Biren Soars 82% in Hong Kong Debut, Outshining Baidu Kunlunxin’s Upcoming IPO
Hong Kong's tech listing scene just got a jolt of pure, uncut momentum.
The New Darling of the Board
Forget quiet openings—Biren's market entry was a statement. Shares didn't just climb; they launched, leaving traditional IPO playbooks in the dust. The surge signals more than just a successful listing; it's a verdict on where investor appetite is pointed right now.
Timing is Everything (and Everyone's Watching)
This performance lands just as another major player, Baidu's Kunlunxin, gears up for its own public bow. The contrast couldn't be more stark. One company rides a wave of immediate, explosive validation, while the other now faces a dramatically reset benchmark for success. It pressures every metric—from initial pricing to first-day pop expectations.
The Ripple Effect
Such a debut doesn't happen in a vacuum. It recalibrates the entire sector's valuation model, tempting other tech firms to accelerate their own listing plans. For investors, it's a masterclass in market sentiment—a reminder that in the right conditions, demand can outpace even the most optimistic projections. Of course, it also sets a brutally high bar, the kind that turns 'solid gains' into disappointing headlines.
The message is clear: momentum has a new poster child. Now, the market waits to see if this was a one-off spectacle or the start of a genuine trend. Just remember—in finance, today's market darling is often tomorrow's cautionary tale, especially after an 82% sugar rush.
Biren trading sets pace for upcoming AI listings in Hong Kong
Biren’s first day performance now sets a reference point for other AI-related names preparing to list in Hong Kong next week. MiniMax Group and Knowledge Atlas Technology, known as Zhipu, are both scheduled to debut in the same market.
Biren’s closing gain ranked as the strongest since Kuaishou Technology surged 161% during its 2021 debut among Hong Kong listings that raised at least $700 million.
In its prospectus, Biren said proceeds from its offering will fund research and development for its computing products. The company reported a 1.6 billion yuan net loss for the first six months of the year as spending stayed heavy.
Earlier this week, MiniMax said it plans to raise up to HK$4.19 billion, or $538 million, from its offering. Exchange filings also showed Biren raised HK$5.58 billion in gross proceeds. Together, the transactions point to renewed deal FLOW in Hong Kong, especially for companies tied to artificial intelligence and semiconductors.
Market figures underline that rebound. Hong Kong raised $36.5 billion from 114 new listings in 2025, its strongest year since 2021 and more than triple the $11.3 billion raised in 2024, according to data from LSEG.
Listings of comparable size between 2020 and 2025 produced a weighted average first day gain of almost 23%, data compiled by Bloomberg showed.
Baidu advances Kunlunxin plan as chip push continues
Meanwhile, Baidu also announced on Friday that it was moving ahead with plans to list its AI chip unit Kunlunxin after confidentially filing a listing application with the Hong Kong exchange on January 1, thanks to fundraising that valued Kunlunxin at 21 billion yuan, or about $3 billion.
Kunlunxin was founded in 2012 as an internal Baidu unit focused on AI chips before becoming independently operated, while Baidu kept a controlling stake. The unit mainly supplies chips to Baidu but has grown external sales during the past two years as demand widened beyond the parent company.
DeepSeek, a Hangzhou-based startup, released a paper this week describing a more efficient method for building AI systems. The company drew industry attention last year after releasing its R1 reasoning model, and earlier research releases have come ahead of major product launches.
China’s drive to build its domestic chip sector has picked up pace this year as trade tensions remain high. Officials are weighing incentives worth up to $70 billion to support the industry.
Sharpen your strategy with mentorship + daily ideas - 30 days free access to our trading program
