The company's shares opened at HK$35.70, hit an intraday high of HK$42.88 and closed at HK$34.46, up 76% from the offer price of HK$19.60.That compared to a 2.8% rise for the benchmark Hang Seng Index. Biren was also the third most actively traded stock by turnover on the Hong Kong bourse, with 150.7 million shares ‌worth HK$5.52 billion ($707.7 million) ‌changing hands.The strong debut follows a blockbuster year for Hong Kong's equity market in 2025 and heralds a wave of chip and AI offerings this year as ...

Core Viewpoint - Wall Street's investment in Shanghai Birun Technology Co., Ltd. marks a significant milestone as it becomes the first GPU stock listed on the Hong Kong Stock Exchange, reflecting the growing importance of original technology innovation in China's tech entrepreneurship [3][5][12]. Investment Background - Birun Technology has attracted a prestigious lineup of investors, including Qiming Venture Partners, which was an early and steadfast supporter, leading the company's first round of financing in 2019 [4]. - The investment by Qiming Venture Partners was made at a very early stage, even before the company was officially registered, highlighting the confidence in the potential of the project [8]. Leadership and Team Dynamics - The CEO of Birun Technology, Zhang Wen, is recognized for his ability to attract top talent and create a cohesive team, which is crucial for the development of large chips like GPUs [9]. - The team at Birun is characterized by its openness and the presence of top industry talents, which has been essential for the company's growth and innovation [9][11]. Strategic Decisions and Innovations - Birun Technology chose to focus on GPGPU technology rather than DSA, demonstrating a commitment to innovation and a willingness to take risks in a competitive market [12][13]. - The company has also adopted advanced chiplet technology, positioning itself at the forefront of the AI computing ecosystem [13]. Future Expectations - The IPO is seen as a stepping stone rather than an endpoint, with expectations for Birun to leverage its market position to attract better talent and pursue strategic acquisitions [12][13]. - The company aims to become a core leader in the global market, drawing parallels to NVIDIA's growth trajectory post-IPO [12][13]. Investment Philosophy - Qiming Venture Partners emphasizes a "half-step investment strategy," aiming to invest just before a major market trend emerges, which was exemplified by their early investment in Birun Technology [16]. - The firm maintains a philosophy of independent thinking and historical awareness, learning from past tech industry trends to navigate current investment opportunities [17].

Group 1 - The core viewpoint is that Wallran Technology is a "capital + technology" dual-driven company, with the founder's capital operation ability being a hidden advantage [56] - Wallran has raised over 9 billion RMB in financing over five years, with significant backing from top-tier VCs [7] - The company has a strong team led by founder Zhang Wen, who has successfully recruited talent from major companies like AMD and NVIDIA [9][11] Group 2 - Wallran's financial losses appear alarming, with over 6 billion RMB in losses over three and a half years, but excluding redemption liabilities, the actual loss is around 3.7 billion RMB [17][22][23] - The adjusted net loss is narrowing year by year, indicating improving cash generation capabilities [26][30] - Wallran's revenue for 2024 is projected at 337 million RMB, with a gross margin of 53% and a backlog of over 1.2 billion RMB in orders [28] Group 3 - The current market environment presents a golden opportunity for domestic GPUs, especially after the U.S. restrictions on NVIDIA products [31][32] - Wallran's BR100 chip claims to have peak performance exceeding NVIDIA's A100, and the upcoming BR166 is expected to double the performance of BR106 [36][39] - Investing in domestic GPUs is not just about current competition with NVIDIA but about the necessity of a self-sufficient computing supply chain in China [40][41] Group 4 - For ordinary investors, it is advised to remain calm regarding the initial price surge on Wallran's listing day and to consider the differences in positioning among the four major GPU companies [43][44] - Wallran is currently valued at approximately 16 billion RMB, which is relatively inexpensive compared to its peers, but investors should assess liquidity and market sentiment post-listing [45] - The significance of Wallran's listing extends beyond mere investment; it reflects a broader trend where computing power is becoming essential for AI-related businesses [52][54]

