New stock news | with a revenue compound annual growth rate of 2500%, Wallen Technology is anchored to be the "first stock of Hong Kong GPU" with over 1.2 billion in hand orders.

Recently, the official website of the Hong Kong Stock Exchange showed that Shanghai Wall Ren Technology Co., Ltd. (hereinafter referred to as "Wall Ren Technology") has passed the hearing, moving one step closer to becoming the "first stock of Hong Kong GPU". The information collection after the hearing shows that in this IPO, Wall Ren Technology plans to use the funds raised to invest in the research and commercialization of intelligent computing solutions. Currently, Wall Ren Technology, with its independently developed Wall Li series GPU products as the core, has successfully developed and mass-produced two chips, BR106 and BR110, and launched a higher performance chip, BR166, some models of which have started mass production in December 2025. According to the latest disclosed data, Wall Ren Technology started commercialization in 2023 and generated income from 2022 to 2024. Wall Ren Technology's income scale increased rapidly from 499,000 yuan to 337 million yuan, with a compound annual growth rate of 2500%. In the first half of 2025, Wall Ren Technology's revenue was about 58.9 million yuan, a nearly 50% increase year-on-year. The new product BR166 chip, which is expected to be mass-produced and launched in the second half of 2025, is expected to contribute to the full year revenue in 2025. According to the prospectus, as of December 15, 2025, Wall Ren Technology holds orders worth approximately 1.241 billion yuan. It is worth mentioning that, in addition to the existing product portfolio, Wall Ren Technology plans to launch the next generation flagship data center chip BR20X series based on the second-generation architecture for cloud training and inference. BR20X is expected to achieve commercialization and listing in 2026. In terms of profit, Wall Ren Technology incurred losses of 1.474 billion yuan, 1.744 billion yuan, and 1.538 billion yuan respectively from 2022 to 2024. According to the prospectus, the significant losses were mainly attributed to the "redemption liability related redemption value changes" of some former shareholders, which are non-cash in nature, and the redemption liabilities will automatically convert into equity. Excluding the impact of redemption liability value changes and other non-cash and non-recurring items, Wall Ren Technology's adjusted net losses for 2023 and 2024 were 1.05 billion yuan and 770 million yuan, showing a narrowing trend. The mature commercialization achievements of Wall Ren Technology are derived from its leading technological advantages. As one of the industries with high demands for capital and talent, continuous research and development investment and a professional and experienced research and development team have created a strong technological moat for Wall Ren Technology. From 2022 to 2024, Wall Ren Technology's research and development expenses reached 1.018 billion yuan, 886 million yuan, 827 million yuan, and 572 million yuan, totaling 3.302 billion yuan in the reporting period. In terms of talent team building, Wall Ren Technology has established a high-level research and development team with deep industry experience. The core technical team is led by Chief Technology Officer Hong Zhou and Chief Operating Officer Zhang Linglan. As of June 30, 2025, there were 657 research and development personnel, accounting for 83% of the total number of employees, with 78% having master's degrees or above from well-known universities, and over 210 research and development personnel having more than 10 years of industry experience. As of December 15, 2025, Wall Ren Technology has provided solutions to nine of the top 500 Chinese companies, five of which are also on the Fortune Global 500 list, strategically expanding into key industries such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and internet. According to Frost & Sullivan (a global market research and consulting firm), the AI chip market scale in China is predicted to increase from 142.537 billion yuan in 2024 to 1,336.792 billion yuan by 2029, with a compound annual growth rate of 53.7% from 2025 to 2029. Although the domestic GPU industry is still in the early stages of commercialization, with the explosive growth of demand for intelligent computing chips in China and the government's strong support for industry development, Wall Ren Technology has unlimited growth potential in the future.