BEIJING/HONG KONG (Business Emerge): Chinese artificial intelligence chip company Biren Technology is preparing to launch an initial public offering in Hong Kong within the next few weeks, aiming to raise approximately $300 million.
The Shanghai-based firm, established in 2019, plans to issue up to 372.5 million new shares in the Hong Kong market. In addition, its existing shareholders intend to convert around 873.3 million onshore shares into Hong Kong-listed stock. The offering could commence this month, with trading potentially starting in January.
Biren’s IPO follows a trend among Chinese AI semiconductor firms seeking capital amid growing domestic demand for alternatives to U.S. chips. Recent offerings by local competitors have attracted significant investor interest, with shares of companies such as Moore Threads surging more than 400% on debut in Shanghai earlier this month.
The company was founded by Zhang Wen, formerly president of a leading AI face-recognition firm, and Jiao Guofang, who has prior experience at Qualcomm and Huawei. Biren first gained attention in 2022 after revealing its BR100 chip, which the company stated could rival the performance of advanced Nvidia AI processors. In 2023, Biren was added to a U.S. trade restriction list, limiting access to certain global foundries.
Prior to a mid-2025 funding round, Biren was valued at roughly 14 billion yuan (around $2 billion). In the first half of 2025, it raised an additional 1.5 billion yuan from investors including Guangdong and Shanghai government-backed funds. Other shareholders include Qiming Venture Partners, IDG Capital, Hillhouse Venture, Russia-China Investment Fund, Country Garden Venture Capital, and New World Group.
The Hong Kong IPO is being led by Bank of China International, CICC, and Ping An Securities. The company has not provided a public statement regarding the offering.
China has emphasized the development of homegrown graphics processing units, which are critical for AI applications, as part of its broader strategy to reduce reliance on foreign semiconductor technologies. The success of Biren’s listing could strengthen the presence of domestic AI chip manufacturers in global markets and provide new capital for research and production expansion.
Following the IPO, Biren’s market entry may coincide with ongoing developments in China’s AI hardware sector. Investors and stakeholders are expected to monitor the company’s trading performance closely, given previous oversubscription trends seen in similar offerings. The IPO proceeds are likely to support further product development and enhance manufacturing capabilities amid international export restrictions.
