Company Overview - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, becoming the first "domestic GPU stock" in the market and the first stock to list in Hong Kong in 2026 [1] - The opening price surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 per share, closing with a gain of 75.82% and a total market capitalization of approximately HKD 82.5 billion (around RMB 74 billion) [1] IPO Details - The IPO price was set at HKD 19.6, with 285 million shares issued, raising a total of HKD 5.583 billion [1] - The public offering was oversubscribed by 2,347.53 times, while the international placement was oversubscribed by 25.95 times [1] Fund Utilization - The funds raised will primarily be used for research and development of intelligent computing solutions, including the development of next-generation GPGPU chips like BR20X and BR30X [1] - Approximately 85% of the net proceeds will be allocated to R&D, 5% for commercialization expansion, and 10% for working capital and general corporate purposes [1] Financial Performance - Wallen Technology is still in the early stages of commercialization, with significant revenue growth over the past three years but has not yet achieved profitability [4] - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were reported as RMB 499,000, RMB 62.03 million, RMB 337 million, and RMB 59 million respectively, with net losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.601 billion [4] - Cumulative net losses exceeded RMB 6.3 billion by mid-2025, with gross margins declining from 100% in 2022 to 31.9% in the first half of 2025 [4] Industry Context - The domestic GPU industry is accelerating its IPO processes, with Wallen Technology, Moer Technology, Muxi Co., and Tensu Zhixin often referred to as the "Four Little Dragons of Domestic GPU" [5] - Moer Technology and Muxi Co. recently listed on the A-share Science and Technology Innovation Board, with first-day stock price increases of 425.46% and 692.95% respectively [5] - Following Wallen Technology's listing, Tensu Zhixin is set to be listed on January 8, and Baidu's AI chip company Kunlun has submitted a confidential application to the Hong Kong Stock Exchange [5]

Core Viewpoint - Wall Street Technology officially listed on the Hong Kong Stock Exchange on January 2, becoming the first "domestic GPU stock" in the market and the first stock to be listed in Hong Kong in 2026 [1] Group 1: IPO Details - The opening price of Wall Street Technology surged by 82.14% to HKD 35.70, reaching a peak increase of over 118% at HKD 42.88 per share before closing at a 75.82% increase, with a total market capitalization of approximately HKD 82.5 billion (around RMB 74 billion) [1] - The company issued shares at an initial price of HKD 19.6, totaling 285 million shares, raising a total of HKD 5.583 billion [1] - The public offering was oversubscribed by 2,347.53 times, while the international placement was oversubscribed by 25.95 times [1] Group 2: Fund Utilization - The funds raised from the IPO will primarily be used for research and development of intelligent computing solutions, including the development of smart computing hardware, software platform upgrades, commercialization of solutions, and advancing the development of next-generation GPGPU chips like BR20X and BR30X [1] - Approximately 85% of the net proceeds will be allocated to R&D, 5% for commercialization expansion, and 10% for working capital and general corporate purposes [1] Group 3: Financial Performance - Wall Street Technology is still in the early stages of commercialization, having reported strong revenue growth over the past three years but has not yet achieved profitability [4] - Revenue figures for the years 2022, 2023, 2024, and the first half of 2025 were HKD 499,000, HKD 62.03 million, HKD 337 million, and HKD 59 million, respectively, with net losses of HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion [4] - Cumulatively, the company has incurred over HKD 6.3 billion in net losses from 2022 to June 2025, with gross margins decreasing from 100% in 2022 to 31.9% in the first half of 2025 [4] Group 4: Investment Landscape - Wall Street Technology's implied post-investment valuation reached RMB 20.915 billion in August 2025, with a multi-tiered capital structure supported by various state-owned and private investment platforms [5] - The domestic GPU industry is accelerating its IPO processes, with Wall Street Technology, Moer Technology, Muxi Co., and Tensu Zhixin often referred to as the "four little dragons of domestic GPUs" [5] - Following Wall Street Technology's listing, Tensu Zhixin is set to be listed on January 8, and Baidu's AI chip company Kunlun has submitted a confidential application to the Hong Kong Stock Exchange [5]

12月15日，中国证监会官网发布的备案通知书显示，上海壁仞科技股份有限公司（以下简称"壁仞科 技"）的境外发行上市及境内未上市股份"全流通"申请已获批，拿到通往香港资本市场的"入场券"，有 望成为"港股GPU第一股"。 具体来看，壁仞科技拟发行不超过3.72亿股普通股，并在香港联合交易所上市流通，而公司57名现有股 东拟将持有的约8.73亿股境内未上市股份转为境外上市股份，并在港交所上市流通。 公开资料显示，壁仞科技创立于2019年9月，聚焦高性能通用GPU领域，打造自主原创的高性能GPU软 硬件体系，构建国产智能计算产业生态。目前，壁仞科技已经实现中国首个4种及以上异构芯片混训技 术落地，突破了"算力孤岛"难题。中国移动、中国电信、中兴通讯、上海人工智能实验室等都是壁仞科 技的合作伙伴。 去年9月，壁仞科技曾在上海证监局办理辅导备案登记，拟在A股科创板上市，辅导券商为国泰君安。 壁仞科技常与摩尔线程、沐曦股份、燧原科技并称为"国产GPU四小龙"。自摩尔线程12月5日登陆上交 所科创板以来，其他三家公司也在加快IPO的步伐。 其中，沐曦股份已于15日公告称，公司股票将于12月17日在上海证券交易所科创板上市。 ...