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Chinese artificial intelligence chip startup Biren Technology is preparing to launch a Hong Kong initial public offering (IPO) in the coming weeks, according to multiple sources familiar with the matter. The Shanghai-based company is reportedly aiming to raise around $300 million, a figure confirmed by one source to Reuters, as China accelerates efforts to strengthen its domestic semiconductor industry.
Biren Technology could begin the IPO process as early as this month, with a market debut expected in January. A notice released by the China Securities Regulatory Commission (CSRC) stated that the company plans to issue up to 372.5 million shares in Hong Kong. In addition, existing shareholders intend to convert approximately 873.3 million onshore shares into Hong Kong-listed stock, underscoring the scale of the planned listing.
Founded in 2019, Biren has emerged as one of China’s most prominent GPU developers, focusing on chips critical for artificial intelligence and high-performance computing. Its rise comes as Beijing prioritizes homegrown alternatives to U.S. semiconductor technology, especially amid tightening export controls from Washington on advanced chips. The company gained widespread attention in 2022 after unveiling its BR100 AI chip, which it claimed could rival Nvidia’s H100 processor in performance.
Despite being added to the U.S. Entity List in 2023—restricting its access to manufacturing partners such as TSMC—Biren has continued to attract strong investor backing. The company was valued at roughly 14 billion yuan (about $2 billion) before a funding round in the first half of 2025, during which it raised around 1.5 billion yuan from investors including the Guangdong and Shanghai governments. Other notable backers include Qiming Venture Partners, IDG Capital, Hillhouse’s venture arm, and the Russia-China Investment Fund.
The planned Hong Kong IPO follows successful listings by domestic peers Moore Threads and MetaX, both of which saw overwhelming investor demand. Moore Threads’ shares surged more than 400% following its Shanghai debut in December. Bank of China International, CICC, and Ping An Securities are serving as lead underwriters for Biren’s offering, highlighting strong institutional support for the deal and for China’s broader AI chip ambitions.