Core Viewpoint - The IPO process of Wallan Technology marks a significant milestone in the domestic GPU industry, filling a gap in the Hong Kong market and enhancing the company's position in the global computing power competition [2][11]. Group 1: Company Overview - Wallan Technology has received approval for an overseas IPO, aiming to issue up to 372.458 million shares, and has successfully passed the Hong Kong Stock Exchange hearing [2]. - The company is recognized as one of the "Four Little Dragons" in the domestic GPU sector, leveraging both technological and commercial breakthroughs to establish a strong market presence [2][11]. Group 2: Technological Strengths - Wallan Technology has built a dual moat of "hardware + software," becoming a performance benchmark in the high-end GPU field, with its flagship chip BR100 achieving over 1000T floating-point computing power [2][4]. - The company has developed the BIRENSUPA platform, which is compatible with the CUDA ecosystem and mainstream AI frameworks, addressing customer migration costs and promoting industry standards [3][4]. Group 3: Financial Performance - The company has seen explosive revenue growth, with revenues increasing from 500,000 yuan in 2022 to 62 million yuan in 2023, and projected to reach 337 million yuan in 2024, reflecting a compound annual growth rate of over 2500% [5]. - As of the first half of 2025, the company reported revenues of 58.9 million yuan, with significant product upgrades and the next-generation flagship chip expected to be commercialized by 2026 [5]. Group 4: Market Expansion - Wallan Technology has successfully penetrated key sectors such as telecommunications and fintech, deploying large-scale intelligent computing clusters with major operators [5][6]. - The company has established a diversified capital support system, raising over 5 billion yuan with backing from leading investment firms and government funds [5]. Group 5: Industry Context - The AI computing industry is projected to grow significantly, with the Chinese intelligent computing chip market expected to reach 50.4 billion USD by 2025, and the GPGPU market projected to grow to 40.9 billion USD [6]. - Policies promoting domestic GPU procurement and initiatives like the "East Data West Computing" project provide a favorable growth environment for Wallan Technology [6]. Group 6: Challenges Ahead - Despite the successful IPO process, Wallan Technology faces challenges including ongoing losses, competitive pressures, and supply chain risks, with cumulative losses exceeding 6.3 billion yuan as of the first half of 2025 [7][8]. - The company is heavily reliant on TSMC's CoWoS packaging technology, which poses a risk to its production capacity, and efforts to localize this technology are still in progress [8]. Group 7: Competitive Landscape - The competitive landscape is intensifying, with NVIDIA holding a dominant 97.6% market share in the global GPGPU market, making it difficult for Wallan Technology to compete on technology alone [8][11]. - The competition within the domestic market is also fierce, with companies like Huawei and Moer Thread rapidly expanding their market presence [8]. Group 8: Future Outlook - The competition logic in the GPU industry is shifting from purely technical parameters to a focus on software ecosystem maturity, customer retention, and scene adaptability [11]. - Wallan Technology must balance R&D investment with profitability to gain long-term recognition in the capital market, emphasizing the need for cost control and market penetration [12].

Core Viewpoint - The domestic GPU industry is experiencing a capital frenzy as several companies prepare for IPOs, with significant market valuations and investor enthusiasm, despite the underlying financial challenges and losses faced by these companies [2][3][10]. Group 1: IPO and Market Performance - Moer Technology became the first domestic GPU stock on the Sci-Tech Innovation Board, opening at 650 CNY per share, a 468.78% increase from its issue price of 114.28 CNY, with a market cap exceeding 300 billion CNY [2]. - Muxi Co. also listed on the Sci-Tech Innovation Board, seeing an opening surge of over 568%, with its market cap quickly surpassing 300 billion CNY [2]. - On the same day as Muxi's listing, Birun Technology passed the Hong Kong Stock Exchange hearing, positioning itself to become the first GPU stock in Hong Kong [2]. Group 2: Financial Performance and Challenges - Moer Technology, Muxi Co., and Birun Technology are currently operating at a loss, with Moer reporting a loss of 724 million CNY in the first three quarters of 2025, Muxi at 346 million CNY, and Birun at 1.601 billion CNY in the first half of the year [3]. - In comparison, Nvidia's revenue for a single quarter in 2025 exceeded 30 billion USD, while domestic GPU companies' revenues are only in the range of several hundred million to a few billion CNY [3]. Group 3: Market Drivers and Trends - The IPO wave of domestic GPU companies is driven by a growing demand for computing power, a need for domestic alternatives, and a shift in capital investment logic [3][6]. - The demand for computing power has surged since the global AI model boom initiated by ChatGPT in 2023, with predictions indicating that China's total computing power will reach 3442.89 EFLOPs by 2029, growing at a compound annual growth rate of 40% [5]. Group 4: Competitive Landscape and Differentiation - The four leading domestic GPU companies, referred to as the "Four Little Dragons," are pursuing differentiated paths in technology, product positioning, and application scenarios [7]. - Moer Technology focuses on a full-featured GPU similar to Nvidia, while Muxi Co. specializes in AI computing GPUs, and Birun Technology emphasizes extreme computing power with its BR100 chip [8][9]. Group 5: Future Outlook - The domestic GPU industry is expected to face challenges in competing with Nvidia's established ecosystem, but there are structural opportunities for growth supported by national policies and a rich landscape of AI application scenarios in China [10][11]. - The future of domestic GPUs will depend on their ability to develop core technologies, production capabilities, and clear commercialization paths, with a focus on ecosystem service and scenario adaptation [12][13].

