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。 ...

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 100 billion and demonstrating strong investor interest with over 2300 times subscription during the IPO phase [1][2]. Company Overview - Wallan Technology has rapidly developed its business since its establishment six years ago, launching specialized technology products and generating significant revenue growth, with a reported revenue increase of 443.29% from approximately RMB 620,300 in 2022 to about RMB 337 million in 2024 [2][3]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, along with the higher-performance BR166 chip utilizing chiplet technology [4]. Market Dynamics - The domestic AI chip market is experiencing rapid growth, with the Chinese intelligent computing chip market projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion by 2024, reflecting a CAGR of 105% [5]. - By 2029, the market is expected to reach USD 201.2 billion, with Chinese companies' market share anticipated to increase from approximately 20% in 2024 to about 60% by 2029 [5]. Technological Advancements - Wallan Technology is focusing on enhancing its cluster capabilities to meet the increasing computational demands driven by AI large models, optimizing its customer structure, and winning significant commercial projects [8][10]. - The company has introduced the BR10X series, designed for AI workloads, and is planning to launch the next-generation BR20X series for cloud training and inference by 2026 [9]. Industry Collaboration - Wallan Technology has established strategic partnerships to develop intelligent computing solutions, resulting in substantial sales agreements and collaborations with major telecom operators [9][10]. - The company is actively participating in the establishment of industry standards and has been involved in nearly ten national standard formulations related to intelligent computing [11]. Future Outlook - The listing of Wallan Technology symbolizes a new development phase for the domestic computing power industry, moving beyond hardware specifications to encompass reliable deployment, open-source ecosystem collaboration, and forward-looking technical standards [12].

Core Viewpoint - The article highlights the rapid growth and market potential of domestic AI chip companies, particularly focusing on Wallen Technology, which has successfully launched its GPU products and is experiencing significant revenue growth due to increasing demand for AI computing power [1][3]. Company Overview - Wallen Technology, known as the "first GPU stock in Hong Kong," debuted on the Hong Kong Stock Exchange on January 2, 2026, with a market capitalization exceeding HKD 100 billion and a subscription rate of over 2300 times during the offering phase [1]. - The company has developed its first-generation GPGPU architecture and two chip models, BR106 and BR110, and is advancing towards its second-generation architecture products [2][8]. Revenue Growth - In 2022, Wallen Technology reported revenue of approximately RMB 500,000, which surged to about RMB 62.03 million in 2023, marking a growth of 443.29% to approximately RMB 337 million in 2024 [2]. - The average transaction amount per customer increased by 113.64% to RMB 940,000, reflecting the company's successful market penetration and product acceptance [2]. Market Potential - 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 CAGR of 105%, and is expected to reach USD 201.2 billion by 2029 [3]. - Domestic AI chip manufacturers are anticipated to increase their market share from approximately 20% in 2024 to about 60% by 2029, indicating significant growth opportunities for competitive players [3]. Technological Advancements - Wallen Technology is focusing on enhancing its cluster capabilities and has successfully commercialized its AIDC thousand-card GPU cluster project, collaborating with major telecom operators [6][9]. - The company plans to launch its next-generation flagship data center chip, BR20X, by 2026, which is expected to provide improved single-card computing power and support for various data formats [8]. Industry Collaboration - Wallen Technology is actively participating in industry collaborations, including the establishment of the OISA ecosystem and the development of mixed training solutions to address challenges in heterogeneous computing environments [9][10]. - The company is involved in the formulation of national standards for AI computing, which will facilitate the adoption of domestic GPUs and support the innovation of large models [10]. Future Strategy - The company aims to continue investing in R&D, particularly in core technologies to enhance its autonomous capabilities, while fostering partnerships to improve brand recognition and accelerate solution commercialization [10][11]. - The competitive landscape for domestic GPUs is evolving beyond hardware specifications to encompass reliable deployment, open-source ecosystem development, and forward-looking technical standards [10].

Core Insights - Wall Street is optimistic about AI, with the debut of Wall Street's first GPU company, Birran Technology, marking a significant milestone for the industry [2] - The IPO of Birran Technology serves as a reference for the valuation and market feedback of China's AI chip industry, particularly for emerging GPU startups [2] - The success of domestic GPU companies like Birran Technology highlights the importance of innovation and practical operations in the semiconductor industry [3][4] Company Overview - Birran Technology was established in 2019 and focuses on general-purpose graphics processing units (GPGPU), with significant R&D investments exceeding 3.3 billion yuan from 2022 to mid-2025, accounting for over 70% of operating expenses [4][5] - The company has developed the BR10X architecture tailored for AI workloads, achieving industry-leading performance levels and plans to launch new chip generations annually from 2023 to 2025 [5][12] - Birran Technology has filed over 1,500 patents, with a 100% authorization rate for invention patents, positioning itself as a leader among domestic GPU companies [5] Market Strategy - The company targets high-demand sectors such as AI data centers, telecommunications, and fintech, establishing strategic partnerships with major clients, including nine Fortune China 500 companies [10] - Birran Technology's revenue has seen exponential growth, from 500,000 yuan in 2022 to 6203 million yuan in 2023, and is projected to reach 3.37 billion yuan in 2024, reflecting a compound annual growth rate of 2500% [10] Industry Trends - The global intelligent computing chip market is expected to reach $585.7 billion by 2029, with China's market projected to grow significantly, increasing its share from 25.3% in 2024 to 34.4% by 2029 [9][10] - The domestic GPU market is currently dominated by foreign companies, but predictions indicate a substantial increase in the market share of domestic manufacturers, potentially reaching 60% by 2029 [10] Future Developments - Birran Technology plans to launch the next-generation BR20X chip in 2026, designed for cloud training and inference, which will enhance performance and reduce total ownership costs [12][13] - The company is also exploring quantum computing and has made significant strides in supporting quantum-classical hybrid computing platforms [13] - The IPO will enable Birran Technology to enhance its product development and expand its sales network, while also increasing transparency and governance standards [12][14]

