壁仞科技成立于2019年，聚焦通用图形处理器（GPGPU）芯片研发及基于GPGPU的智能计算解决方 案，致力于为人工智能产业提供高性能基础算力支撑。公司依托自主研发的GPGPU硬件及BIRENSUPA 专有软件平台，构建起覆盖云端、边缘等多场景的AI训练与推理解决方案体系，已成长为国产高端 GPU领域的中坚力量。 开年首个千亿IPO敲钟！ 盐城金谷入驻基金参投"港股GPU第一股" 新年伊始，资本市场再传捷报。1月2日，国内高端算力领域龙头企业——壁仞科技正式登陆香港联交所 主板，成为2026年首个IPO项目、港股"GPU第一股"。上市首日，壁仞科技发行价19.60港元/股，开盘 表现强劲，市值一举突破1000亿港元。盐城金谷入驻基金——盐城治平股权投资合伙企业（有限合伙） 参与本次投资，股份占比0.27%，再次彰显金谷资本对硬科技赛道的前瞻布局与专业判断。 目前，壁仞科技与摩尔线程、沐曦股份、燧原科技并称"国产GPU四小龙"，稳居国产GPU第一梯队。值 得关注的是，在壁仞科技成功登陆港交所之前，摩尔线程、沐曦股份已于2025年12月先后在科创板上 市，其中沐曦股份同样获得盐城金谷多只入驻基金的持续支持，充分体 ...

Market Overview - On January 2, the first trading day of the new year, the Hong Kong stock market opened slightly higher and continued to rise, with the Hang Seng Index increasing by 2.76%, the Hang Seng Tech Index rising by 4%, and the Hang Seng China Enterprises Index up by 2.86% [2][4]. Sector Performance - Technology stocks experienced a broad rally, with significant gains in sectors such as semiconductors, defense, software services, and consumer goods [4]. - Specific sector performance included: - Semiconductors: +7.87% - Defense: +7.78% - Software Services: +4.18% - Home Appliances: +3.99% - Steel: +3.59% - Consumer Discretionary: +3.53% [5]. Historical Context - Historical data indicates that in years when the Hang Seng Index rose on the first trading day, such as 2017, it ended the year with a significant increase of 35.99%. Conversely, years with a decline on the first trading day, like 2018 and 2022, saw annual declines of 13.61% and 15.46%, respectively [6]. Notable Stocks - Huahong Semiconductor surged over 9%, leading the gains among Hang Seng Tech Index constituents, with other notable performers including Wallen Technology and SMIC [7]. - Baidu Group also saw a significant increase of 9%, driven by news of its subsidiary Kunlun Chip's application for a public listing in Hong Kong [10]. IPO Highlights - Wallen Technology, one of the "Four Little Dragons" of domestic GPUs, debuted on the Hong Kong Stock Exchange, opening at HKD 35.7 and closing up 75.82% at HKD 34.46, with a market capitalization of HKD 826 billion [12]. - The company aims to allocate approximately 85% of its net fundraising to R&D for next-generation product iterations and technological innovation [12][14]. Future Outlook - Analysts express optimism for the market in 2026, highlighting technology innovation as a key investment theme. Factors such as monetary policy easing and increased foreign investment are expected to contribute to a favorable market environment [18]. - Institutions like Invesco and Galaxy Securities emphasize the importance of AI and semiconductor sectors, predicting continued growth and investment opportunities in these areas [19].

（来源：中国商报） 转自：中国商报 朋友们，2026年好运开场。 中国资产大爆发，港股三大指数高开高走，人民币升破6.97关口。证监会近日接连发布重磅新规，大幅 回报投资者。一起来看—— 港股沸腾了 1月2日新年首个交易日，港股全线爆发。截至收盘，恒生指数涨2.76%，报26338.47点，恒生科技指数 涨4%，国企指数涨2.86%。 离岸、在岸人民币对美元均升破6.97关口，刷新2023年5月以来新高。 富时中国A50指数期货直线拉升，突破15420关口，日内涨近1%。 在盘面上，科网股全线上涨，百度涨超9%，突破去年新高；网易涨超6.6%，阿里巴巴、腾讯涨超4%， 快手、哔哩哔哩、联想、京东、小米涨超3%；电力设备股大涨，金风科技涨超20%；半导体板块强 势，华虹半导体涨近10%。 值得关注的是，1月2日，"港股GPU第一股"壁仞科技在港交所挂牌上市，成为2026年港股市场首只上市 新股。壁仞科技开盘后一度涨近120%，总市值超1000亿港元。截至收盘，其涨幅为75.82%，报34.460 港元，市值约825.71亿港元。 根据壁仞科技此前公布的配发结果，壁仞科技此次全球发售约2.85亿股H股，公开发售占 ...

