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.
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