Chinese AI chipmaker Biren kicks off bookbuilding for US$624 million Hong Kong IPO
The company, which is selling 247.7 million shares between HK$17 and HK$19.60 each, will become the first listing of 2026 on January 2
Shanghai Biren Technology has started bookbuilding for its Hong Kong initial public offering (IPO), aiming to raise up to HK$4.85 billion (US$624 million), as Chinese chipmakers rush to list amid rising investor interest.
Biren, the mainland’s first graphics processing unit (GPU) developer to go public in Hong Kong, will start trading on January 2 – becoming the first new listing of 2026. The firm was offering 247.7 million shares between HK$17 and HK$19.60 each, according to its exchange filing on Monday.
It will join a broader wave of mainland technology names pursuing Hong Kong listings, including artificial intelligence start-up MiniMax, which cleared its IPO hearing on Sunday. Zhipu, another “Chinese AI tiger”, also completed the process on Friday.
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Biren’s IPO has attracted 23 cornerstone investors, including major asset management firms, domestic mutual funds and insurers, international long-term funds and hedge funds. They agreed to commit US$372.5 million worth of shares and hold them for six months.
The investors include Qiming Venture Partners, Ping An Group, Lion Global Investors, York Capital Management’s Asia hedge fund spin-off MY.Alpha Management HK Advisors, Prudential’s asset management arm Eastspring, UBS, Digital China and China Southern Asset Management.