Shanghai-based Biren Technology is planning to raise up to $623 million through an initial public offering in Hong Kong. The company is offering 247.7 million shares priced between HK$17 and HK$19.60, with trading expected to begin on Jan. 2.
If successful, the deal will mark the first new stock listing of 2026 in Hong Kong, setting an early tone for what analysts expect to be another busy year for technology offerings in the city.
Founded in 2019, Biren focuses on graphics processing units used in artificial intelligence and cloud computing. It is widely regarded as one of China’s “Four Little Dragons” in the GPU space, a group of domestic firms aiming to challenge Nvidia’s dominance.
China’s push for technological self-sufficiency has made AI chips a strategic priority, driving fast-growing startups like Biren toward public markets to secure long-term funding.
Financial performance and spending plans
Biren began generating revenue from its intelligent computing solutions in 2023. The company recorded 336.8 million yuan in sales last year and 58.9 million yuan in revenue in the first half of 2025, the South China Morning Post reported.
Despite rising revenue, Biren remains loss-making as it continues to invest heavily in research and development. In its prospectus, the company said, “Our financial status and path to profitability have been and may be further affected by global political and economic factors,” according to the South China Morning Post.
The company plans to use most of the IPO proceeds for research and development, and for commercialising its intelligent computing solutions, the prospectus showed.
Biren’s IPO has already attracted significant backing from cornerstone investors. The South China Morning Post reports that 23 investors have committed to purchase roughly $372.5 million in shares, agreeing to hold them for at least six months.
The investor group includes asset managers, insurers, mutual funds, and hedge funds, highlighting broad interest in China’s AI hardware sector despite ongoing geopolitical risks.
Riding a hot chip market
Biren’s timing follows blockbuster listings by peers Moore Threads Technology and MetaX Integrated Circuits in Shanghai. Bloomberg notes that Moore Threads’ shares surged more than 400% on debut, while MetaX jumped nearly 700%, fueling optimism around China’s domestic chip champions.
Market watchers see Biren’s IPO as a key test of international confidence in Chinese AI hardware companies. Bloomberg quoted Barclays executive Matt Toms as saying, “China is catching up very quickly in the chip war. It wouldn’t surprise me if in 2026 or 2027 we have a DeepSeek moment for chips where a low-cost competitive chip is being produced by China.”
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