China's premier GPU maker Biren kicks off Hong Kong IPO — GPU startups vying for Nvidia's crown race to fund AI chip development

Shanghai Biren Intelligent Technology Co has begun bookbuilding for a Hong Kong initial public offering aimed at raising as much as HK$4.85 billion (US$624 million), as Chinese AI chipmakers accelerate listings to fund expansion amid strong investor demand. The company plans to start trading on January 2, becoming the first new Hong Kong listing of 2026.

According to its exchange filing, Biren is offering approximately 247.7 million shares at a price range of HK$17 to HK$19.60 per share. The company would be the first mainland GPU developer to list in Hong Kong, joining a growing pipeline of Chinese AI firms that are tapping into offshore capital markets.

The offering comes as domestic GPU startups attract intense market attention following recent product debuts by Moore Threads Technology, with its “Huagang” architecture, and MetaX Integrated Circuits. Shares in Moore Threads rose roughly 425% on their first day of trading, while MetaX climbed about 693% by the close of its debut session. Alongside Biren and Enflame Technology, the companies are often grouped as China’s “four little dragons” in the GPU sector, each seeking to challenge the dominance of Nvidia in AI accelerators.

Biren’s IPO has secured commitments from 23 cornerstone investors, who have agreed to subscribe to roughly US$372.5 million worth of shares with a six-month lock-up period. The group includes Qiming Venture Partners, Ping An Group, UBS, Digital China, and asset managers such as Lion Global Investors and Eastspring Investments.

Founded in 2019, Biren began generating revenue from its intelligent computing solutions in 2023. The company reported revenue of 336.8 million yuan (US$47.8 million) last year, followed by 58.9 million yuan in the first half of 2025. It also disclosed pending and contracted orders totaling about 2.1 billion yuan, which it says will support near-term growth as deployments scale.

Losses, however, have continued to widen. Biren said its total loss for the first half of 2025 rose 32.3% year over year to nearly 9 billion yuan, reflecting heavy spending on research, software development, and commercialization. In its prospectus, the company cited global political and economic factors as ongoing risks to its financial position and path to profitability, including U.S. trade restrictions.

Biren was added to Washington’s Entity List in October 2023, a move that limited its access to certain foreign technologies and suppliers and contributed to a 108.7 million yuan loss that year. The company has since emphasized greater reliance on domestic supply chains while continuing to develop data center-class AI accelerators.

Biren’s listing adds to a broader wave of mainland technology firms pursuing Hong Kong floats. AI startup MiniMax recently cleared its IPO hearing and is also due to launch in January, while “AI tiger” Zhipu has completed the same process. Backed by Alibaba Group Holding and Tencent Holdings, MiniMax is also expected to direct IPO proceeds toward research and development as competition in China’s AI hardware and software markets intensifies.

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