壁仞科技本次发行吸引超过47万人认购，是过去一年香港市场中最多散户抢购的新股，也是香港上市规则18C章节实施以来募资规模最大的项目。 近日，江西投资集团所属江投资本公司直投项目上海壁仞科技股份有限公司（以下简称"壁仞科技"，股票代码：06082.HK）成功登陆港交所，是该公司 以研促投以来首个重点布局的直投上市项目，同时也是港股GPU第一股。 江投资本负责人表示，未来将坚定不移地深化"以研促投"的核心理念，持续加大对前瞻性产业研究的系统性投入，进一步夯实在关键科技领域的认知深度 与广度，并将前沿研究成果更高效地转化为投资决策，持续提升专业化投资与投后管理能力，为企业可持续发展贡献力量。 本次募集资金将有力支持壁仞科技下一代旗舰芯片BR20X在2026年商业化上市，以及云训练及推理BR30X、边缘推理BR31X产品研发和管线的持续迭 代。 ...

Group 1 - The software ETF (515230) rose over 2.3% driven by technological breakthroughs and a recovery in demand within the industry [1] - The computer and software development industry is experiencing rapid growth, particularly in the GPU chip sector [1] - Tianzu Zhixin has developed two major GPU series: Tianpai (training) and Zhikai (inference), with products achieving small-scale batch sales; the average price for Tianpai series is between 30,000 to 40,000 yuan per chip, while Zhikai is around 10,000 yuan per chip [1] Group 2 - Wallen Technology focuses on self-developed GPGPU chips and intelligent computing solutions, with orders expected to exceed 1.2 billion yuan by 2025; the next-generation BR20X chip is anticipated to be commercialized in 2026 [1] - In the large model sector, Zhipu (ToB) and MiniMax (ToC) are undergoing Hong Kong Stock Exchange hearings, representing different business models; Zhipu, backed by Tsinghua University, offers a full range of self-developed base models with a gross margin of 59.1%, while MiniMax emphasizes efficient architecture and product commercialization, with 73.1% of its revenue coming from overseas [1] - AI server manufacturer Inspur Information has launched an open architecture super node product that supports multi-chip collaboration, catering to the training needs of large models [1] Group 3 - The software ETF (515230) tracks the software index (H30202), which selects listed companies involved in operating systems, application software development, and cloud computing services to reflect the overall performance of the software and related services industry [2] - This index focuses on technological innovation and information technology, effectively capturing market dynamics and development trends within the software industry [2]

Group 1 - The software ETF (515230) has risen over 1.2%, indicating increased market attention on the industry's growth potential [1] - The computer and software development industry is experiencing rapid growth, particularly in the GPU chip sector, with companies like Tianzuo Zhixin and Biran Technology making significant advancements [1] - Tianzuo Zhixin has developed two GPU series, Tianpai (training) and Zhikai (inference), with average product prices of 30,000-40,000 yuan and 10,000 yuan respectively, achieving small-scale batch sales [1] Group 2 - Biran Technology focuses on self-developed GPGPU chips and intelligent computing solutions, with over 1.2 billion yuan in orders for 2025 and the next-generation BR20X chip expected to be commercialized in 2026 [1] - In the large model sector, companies like Zhipu and MiniMax are progressing towards IPOs, representing ToB and ToC business models respectively [1] - Zhipu, backed by Tsinghua University, leads in model capabilities domestically, projecting a revenue of 310 million yuan in 2024, a year-on-year increase of 150.9% [1] Group 3 - MiniMax emphasizes efficient model architecture and rapid commercialization, with its ToC products, Conch AI and Talkie, generating 73.1% of its revenue from overseas [1] - Inspur Information has launched the super node AI server "Yuan Nao SD200," which supports trillion-parameter large model inference [1]

Core Viewpoint - Wallen Technology successfully listed on the Hong Kong Stock Exchange, becoming the first new stock to list in 2026, with an initial price surge of 118.78% and a market capitalization exceeding HKD 100 billion [1] Group 1: Wallen Technology IPO - Wallen Technology's IPO was priced at HKD 19.60 per share, with a staggering subscription rate of 2347.53 times for the public offering [1] - The IPO attracted 471,000 individual investors, marking the highest number of retail subscriptions for a new stock in the past year in the Hong Kong market [1] - This IPO is the largest fundraising project since the implementation of Chapter 18C of the Hong Kong listing rules [1] Group 2: Business Focus and Future Plans - Founded in 2019, Wallen Technology specializes in developing GPGPU chips and intelligent computing solutions for AI, integrating proprietary hardware and software platforms [1] - As of December 15, 2025, Wallen Technology holds orders valued at approximately CNY 1.241 billion, including five framework sales agreements and 24 sales contracts [1] - The company plans to allocate about 85% of the IPO proceeds to R&D, focusing on next-generation product iterations and technological innovation [2] Group 3: Next-Generation Products - The next flagship chip, BR20X, is scheduled for commercialization in 2026, featuring significant upgrades in computing power, memory capacity, and interconnect bandwidth [2] - The BR30X for cloud training and BR31X for edge inference are in preliminary development, with an expected launch in 2028, indicating a continuous product pipeline for growth [2] Group 4: Baidu's Spin-off Plans - Baidu announced plans to spin off Kunlunxin Technology Co., Ltd. for independent listing on the Hong Kong Stock Exchange, aiming to showcase its value and attract AI chip-focused investors [3][4] - The spin-off is intended to enhance Kunlunxin's market image and negotiation position with clients and suppliers, while optimizing Baidu's financial resource allocation [4][5] - The proposal aims to improve operational and financial transparency for Kunlunxin, allowing investors to independently assess its performance and potential [4]

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 - 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 - The software ETF (515230) has seen a net inflow of over 740 million yuan in the past 20 days, indicating strong capital interest and attention towards AI technology restructuring [1] - The focus of AI development is shifting from problem-solving to problem-definition, with TaxFriend leveraging a three-tier AI product matrix to transform financial and tax services, aiming for process automation and decision-making support [1] - ByteDance's Doubao 1.8 model excels in complex task resolution and multimodal interaction optimization, achieving industry SOTA in general intelligence and visual question answering, with a daily invocation volume surpassing 50 trillion tokens [1] Group 2 - Wallen Technology has submitted a prospectus for its Hong Kong IPO, with its self-developed GPGPU chips (BR106/110/166 series) already in mass production, and over 1.2 billion yuan in orders for 2025 [1] - The next-generation BR20X chip is expected to be commercialized by 2026, indicating ongoing innovation in smart computing solutions [1] - Industry risks include aggressive hiring strategies potentially impacting profit growth and supply chain stability being constrained by external factors [1]