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].