Revenue soars by 207%, still losing 16.5 billion; Hong Kong stock's "GPU No. 1" delivers its first post-listing report

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Source丨Caitong Society

On Monday, in the over-the-counter market, the shares of Fannie Mae (Fannie Mae, FNMA) and Freddie Mac (Freddie Mac, FMCC) surged wildly, with both gains nearing 50%. Judging from fundamentals, the two of them seemingly have no latest positive catalysts. The only driving force came from a “bullish” post by Bill Ackman, the big shot at Pershing Square Capital Management, saying their stock prices could “rise 10x.” Michael Burry, the “big short,” also expressed agreement.

On the evening of March 30, Walliune Technology (06082.HK), the “GPU No. 1 stock” in Hong Kong, released its first financial report since its listing.

On the morning of March 30, Walliune Technology’s stock opened higher. During the trading session, it climbed nearly 9% at one point, reaching HK$30.90.

As of now, the stock is quoted at HK$28.88 per share, with a total market capitalization of HK$70.43B. Since its listing, the price increase over the range has exceeded 47%.

The financial report shows that in 2025, Walliune Technology generated revenue of RMB 8B, up 207.2% year over year; the loss for the year was RMB 1.03B, expanding 972.3% compared with the previous year.

However, under the Non-IFRS (non-International Financial Reporting Standards) basis, the company’s adjusted loss for the year was RMB 874 million, up only 13.9% from the previous year.

Walliune Technology disclosed that in 2025, the company’s gross profit was RMB 557 million, up 210.8% year over year. Gross margin reached 53.8%, up 63 basis points (bps) year over year.

Revenue surged, but losses were bigger too, because both operating losses and financial costs were also larger.

Specifically, last year Walliune Technology’s sales and marketing expenses increased 11.6% year over year to RMB 8B. General and administrative expenses rose 35.8% year over year to RMB 331 million. R&D expenses grew 78.5% year over year to RMB 57.49M.

At the same time, Walliune Technology’s financial costs in 2025 were as high as RMB 1.48B, up 2071.3%. Of this, redeemed liabilities were RMB 15.47 billion, an increase of RMB 15.49B from the prior year.

It is worth noting that after Walliune Technology’s listing, the carrying value of the related redeemed liabilities was derecognized and included in the company’s equity attributable to owners as of January 2, 2026.

In other words, in Walliune Technology’s subsequent financial reports, there will be no further gains or losses related to redeemed liabilities.

By the end of 2025, Walliune Technology had working capital on hand of RMB 14.8B, including cash and cash equivalents of RMB 8B, FVTPL of RMB 2.82B, restricted cash of RMB 18.799 million, and bank deposits of RMB 453 million.

In addition, with the net proceeds from the company’s Hong Kong stock IPO in early 2026 of approximately RMB 1.04B, Walliune Technology believes this provides sufficient funding support for ongoing technology R&D, capacity expansion, and commercial rollouts.

In terms of business, in 2025 Walliune Technology completed full-form factor mass production and large-scale delivery of its flagship general-purpose GPU products BR106 and BR166, enabling the delivery of multiple thousand-card intelligent computing clusters.

This year, the company plans to launch its next-generation BR20X chip and its full product lineup.

Walliune Technology was founded in September 2019. Its headquarters is in Shanghai. The founder is Zhang Wen, former president of SenseTime Technology.

On January 2, 2026, Zhang Wen (right) Chairman and CEO of Walliune Technology rang the bell at the Hong Kong Stock Exchange

On January 2, Walliune Technology successfully listed on the Hong Kong Stock Exchange. The offering price was HK$19.60, fundraising amounted to HK$1.31B, making it the “GPU No. 1 stock” in Hong Kong.