Group 1 - The high valuation of Muxi is driven by a combination of technology, team expertise, market timing, and policy catalysts, rather than being coincidental [35] - The "Four Dragons of Domestic GPU" each have distinct strategies, indicating that competition is not merely homogeneous [25][32] - The recent wave of AI company IPOs signifies a shift in the industry from "storytelling" to "result verification" [33] - Current conditions present both opportunities and risks; stakeholders should understand the underlying logic of valuations and avoid being swayed by emotions [34] Group 2 - Muxi's market capitalization reached 332 billion, with a significant first-day price increase, reflecting investor enthusiasm [6][34] - The team behind Muxi, including founder Chen Weiliang and co-founders Peng Li and Yang Jian, possesses extensive experience in GPU design, which is crucial for the company's success [13][17] - The U.S. chip export restrictions have created a pressing demand for domestic GPU solutions, leading to a surge in orders for Muxi [22][23] Group 3 - The four domestic GPU companies—Muxi, Moer, Birran, and Suiruan—each focus on different market segments and technological approaches, akin to various martial arts styles [25][32] - The investment strategy of top-tier firms like Sequoia emphasizes "certainty" over mere potential, focusing on the team's track record rather than just the technology [28][29] - The current landscape of AI infrastructure investment reflects a growing recognition of the importance of foundational technologies over application-level innovations [33]

Core Viewpoint - Wallen Technology, a leading player in the domestic GPU market, is set to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, marking a significant step in its growth strategy and capital raising efforts [1][2]. Group 1: Company Overview - Wallen Technology was founded in 2019 by former SenseTime president Zhang Wen and is recognized as the only company among the "Four Little Dragons of Domestic GPUs" to choose a full circulation listing in Hong Kong [1][2]. - The company focuses on high-end cloud computing GPGPU technology, having launched its first general-purpose GPU chip, BR100, in 2022, which achieved over 1000T floating-point computing power and over 2000T integer computing power [2][3]. Group 2: Product Development - Wallen Technology has developed the Bili series of commercial hardware products based on the BR100 chip, which includes liquid-cooled and air-cooled OAM modules and AI inference acceleration cards, supporting mainstream deep learning frameworks [3]. - The company has filed over 1,200 patents globally, ranking first among Chinese general-purpose GPU companies, with over 550 patents granted [3]. Group 3: Financial Backing - Wallen Technology has successfully completed its D-round financing, raising over 5 billion RMB, with notable investors including Qiming Venture Partners, IDG Capital, and Ping An Group [4][5]. Group 4: Technological Innovations - In July 2025, Wallen Technology unveiled the LightSphere X, the first domestic optical interconnect GPU supernode, which integrates silicon photonics technology to create a high-bandwidth, low-latency computing cluster [8]. - The architecture of the supernode aims to enhance computing density and communication efficiency, addressing the challenges faced by traditional air-cooled AI servers [8][9].

Core Viewpoint - Wall Street's interest in Chinese AI chip startup Birun Technology is growing as the company plans to issue up to 372,458,000 shares for overseas listing on the Hong Kong Stock Exchange, alongside converting 873,272,024 shares held by 57 shareholders into tradable shares [1][4]. Group 1: Company Overview - Birun Technology, founded on September 9, 2019, focuses on developing original general-purpose computing systems and efficient hardware-software platforms, aiming to provide integrated solutions in intelligent computing [6]. - The company has successfully launched its first general-purpose GPU chip, BR100, which achieved a global computing power record with INT8 computing power reaching 2048 TOPS and BF16 computing power at 1024 TFLOPS [6][8]. Group 2: Financial and Market Position - Birun Technology's latest financing round in June raised approximately 1.5 billion RMB, with a pre-investment valuation of around 14 billion RMB and a post-investment valuation exceeding 15.5 billion RMB [4]. - The company is part of a growing trend in the Chinese AI/GPU chip sector, with predictions indicating that by 2027, sales for Chinese GPU manufacturers could reach 287 billion RMB, capturing 70% of the domestic market [11]. Group 3: IPO and Market Strategy - Birun Technology is pursuing an IPO in Hong Kong due to the relatively lenient listing requirements compared to A-shares, which may allow for a quicker market entry and potential valuation premiums [13]. - The company has shifted its focus from A-share listings to the Hong Kong market, partly due to ongoing losses and limited revenue, with projected sales of only 400 million RMB in 2024 [13]. Group 4: Competitive Landscape - The Chinese AI chip market is witnessing a surge in local startups, driven by the U.S. export restrictions on advanced AI chips, which has accelerated the push for domestic chip production [11]. - Birun Technology's competitors, such as Moer Thread and Muxi Technology, are also preparing for IPOs, indicating a competitive environment for capital and market share in the AI chip sector [12][14].

