Key IPO Details
Biren Technology raised HK$5.58 billion (approximately $717 million) by selling 284.8 million shares at HK$19.60 each, priced at the top of the marketed range. Yahoo Finance The offering saw extraordinary demand, with the retail portion receiving an oversubscription rate of 2,347.53 times and the institutional placement achieving 25.95 times subscription. Futu News
Stock Performance Today: Biren’s shares surged nearly 119% in their trading debut, climbing to as high as HK$42.88 Bloomberg, making it one of the strongest first-day performances for Hong Kong IPOs raising over $700 million since 2021. As of recent trading, the stock was up 79.49%, trading at HK$35.18. Futu News
About Biren Technology
Founded in 2019, Biren Technology is a Chinese AI chip designer that develops general-purpose graphics processing units (GPUs) for artificial intelligence and high-performance computing. The company has created its own “Bilin” series of GPU chips, including the Biren™106, Biren™110, and the higher-performing Biren™166 chips.
Their technology stack includes both hardware and software platforms—the BIRENSUPA computing platform and BIRENCUBE cloud management platform—designed to support AI workloads like large model training, inference, and scientific computing. The company plans to use 85% of the IPO proceeds for R&D, focusing on commercializing the next-generation BR20X chip (planned for 2026) and developing BR30X and BR31X chips (expected in 2028). Futu News
Significance of This Listing
This IPO is significant for several reasons:
First GPU Stock in Hong Kong: Biren becomes the first dedicated GPU company listed on the Hong Kong Stock Exchange, and it’s the largest offering under Chapter 18C (which allows pre-revenue tech companies to list).
China’s Chip Independence Push: Biren is part of China’s “four little dragons” in the GPU sector—companies striving to challenge Nvidia’s lead in AI chips South China Morning Post, alongside Moore Threads, MetaX, and Enflame Technology. The timing is critical as ByteDance reportedly plans to purchase more than RMB 40 billion worth of domestic AI chips in 2026, compared to nearly zero in 2025. Futu News
Wave of Tech Listings: This kicks off what’s expected to be a busy year for Hong Kong tech IPOs, with several AI and semiconductor companies including MiniMax, Iluvatar CoreX, and others planning listings in January 2026.
The strong debut reflects both investor enthusiasm for AI infrastructure and China’s strategic imperative to develop domestic alternatives to Western chip technology amid ongoing export restrictions.
Biren Technology’s Hong Kong IPO demonstrates exceptional market traction, marked by strong capital raising and record-setting investor demand.
The offering underscored robust execution, raising HK$5.58 billion (about US$717 million) through the sale of 284.8 million shares at HK$19.60 each, the top of the indicated range (Yahoo Finance). This pricing outcome signals confident bookbuilding and disciplined valuation amid a competitive new-issue calendar.
Investor appetite proved extraordinary, with the retail tranche oversubscribed 2,347.53 times and the institutional placement 25.95 times, indicating deep, diversified demand across channels (Futu News). Consequently, the IPO entered trading with a strong foundation of both breadth and depth in its shareholder base.
Price action validated that demand, as shares surged nearly 119% intraday to HK$42.88 on debut, ranking among the strongest first-day performances for Hong Kong listings raising over US$700 million since 2021 (Bloomberg). As trading normalized, the stock remained up 79.49% at HK$35.18, reflecting sustained interest and liquidity support (Futu News).
In conclusion, Biren’s IPO combined full-range pricing, outsized subscription metrics, and a standout debut to establish early momentum, supported by reputable market sources including Yahoo Finance, Bloomberg, and Futu News.
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