Shanghai Biren Technology, the mainland’s first GPU developer to list in Hong Kong, has started bookbuilding for an IPO targeting up to HK$4.85 billion (US$624 million). The firm plans to offer 247.7 million shares priced between HK$17 and HK$19.60, with trading scheduled to begin January 2, 2026.
Biren’s IPO follows strong market debuts from peers Moore Threads Technology and MetaX Integrated Circuits in Shanghai, which jumped 425% and 693%, respectively. Along with Enflame Technology, they form China’s “four little dragons” in the GPU sector, striving to challenge Nvidia’s AI chip dominance.
The IPO has attracted 23 cornerstone investors, including Qiming Venture Partners, Ping An Group, Lion Global Investors, York Capital Management’s MY.Alpha Management HK Advisors, Prudential’s Eastspring, UBS, Digital China, and China Southern Asset Management, committing US$372.5 million for a six-month lock-up. Proceeds are intended mainly for research, development, and commercialization of intelligent computing solutions.
Founded in 2019, Biren started generating revenue in 2023, recording 336.8 million yuan in 2024 and 58.9 million yuan in H1 2025, with pending and contracted orders totaling about 2.1 billion yuan. Despite this growth, losses in H1 2025 rose 32.3% to nearly 9 billion yuan. The company noted that global political and economic factors could affect its path to profitability. A 2023 U.S. trade blacklist restricted access to certain technologies, contributing to a 108.7 million yuan loss that year.
Biren’s IPO reflects broader trends in China’s AI and tech markets, where startups like MiniMax and Zhipu AI are pursuing Hong Kong listings while reporting modest revenues and growing losses compared with U.S. peers, highlighting the economics of the sector (see China’s OpenAI Rivals Reveal IPO Economics).