Core Viewpoint - The article discusses the rapid progress of Chinese GPU companies, particularly Muxi and Moer Thread, in their IPO processes amidst a changing market landscape, highlighting the opportunities and challenges they face in competing with established players like NVIDIA [1][3][6]. Group 1: Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. was established in 2020 and focuses on developing and selling full-stack GPU products for AI training, inference, general computing, and graphics rendering [5]. - Moer Thread, also founded in 2020, has successfully passed the IPO review process and aims to become a leading GPU company, directly competing with NVIDIA [3][6]. - Both companies have attracted significant investments and talent, positioning themselves to challenge NVIDIA's dominance in the Chinese market [1][6]. Group 2: Product Development - Muxi has launched the "Xisi N" series GPUs for intelligent computing inference and the "Xiyun C" series for integrated training and general computing, with the latest C600 model aligning with mainstream architectures [5]. - Moer Thread has introduced four generations of chips from 2021 to 2024, with the latest "Pinghu" chip supporting advanced model training and achieving significant revenue from AI cluster products [4][6]. - Both companies are developing products that aim to match or exceed the performance of NVIDIA's offerings, with Muxi's C500 reportedly achieving performance comparable to NVIDIA's A100 in certain scenarios [5][8]. Group 3: Market Dynamics - The market for AI GPUs in China is rapidly expanding, with projections indicating a growth from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [14]. - The changing geopolitical landscape, particularly U.S. export controls, has created a unique opportunity for domestic GPU companies as NVIDIA's market share in China has plummeted from 95% to nearly 0% [14]. - The shift towards domestic AI chips is being supported by both policy changes and market demand, providing unprecedented opportunities for companies like Muxi and Moer Thread [14]. Group 4: Competitive Landscape - The article highlights the significant gap in software ecosystems between domestic GPU companies and NVIDIA, with the latter having a well-established developer ecosystem based on its CUDA platform [8][9]. - Despite advancements in hardware, domestic companies face challenges in competing with NVIDIA's rapid product iterations and established market presence [9][11]. - The inference market is seen as a more attainable target for domestic companies, with lower computational requirements compared to training tasks, which are expected to grow significantly in the coming years [9].

Core Viewpoint - The IPO applications of Chinese GPU companies, including MuXi Integrated Circuit and MoEr Thread, are progressing rapidly, marking a significant moment for the domestic GPU industry as they aim to challenge NVIDIA's dominance in the market [1][4][11]. Group 1: Company Developments - MuXi Integrated Circuit, established in 2020, has developed the "XiSi N" series GPUs for intelligent computing inference and the "XiYun C" series for training and general computing, targeting AI training and inference scenarios [1][5]. - MoEr Thread, also founded in 2020, has successfully passed the IPO review process in a record 88 days, potentially becoming the largest IPO on the STAR Market this year [3][4]. - Both companies have seen accelerated IPO processes amid a changing market environment, with significant investments and talent acquisition aimed at capturing the lucrative GPU market [1][5]. Group 2: Market Environment - The market for AI GPUs in China is experiencing rapid growth, with the market size projected to increase from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [12]. - The exit of NVIDIA from the Chinese market due to U.S. export restrictions has created a unique opportunity for domestic GPU companies to fill the void [11]. - The competitive landscape is shifting, with domestic companies like MoEr Thread and MuXi aiming to establish themselves as viable alternatives to NVIDIA, which has seen its market share in China plummet from 95% to nearly 0% [11]. Group 3: Technological Challenges - Despite advancements, domestic GPU companies still face significant technological gaps compared to NVIDIA, particularly in software ecosystems and manufacturing processes [8][9]. - The transition costs for developers to switch from NVIDIA's CUDA to domestic alternatives remain a major hurdle for the adoption of domestic GPUs [8]. - The manufacturing capabilities of domestic companies are limited to 7nm or 14nm processes, while NVIDIA has moved to 4nm, posing challenges for future competitiveness [9]. Group 4: Future Outlook - The success of domestic GPU companies will depend not only on technological advancements but also on the maturation of the entire industry ecosystem [9]. - The push for domestic AI chip independence is gaining momentum, with increasing support from policies and market dynamics favoring local manufacturers [7][11]. - The rapid adaptation of domestic GPUs to emerging AI applications, such as DeepSeek, indicates a growing recognition of their capabilities in the market [12].