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Chinese AI Chipmaker Biren Skyrockets in Hong Kong Trading Debut

Published: Jan. 2, 2026 11:53 p.m. GMT+8

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Biren Technology listed on the Main Board of the Hong Kong Stock Exchange on Jan. 2. Photo: Courtesy of Biren Technology

Biren Technology, a Chinese developer of graphics processing units, nearly doubled in value on its first day of trading in Hong Kong, reflecting red-hot investor demand for artificial intelligence hardware—even as the company continues to post steep financial losses.

The debut marked a major milestone: Biren is the first domestic GPU manufacturer to list in Hong Kong and represents the largest initial public offering to date under the city’s Chapter 18C listing regime. The rules, introduced to support pre-revenue tech firms, allowed Biren to go public despite not yet turning a profit.

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Biren Technology, China's first domestic GPU maker to list in Hong Kong, nearly doubled on debut, raising HK$5.38 billion ($692 million).
Despite revenues rising to HK$589 million in H1 2025, Biren remains unprofitable, with net losses over HK$1.5 billion annually from 2022-2024 due to heavy R&D spending.
The IPO was oversubscribed, and 85% of proceeds will support R&D, mainly for next-gen BR20X chip and software enhancements.

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Who’s Who

Biren Technology: Biren Technology is a Chinese GPU developer that recently listed in Hong Kong, becoming the first domestic GPU manufacturer to do so. Despite posting significant financial losses due to heavy R&D investment, its IPO saw huge investor demand, reflecting interest in AI hardware. The company plans to use IPO proceeds for further R&D into new chips like the BR20X and BR30X.

China International Capital Corp.: China International Capital Corp. (CICC) acted as a joint sponsor for Biren Technology's initial public offering in Hong Kong. The Shanghai-based firm, a developer of graphics processing units, raised HK$5.38 billion ($692 million) in net proceeds from its IPO.

Ping An Securities (Hong Kong): Ping An Securities (Hong Kong) acted as one of the joint sponsors for Biren Technology's initial public offering in Hong Kong. The company is involved in the financial aspects of Biren's listing, which raised HK$5.38 billion ($692 million) in net proceeds.

Bank of China International: Bank of China International acted as one of the joint sponsors for Biren Technology's initial public offering in Hong Kong. Biren Technology, a Chinese GPU developer, raised HK$5.38 billion ($692 million) in net proceeds from this IPO.

Qiming Venture Partners: Qiming Venture Partners is an investor in Biren Technology, a Chinese developer of graphics processing units. They were listed as a cornerstone investor in Biren's initial public offering in Hong Kong.

Ping An Life Insurance: Ping An Life Insurance was a cornerstone investor in Biren Technology's initial public offering. This investment highlights their participation in backing early-stage technology companies, specifically in the artificial intelligence hardware sector.

Walden International: Walden International was a cornerstone investor in Biren Technology's initial public offering in Hong Kong. This investment highlights their participation in supporting the Chinese GPU developer, which made a significant market debut despite being a pre-revenue technology firm.

Digital China Group: Digital China Group was mentioned as one of the cornerstone investors in Biren Technology's initial public offering. This indicates their financial backing of the GPU developer.

UBS AG: UBS AG (瑞银集团) is mentioned as a cornerstone investor in Biren Technology's initial public offering. Its participation indicates support for the Chinese GPU developer, which successfully listed in Hong Kong despite not yet being profitable.

Taikang Life Insurance: Taikang Life Insurance (泰康人寿) was a cornerstone investor in Biren Technology's initial public offering in Hong Kong. They, along with several other investors, supported the Chinese GPU developer, indicating interest in the semiconductor industry despite Biren's financial losses.