Core Viewpoint - Wallen Technology Co., Ltd. (壁仞科技) successfully listed on the Hong Kong Stock Exchange, closing at HKD 34.46, a 75.82% increase from its final offering price of HKD 19.60 [1][2]. Group 1: Company Overview - Wallen Technology specializes in developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence [1]. - The company issued a total of 284,846,600 shares before the exercise of the over-allotment option, with 49,538,600 shares allocated for public offering and 235,308,000 shares for international offering [2][3]. Group 2: Financial Details - The total amount raised from the offering was HKD 5,583.0 million, with net proceeds of HKD 5,374.5 million after deducting estimated listing expenses of HKD 208.5 million [2][3]. - The net proceeds will be used for research and development of intelligent computing solutions, commercialization of these solutions, working capital, and other general corporate purposes [3]. Group 3: Investor Participation - Key cornerstone investors include 3W Fund Management Limited, Qiming Venture Partners, and several insurance and investment firms, indicating strong institutional interest [6][8]. - The cornerstone investors collectively hold significant shares, with 3W Fund Management Limited owning 31,769,600 shares, representing 11.15% of the total shares issued [7]. Group 4: Financial Performance Projections - Wallen Technology's projected revenues for 2022, 2023, 2024, and the first half of 2025 are RMB 0.5 million, RMB 62.0 million, RMB 336.8 million, and RMB 58.9 million, respectively [8][10]. - The company is expected to incur substantial losses over these years, with total losses amounting to RMB 6,356.9 million from 2022 to mid-2025 [10][11]. Group 5: Cash Flow Analysis - The net cash outflow from operating activities for the years 2022 to 2025 is projected to be RMB 1,183.6 million, RMB 847.1 million, RMB 1,009.2 million, and RMB 1,073.3 million, respectively [11][12]. - The company’s cash and cash equivalents are expected to fluctuate significantly, reflecting the ongoing investment in R&D and operational activities [12].

Group 1 - Wallan Technology, known as the "first GPU stock in Hong Kong," was listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first new stock to be listed in the Hong Kong market for 2026 [1] - The latest data shows that Wallan Technology's stock price surged nearly 120% at one point after opening, with a total market capitalization exceeding HKD 100 billion. As of the report, the stock price increased by 93.78%, reaching HKD 37.98 per share, with a market capitalization of HKD 87.7 billion [1][2] - Wallan Technology's global offering included approximately 285 million H-shares, with 17.39% allocated for public offering and 82.61% for international offering. The final offer price was HKD 19.6 per share, raising a net amount of approximately HKD 5.375 billion. The public offering was oversubscribed by 2,347.53 times, while the international offering was oversubscribed by 25.95 times [2] Group 2 - Wallan Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions based on GPGPU, providing the necessary computational power for artificial intelligence (AI). The company's solutions support a wide range of AI model training and inference applications from cloud to edge through its proprietary BIRENSUPA software platform [3]

壁仞科技盘中一度涨超110%，截至发稿，壁仞科技报39.42港元，涨幅101.12%，市值944.56亿港元。 | 壁仞科技 | | | | | --- | --- | --- | --- | | HK6082 HK | | | | | 39.420 | 42.880 市值 944.56亿 量比 225.06 | | | | 流通 456.53亿 换 | 35.700 | | 6.13% | | 19.820 101.12% 开 | 35.700 市盈™ 亏损 额 | | 26.38 Z | | 异动解读:IPO超额认购+GPGPU芯片+订单 ... ● × | | 速能 | | | 分时 | 日K 更多▼ | | | | 均价:37.144 最新:39.460 19.860 +101.327% | | | | | +118.78% 卖139.460 4200 | | 42.880 | | | 买139.420 1.10万 | | | | | 日月 2日 ▼ | 09:4439.460 | | | | 09:44 39.460 | | | 200 | | -19:600 -------- | 097 66 7 ...

