Chinese AI chip startup Biren eyes Hong Kong IPO
Chinese AI chip startup Biren Technology is planning a Hong Kong initial public offering (IPO) in the coming weeks, according to four sources familiar with the matter.
One source confirmed that the offering could raise approximately $300 million, News.Az reports, citing Reuters.
The Shanghai-based company, along with other domestic competitors, is positioning itself to capitalize on rapid growth as China pushes to develop local alternatives to U.S. semiconductors amid Washington’s strict export controls on advanced chips.
Biren could launch the IPO as early as this month, with a debut in January, said two of the sources.
A notice published Monday by the China Securities Regulatory Commission (CSRC) indicated that Biren intends to issue up to 372.5 million shares in Hong Kong. Additionally, the company’s shareholders will convert 873.3 million onshore shares into Hong Kong-listed stock.
Beijing has prioritised building homegrown champions in graphics processing units (GPUs), which are critical for artificial intelligence development.
The planned IPO would follow successful offerings from industry peers Moore Threads and MetaX that were thousands of times oversubscribed.
Moore Threads' shares soared over 400% in its December 5 Shanghai debut.
Founded in 2019, Biren's co-founders include Zhang Wen, formerly a president at leading AI face-recognition company SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei.
The company initially drew attention in 2022 when it unveiled a first batch of products, including its BR100 chip, which it claimed could match the performance of Nvidia's advanced H100 AI processor.
However, the company was added to the U.S. 'Entity List' in 2023, preventing it from using leading global foundry TSMC to manufacture its chips.
Biren was valued at approximately 14 billion yuan ($2 billion) prior to a funding round in the first half of 2025, when it raised about 1.5 billion yuan from investors including the Guangdong and Shanghai governments, Reuters reported in June.
Its other investors include Qiming Venture Partners, IDG Capital, the venture arm of Hillhouse Investment, Russia-China Investment Fund, as well as Country Garden Venture Capital and New World Group, its website showed.
Bank of China International, CICC and Ping An Securities are the lead banks on the deal, the sources said.
Ping An declined to comment while the other two banks did not respond to requests for comment.
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