation, Ping An Securities (Hong Kong), and Bank of China International serving as joint sponsors [1][2] - The CSRC requires Birun Technology to explain the rationale behind the pricing of newly added shareholders' investments over the past 12 months, including any discrepancies in investment prices and whether there are any abnormal investment considerations [3] Group 2 - Birun Technology must also provide details on its previous A-share listing guidance filing, whether it plans to continue pursuing an A-share listing, and any significant factors that may impact the current issuance and listing [5] - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing the necessary foundational computing power for artificial intelligence (AI) [6] - By integrating self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, the company's solutions support a wide range of AI model training and inference applications from cloud to edge [6]

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]