Biren’s AI Chip IPO Soars 82% in Hong Kong, Fueling Demand for Tech Listings
Biren Technology's shares surged 82% on debut, closing at HK$34.46 after pricing its IPO at HK$19.60—the upper end of its marketed range. Early trading saw gains peak at 119%, reflecting intense retail demand with the offering oversubscribed 2,300 times. The $717 million raise underscores Hong Kong's appetite for AI-related equities amid China's push for semiconductor self-sufficiency.
The company designs GPUs for AI model training, positioning itself at the intersection of two booming markets: AI acceleration and domestic chip development. Its first-day performance sets a benchmark for upcoming listings, including MiniMax Group and Zhipu, both poised to test investor enthusiasm for AI ventures.
Biren's six-month net loss of 1.6 billion yuan highlights the capital-intensive nature of chip R&D, which the IPO proceeds will fund. The stock's climb mirrors 2021's tech listing frenzy, when Kuaishou Technology jumped 161% on debut—a record for offerings above $700 million in Hong Kong.
