技术和商业化双轮驱动，实现两年从0到3.37亿营收的火箭式增长。 作者 | 木盒 编辑 | 小白 2026年1月2日，壁仞科技（06082.HK）正式登陆港交所，上市当天大涨76%，并创下两项重要里程 碑：不仅成为港股第一家GPU上市公司，更创下香港上市规则18C章节（新兴科技公司专属上市政 策）自2023年3月实施以来的最大募资规模。 招股资料显示，壁仞科技IPO发行阶段就已经获得资本市场火热追捧，其公开发售超额认购倍数飙升 至2347倍，市场打新热情空前高涨。最终，公司将H股发行价锁定19.6港元，合计净募资53.75亿港 元。 值得关注的是，此次募资获得重量级资本加持，近半数资金来自基石投资——启明创投、平安人寿、 瑞银集团、泰康人寿等知名机构赫然在列，为公司上市后的发展注入强劲信心。 风云君认为，壁仞科技IPO的火爆行情绝非偶然，其背后折射的是资本市场对公司在国产GPU领域核 心地位的高度认可，以及对其未来发展潜力的坚定看好。 最热门的赛道，最核心的公司 AI（人工智能）已经成为全球经济和社会发展的重要驱动力，尤其是大模型语言将大幅推动AI向AGI （通用人工智能）的演进，AGI有望在生产力和创造力方 ...

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]

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 - 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]