Yotu Capital's portfolio company, Birun Technology, has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone as the first GPU company in this market.

Target Information

On January 2, 2026, Yotu Capital's portfolio company, Birun Technology (Stock Code: 06082.HK), officially listed on the Hong Kong Stock Exchange, becoming the first GPU company on the Hong Kong stock market. Birun Technology is not only the first of its kind in the Hong Kong market, but it is also the largest new stock issue since the implementation of the Chapter 18C special listing mechanism for technology companies. Founding partners Bai Zongyi and Yang Guang praised Birun's successful listing, attributing it to several key factors: keen business insight and timing, a strong talent strategy that attracted industry-leading R&D and management teams, robust risk resilience through fluctuations in capital and supply chains, and a decisive capital strategy that capitalized on the opportunities within the Hong Kong market.

Industry Overview in China

The Chinese artificial intelligence (AI) industry has seen significant growth, especially following the rise of various cutting-edge products such as DeepSeek, which has garnered international attention. The competitive landscape is becoming increasingly focused between China and the United States, with distinct development paths driving their respective sectors. While the U.S. emphasizes closed-source advancements striving for state-of-the-art solutions, China leads in open-source initiatives aimed at broad-based technological dissemination and large-scale application.

Central to the AI wave is the demand for computing power infrastructure, with GPUs and related AI chips holding both strategic scarcity and promising commercial potenti