Core Viewpoint - Wallen Technology (06082.HK) successfully listed on the Hong Kong Stock Exchange, marking the first IPO of 2026 in Hong Kong, with a strong response from investors, particularly retail investors [2][4] Group 1: IPO Details - The IPO attracted 471,000 subscriptions in the public offering segment, the highest for a new stock in the past year in the Hong Kong market [2] - This IPO is the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [2] - The net proceeds from the IPO will primarily fund R&D, with approximately 85% allocated for technological advancements and product iterations [2][14] Group 2: Product Development - The next-generation flagship chip, BR20X, is planned for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth [2] - Initial R&D for the BR30X and BR31X products has begun, with expected launches in 2028, indicating a continuous product pipeline for growth [2] Group 3: Business Model and Technology - Wallen Technology develops General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions, providing essential computing power for AI applications [4][5] - The company integrates its proprietary BIRENSUPA software platform with GPGPU hardware to support a wide range of AI model training and inference applications [4][7] - The GPGPU architecture allows for high performance, energy efficiency, and flexibility, reducing the total cost of ownership for clients [8] Group 4: Market Position and Financials - The Chinese intelligent computing chip market is highly concentrated, with the top two players holding 94.4% market share as of 2024, presenting opportunities for growth for emerging players like Wallen Technology [13] - Revenue figures for Wallen Technology from 2022 to 2024 show a significant increase, with revenues of 0.5 million, 62 million, and 337 million RMB respectively [13][14] - The company has a strong focus on R&D, with total R&D expenditures of 1.018 billion, 886 million, and 827 million RMB for the years 2022, 2023, and 2024 respectively, representing a high percentage of total operating expenses [9]

Group 1: New Listings - Jiangsu Xihua New Energy Technology Co., Ltd. listed on the Shanghai Stock Exchange main board on December 23, raising 1.01 billion yuan, with a first-day stock price increase of 264.46% and a market cap of approximately 11.4 billion yuan as of December 29 [3][5] - Ningbo Jianxin Superconducting Technology Co., Ltd. listed on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, raising 779 million yuan, with a first-day stock price increase of 212.81% and a market cap of approximately 7.9 billion yuan as of December 29 [3][5] - Shenzhen Tian Su Measurement and Testing Co., Ltd. listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 600 million yuan, with a first-day stock price increase of 174.48% and a market cap of approximately 6.8 billion yuan as of December 29 [4][5] - Nabai Chuan New Energy Co., Ltd. also listed on the Shenzhen Stock Exchange ChiNext on December 23, raising 632 million yuan, with a first-day stock price increase of 408.17% and a market cap of approximately 10.1 billion yuan as of December 29 [4][5] Group 2: Companies Passing Review - Shijiazhuang Vision Technology Co., Ltd. passed the review for listing on the Shanghai Stock Exchange Sci-Tech Innovation Board on December 24, focusing on micro-display solutions [6][8] - Luoyang Shenglong Mining Group Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 23, engaged in non-ferrous metal mining [9][10] - Hangzhou Fuen Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange main board on December 26, specializing in eco-friendly fabric [9][10] - Shenzhen Dapu Microelectronics Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 25, focusing on enterprise-level SSD products [9][10] - Nanchang Sanrui Intelligent Technology Co., Ltd. passed the review for listing on the Shenzhen Stock Exchange ChiNext on December 26, specializing in drone and robot power systems [9][10] Group 3: Companies Submitting IPO Applications - Tianjin Fujida Bicycle Industrial Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 24, planning to raise 773 million yuan [12][14] - Shenyang Compressor Group Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange main board on December 25, planning to raise 2.134 billion yuan [12][19] - Shenzhen Hanno Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 23, planning to raise 1.062 billion yuan [12][23] - Dandong Oriental Measurement and Control Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 25, planning to raise 1.1 billion yuan [12][25] - Suzhou Tongxin Medical Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.064 billion yuan [12][27] - Shenzhen Deep Blue Ocean Technology Co., Ltd. submitted an IPO application to the Shanghai Stock Exchange Sci-Tech Innovation Board on December 26, planning to raise 1.5 billion yuan [12][29] Group 4: Financial Data Highlights - Fujida projected revenues of 4.371 billion yuan, 3.621 billion yuan, and 4.880 billion yuan from 2022 to 2024, with net profits of 348 million yuan, 285 million yuan, and 408 million yuan respectively [17][18] - Shenyang Compressor Group projected revenues of 7.396 billion yuan, 8.206 billion yuan, and 9.309 billion yuan from 2022 to 2024, with net profits of 181 million yuan, 355 million yuan, and 442 million yuan respectively [20][21] - Hanno Medical projected revenues of 0, 298 million yuan, and 493 million yuan from 2022 to 2024, with net losses of 647 million yuan, 3.41 billion yuan, and 1.83 billion yuan respectively [24] - Oriental Measurement and Control projected revenues of 603 million yuan, 521 million yuan, and 567 million yuan from 2022 to 2024, with net profits of 92.5 million yuan, 74.8 million yuan, and 73.1 million yuan respectively [26] - Tongxin Medical projected revenues of 8.611 million yuan, 50.453 million yuan, and 77.351 million yuan from 2022 to 2024, with net losses of 1.89 billion yuan, 3.06 billion yuan, and 3.72 billion yuan respectively [28]

