Core Viewpoint - Wall Street-backed Birran Technology has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first GPU company to go public in Hong Kong, with an IPO price of HKD 19.60 per share and a market capitalization exceeding HKD 1 trillion shortly after listing [2][4]. Company Background - Founded in September 2019 by Harvard PhD Zhang Wen, Birran Technology aims to capitalize on the growing demand for GPU chips, which are essential for AI applications [4][5]. - The company has faced skepticism due to Zhang's non-technical background in the GPU industry, but he has successfully assembled a strong team of experts from leading tech companies [6][7]. Investment Journey - Birran Technology achieved a record A-round financing of RMB 1.1 billion in June 2020, led by prominent investors including Qiming Venture Partners and IDG Capital, with a post-money valuation of nearly RMB 300 million [11]. - Subsequent funding rounds have seen the company’s valuation soar, reaching over RMB 7 billion after a Pre-B round led by Hillhouse Capital and Yunji Capital [12][13]. Product Development and Market Position - The company launched its first general-purpose GPU chip, the BR100 series, in March 2022, achieving a peak computing power of 10 trillion floating-point operations per second, directly competing with NVIDIA's flagship products [8][10]. - Birran Technology has developed a comprehensive platform strategy, which includes a unified software platform and multiple chip products, driving significant revenue growth from RMB 499,000 in 2022 to an expected increase in 2025 [10]. Market Dynamics - The Chinese smart computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, with a compound annual growth rate (CAGR) of 105% [16]. - Birran Technology has secured numerous contracts, with a total value of approximately RMB 20 billion, indicating strong growth potential in the smart computing solutions sector [17][18]. Strategic Importance - The emergence of Birran Technology as a domestic GPU provider is crucial for China's AI industry, which has historically relied on imports, highlighting the need for local innovation and production capabilities [18]. - The successful IPO and subsequent funding rounds reflect a growing confidence in the domestic GPU market and the potential for significant returns on investment for early backers [15].

Core Viewpoint - Wallan Technology is set to launch its IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on high-end General-Purpose Graphics Processing Units (GPGPU) in the market [1] Group 1: Technology and Product Capabilities - Wallan Technology has a clear technical roadmap, focusing on cloud-based intelligent computing with a continuously evolving GPGPU architecture [3] - The company has achieved mass production of two chip models, BR106 and BR110, and introduced the high-performance BR166 product using Chiplet technology, significantly enhancing computing power and memory bandwidth [3] - Wallan's self-developed BIRENSUPA platform is compatible with mainstream deep learning frameworks, reducing customer migration costs, and has received industry recognition for its performance in MLPerf Inference 2.1 tests [3] Group 2: Commercialization and Revenue Growth - Although currently in a loss phase, Wallan Technology has shown a clear revenue growth trend, with revenues increasing from approximately 500,000 yuan in 2022 to 62 million yuan in 2023, and projected to reach 337 million yuan in 2024 [3] - As of mid-2025, the company reported approximately 82.2 million yuan in unfulfilled orders, along with framework sales agreements and contracts totaling 1.241 billion yuan, providing revenue visibility for the next 1-2 years [4] Group 3: Investor Confidence and IPO Structure - The IPO has attracted 23 cornerstone investors, including notable institutions, with a total subscription ratio of about 64%, indicating strong institutional confidence in Wallan's technology and long-term prospects [4] - The company has implemented a 15% over-allotment option (green shoe mechanism) to stabilize stock prices post-IPO, reducing the risk of share price decline [4] Group 4: Market Environment - The technology sector in the Hong Kong stock market is currently valued at historical lows, with significant net inflows from southbound funds exceeding 138 billion HKD this year, indicating ample liquidity [5] - Wallan Technology is positioned as a rare asset in the Hong Kong market, especially in the context of high valuations for GPU companies in the A-share market [5] Conclusion - Wallan Technology's IPO marks a significant entry of domestic high-end GPU companies into the international capital market, supported by its technological accumulation, product delivery capabilities, and clear iteration roadmap, making it a noteworthy consideration for investors focused on hard technology sectors, particularly in semiconductors and AI computing [6]

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].