China AI Chipmaker Biren Plans Hong Kong IPO, Aims to Raise $300 Million

Chinese artificial intelligence chipmaker Biren Technology is preparing to launch an initial public offering in Hong Kong in the coming weeks, according to four people familiar with the matter.

The offering could raise about $300 million, according to Chinese media reports, a figure confirmed by one of the sources. Two of the people said the company could begin the IPO process as early as this month, with trading expected in January.

Biren, based in Shanghai, is among a group of domestic chipmakers aiming to supply advanced processors to Chinese customers as access to U.S.-made semiconductors remains restricted. The company focuses on graphics processing units (GPUs) used in artificial intelligence workloads.

A notice published on Monday by the China Securities Regulatory Commission (CSRC) showed that Biren plans to issue up to 372.5 million shares in Hong Kong. Existing shareholders will also convert 873.3 million mainland-listed shares into Hong Kong-listed stock as part of the transaction.

The sources declined to be identified because the information is confidential. Biren did not respond to a request for comment.

Biren’s listing comes after recent GPU IPOs

Biren’s planned Hong Kong listing follows recent IPOs by Chinese GPU developers Moore Threads and MetaX, both of which attracted heavy demand from investors. Moore Threads’ shares climbed more than 400% during its Shanghai debut earlier this month.

Founded in 2019, Biren was set up by Zhang Wen, a former president at facial recognition firm SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei.

The company drew market attention in 2022 after unveiling its first products, including the BR100 chip, which Biren said was designed for large-scale AI computing workloads comparable to Nvidia’s H100.

In 2023, Biren was placed on the U.S. Commerce Department’s Entity List, cutting off its access to advanced manufacturing services from Taiwan Semiconductor Manufacturing Company. The move forced the company to adjust its production strategy.

Before a funding round in the first half of 2025, Biren was valued at about 14 billion yuan ($2 billion). It raised roughly 1.5 billion yuan in that round, with participation from government-linked investors in Shanghai and Guangdong.

Other shareholders include Qiming Venture Partners, IDG Capital, Hillhouse Investment’s venture arm, the Russia-China Investment Fund, Country Garden Venture Capital, and New World Group, according to the company’s disclosures.

Bank of China International, CICC, and Ping An Securities are acting as joint sponsors on the IPO. Ping An declined to comment, while the other banks did not respond to requests for comment.

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