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 - 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 - Wallan Technology has initiated a global offering through the Hong Kong Stock Exchange, attracting 23 cornerstone investors, including top-tier institutions, with a cornerstone subscription ratio of approximately 64% based on the median issue price. The company is positioned as a significant competitor in the domestic GPGPU market, often referred to as the "first GPU stock in Hong Kong" [1]. Financial Performance - Wallan Technology's revenue is projected to increase significantly from RMB 0.5 million in 2022 to RMB 620.3 million in 2023, and further to RMB 3.37 billion in 2024 [2]. - The company reported losses of RMB 1.474 billion, RMB 1.744 billion, RMB 1.538 billion, and RMB 1.6 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively. Adjusted net losses are expected to narrow over the same period [3][4]. Research and Development - Wallan Technology's R&D expenditures reached RMB 10.18 billion, RMB 8.86 billion, RMB 8.27 billion, and RMB 5.72 billion from 2022 to the first half of 2025, accounting for 79.8%, 76.4%, 73.7%, and 79.1% of total operating expenses, respectively [6]. - The company has developed its first-generation GPGPU architecture and two chips, BR106 and BR110, and is advancing to the BR166 chip, which utilizes advanced packaging technologies [6][7]. Market Position and Orders - As of December 15, 2025, Wallan Technology has secured orders worth approximately RMB 12.4 billion, indicating strong commercial prospects. The company has established strategic partnerships with key clients in high-demand sectors such as AI data centers, telecommunications, and fintech [8]. - Wallan Technology has received significant backing from notable investors, including state-owned platforms and top-tier venture capital firms, enhancing its commercial viability [8]. Product Development and Future Outlook - The company plans to launch the next-generation BR20X series data center chips by 2026, which will enhance computational capabilities and support a wider range of data formats [10]. - Future products, including the BR30X and BR31X, are in the planning stages, expected to be commercialized by 2028, focusing on cloud training and edge inference [11].

Core Viewpoint - The article discusses the significant losses of Biran Technology, which reached 6.3 billion RMB over three and a half years, attributing these losses primarily to redeemable liabilities rather than operational inefficiencies [2][4][10]. Financial Performance - Biran Technology's revenue has shown strong growth, increasing from 499 thousand RMB in 2022 to 62.03 million RMB in 2023, and projected to reach 337 million RMB in 2024, resulting in a compound annual growth rate of 2500% [3][15]. - The company's losses for the years 2022, 2023, and 2024 were 1.47 billion RMB, 1.74 billion RMB, and 1.54 billion RMB respectively, with a projected loss of 1.6 billion RMB for the first half of 2025 [4][9]. Redeemable Liabilities - Redeemable liabilities, also known as "convertible redeemable preferred shares," are a hybrid financial instrument that can be converted into equity or debt, leading to significant accounting implications under international financial reporting standards [4][6]. - The redeemable liabilities for Biran Technology were 348 million RMB in 2022, 604 million RMB in 2023, and 674 million RMB in 2024, with a projection of 1.01 billion RMB for 2025 [9]. - The total impact of redeemable liabilities on Biran Technology's losses amounted to 2.637 billion RMB over three and a half years, indicating that the actual operational loss was 3.72 billion RMB, which is more in line with industry standards [10][12]. Adjusted Net Loss - Adjusted net loss is a more accurate reflection of a company's operational performance, with Biran Technology's adjusted net losses for 2023 and 2024 being 1.05 billion RMB and 767 million RMB respectively, showing a significant reduction year-over-year [13]. - The article emphasizes that redeemable liabilities can mislead investors regarding a company's financial health, as seen in the cases of Xiaomi and Meituan, where large reported losses were primarily due to redeemable liabilities rather than poor operational performance [12]. Industry Context - The GPU industry is characterized by high research and development costs, long commercial cycles, and significant initial investment, leading to common phase losses among companies [15]. - Biran Technology, along with other domestic GPU firms, is expected to continue expanding its customer base and capabilities, with plans for new product launches, including the BR20X series for cloud training and inference, projected for commercialization in 2026 [16].