Group 1: Recent IPOs - Innovative biopharmaceutical company Huazhang Bio officially listed on the Hong Kong Stock Exchange, raising approximately HKD 674 million with a market capitalization of HKD 2.586 billion [1] - Private profit-oriented general hospital group Mingji Hospital successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 626 million with a market capitalization of HKD 1.472 billion [2] - State-owned cultural tourism service enterprise Impression Dahongpao successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 130 million with a market capitalization of HKD 291 million [3] - Biotech company Hansai Aitai successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 586 million with a market capitalization of HKD 2.369 billion [4] - Artificial intelligence company Nobikan successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 303 million with a market capitalization of HKD 14.988 billion [5] - Comprehensive health service and health insurance solution provider Qingsong Health Group officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.3 billion with a market capitalization of HKD 2.91 billion [6] - Financial service provider Nanhua Futures officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion with a market capitalization of HKD 14.1 billion [7] Group 2: Upcoming IPOs - GPGPU intelligent computing solution provider Biran Technology is set to launch an IPO from December 22 to December 29, aiming to raise approximately HKD 4.855 billion [8] - AI company Zhihua Huazhang passed the listing hearing on the Hong Kong Stock Exchange, focusing on advanced general models and aiming for rapid revenue growth [8] - General GPU chip design company Tianshu Zhixin passed the listing hearing on the Hong Kong Stock Exchange, being the first in China to achieve mass production of inference and training general GPU chips [9] - Biopharmaceutical company Ruibo Bio passed the listing hearing on the Hong Kong Stock Exchange, focusing on siRNA therapy with a strong pipeline of clinical candidates [10] - Copper cathode manufacturer Jinxun Co. passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth among Chinese copper producers [11][12] - Surgical robot company Jingfeng Medical passed the listing hearing on the Hong Kong Stock Exchange, developing various surgical robots for minimally invasive procedures [13] - AI large model company MiniMax passed the listing hearing on the Hong Kong Stock Exchange, providing AI solutions to over 200 million users globally [14] - Insurtech company Baige Online passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth in China's scene-based internet insurance intermediaries [15] - Cold chain service provider Hongxing Cold Chain passed the listing hearing on the Hong Kong Stock Exchange, focusing on the cold food supply chain [16] Group 3: Companies Filing for IPO - Copper industrial component manufacturer Ao Jie Co. filed for an IPO on NASDAQ, aiming to raise up to USD 30 million [17] - Student accommodation provider Student Life filed for an IPO on NASDAQ, aiming to raise up to USD 29 million [18] - Comprehensive biopharmaceutical company Zai Lab filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative therapies [19] - Decorative gardening product manufacturer Global Gardening filed for an IPO on the Hong Kong Stock Exchange, primarily supplying to North American retailers [20] - Satellite time-space digital solution provider Futong Technology filed for an IPO on the Hong Kong Stock Exchange, providing satellite communication solutions [21] - Smart vehicle diagnostic and charging solution provider Daotong Technology filed for an IPO on the Hong Kong Stock Exchange, focusing on AI-driven solutions [22] - Integrated micro-drive system solution provider Zhaowei Electromechanical filed for a second IPO on the Hong Kong Stock Exchange [23] - Precision medicine company GenePlus filed for an IPO on the Hong Kong Stock Exchange, focusing on AI in biomarker discovery [24] - National chain pet medical institution Ruipai Pet Hospital filed for an IPO on the Hong Kong Stock Exchange, aiming to establish a standardized pet health management system [25] - Smart agriculture solution provider Weichai Levo filed for a second IPO on the Hong Kong Stock Exchange [26] - High-speed mixed-signal chip design company Longxun Semiconductor filed for an IPO on the Hong Kong Stock Exchange, focusing on data transmission solutions [28] - Industrial AI agent provider Haizhi Technology filed for a second IPO on the Hong Kong Stock Exchange [29] - Gene therapy company Frontera Therapeutics filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative gene therapy solutions [30] - Circular packaging service provider Youlesai filed for a third IPO on the Hong Kong Stock Exchange [31] - Innovative pharmaceutical technology company Xinji Pharmaceutical filed for an IPO on the Hong Kong Stock Exchange, focusing on advanced drug delivery systems [32] - Commercial display equipment company Shiyuan Electronics filed for a second IPO on the Hong Kong Stock Exchange [33] - Millimeter-wave radar supplier Chengtai Technology filed for a second IPO on the Hong Kong Stock Exchange [35] - Financial technology service provider Sifang Jingchuang filed for an IPO on the Hong Kong Stock Exchange [36] - Exhibition service provider Miaowei Exhibition filed for an IPO on the Hong Kong Stock Exchange, ranking first in overseas exhibition institutions [37] - Financial technology solution provider Yuxin Technology filed for a second IPO on the Hong Kong Stock Exchange [38] Group 4: Companies Approved for Overseas Issuance - Seven companies, including Dazhu CNC and Liuliu Guoyuan, received approval for overseas issuance and domestic unlisted shares "full circulation" applications [39]

