Biren shares soar as investors seize on first Chinese GPU start-up to list in Hong Kong



Shares of Shanghai Biren Technology jumped 82.1 per cent upon their debut on Friday in Hong Kong’s first listing of the year, as investors piled into the Chinese graphics processing unit (GPU) maker amid the artificial intelligence wave.

The first of China’s up-and-coming GPU developers to list in Hong Kong, the company’s shares first changed hands at HK$35.70, up from the initial public offering (IPO) price of HK$19.60, valuing the company at HK$85.5 billion (US$11 billion). Biren raised HK$5.58 billion after exercising an option to adjust the offer size to accommodate strong investor appetite.

The listing followed the red-hot debuts of its peers – Moore Threads Technology, dubbed “China’s Nvidia”, and MetaX Integrated Circuits in Shanghai last month – amid a booming IPO market in Hong Kong. Two other Chinese AI start-ups, Zhipu and MiniMax, are currently building their IPO books in Hong Kong.
Biren decided to pursue a Hong Kong listing “to access capital and attract diverse investors”, dropping an earlier plan to list in Shanghai, the firm said in the prospectus. It added that a mainland listing could happen “at an appropriate time”, although it was not guaranteed.

“We see Hong Kong’s favourable business environment and efficient connectivity with global capital as a vital platform for the growth of hard‑tech and other companies here,” said Zhang Wen, chairman and CEO of Biren, at the listing ceremony at Hong Kong Exchanges and Clearing (HKEX) in Central.

“We are determined to invest in technological innovation and to run our business in a diligent and responsible manner, creating long‑term value for shareholders, employees and society, and repaying every measure of trust without squandering the opportunities afforded by this era.”

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