Core Viewpoint - Wallan Technology, one of the "Four Little Dragons" of domestic GPUs, is making significant strides towards becoming the first GPU stock in Hong Kong by planning an IPO to raise approximately HKD 48.55 billion [3][6]. Group 1: IPO Details - Wallan Technology plans to issue 247,692,800 H-shares at a price range of HKD 17.00 to HKD 19.60 per share, with the maximum fundraising amount being approximately HKD 48.55 billion if the upper limit is used [3][8]. - The stock code for Wallan Technology is "6082," and it is expected to officially start trading on the Hong Kong Stock Exchange on January 2, 2026 [3][8]. - The entry fee for investors is approximately HKD 3,959.54 based on the upper limit price [9]. Group 2: Fund Utilization - The funds raised from the IPO will primarily be used to advance the development of next-generation chips such as BR20X and BR30X, as well as to invest in core technologies and enhance commercialization capabilities [12][18]. Group 3: Business Performance - Wallan Technology has accumulated a total of 24 binding orders valued at approximately RMB 821.8 million, along with five framework sales agreements and 24 sales contracts totaling RMB 1.24 billion, indicating a strong potential revenue reserve exceeding RMB 2 billion [14][15][19]. - The company reported rapid revenue growth, with revenues of RMB 62.03 million in 2023 and RMB 589.03 million in the first half of 2025, reflecting a year-on-year increase of 49.9% [20][24]. Group 4: Market Landscape - The smart computing chip market presents both opportunities and challenges, with the market share of Chinese enterprises expected to grow from approximately 20% in 2024 to about 60% by 2029 [28]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other participants [28]. Group 5: Investment and Strategic Decisions - Wallan Technology has attracted significant capital, having completed multiple rounds of financing totaling over RMB 9 billion, with notable investors including Qiming Venture Partners and IDG Capital [31]. - Initially targeting the A-share Science and Technology Innovation Board for its IPO, the company ultimately chose Hong Kong for its diverse investor base and capital acquisition opportunities [33].