China AI chipmaker Biren’s shares double in Hong Kong debut, kicking off 2026 listings

HONG KONG – Shares of Shanghai Biren Technology surged nearly 119 per cent in their trading debut, on track for the best first-day performance since 2021 among Hong Kong listings that raised at least US$700 million (S$900 million).

The artificial intelligence chip designer’s stock climbed to as high as HK$42.88 after the initial public offering was priced at HK$19.60, the top of an indicative range, raising US$717 million in one of the hottest sectors in global equity markets. Investor demand was strong, with the retail portion of the deal subscribed more than 2,300 times.

The developer of graphics processing units (GPUs) used to train and run AI models makes its debut amid a wave of blockbuster listings in the sector. Apart from the global interest in all things AI, a push by China to support home-grown technology has further boosted investor sentiment.

Biren’s strong start likely augurs well for two other AI-related stocks – Minimax Group and Knowledge Atlas Technology JSC, better known as Zhipu – that are set to list in the Asian financial hub next week.

As the first GPU-focused stock to list in Hong Kong, Biren “enjoys scarcity value and high market attention”, according to Mr Kenny Ng, a strategist at China Everbright Securities International. “The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential.”

Broadly, Hong Kong listings of Biren’s size between 2020 and 2025 have generated a weighted-average gain of nearly 23 per cent on their first day, according to data compiled by Bloomberg.

Meanwhile, debuts by Chinese chipmakers in 2025 on the mainland have been far more impressive. In December in Shanghai,

MetaX Integrated Circuits Shanghai soared 693 per cent

on its first day of trading, tracking

Moore Threads Technology’s stellar debut

earlier. The firms, including Biren, are part of China’s “Four Little Dragons” in the GPU space – seen as contenders to pick up market share left by Nvidia Corp’s retreat.

Founded in 2019 by Mr Zhang Wen, former president of SenseTime Group, Biren has been gaining traction among major Chinese firms. In 2022, it claimed “setting a new record in global computing power” with its first general-purpose GPU.

A major setback came just a year later when the firm was added to a US trade restriction list requiring exporters obtain a government licence before shipping to Biren. Washington argued its chip curbs are necessary to keep advanced technology out of China’s military hands.

China’s ambitions to grow its at-home chips sector have accelerated as Beijing resolves to reduce its reliance on foreign players given increasing trade tensions. Officials are now considering a package of incentives worth as much as US$70 billion to bankroll the sector.

In its prospectus, Biren said that proceeds from the offering will be used towards research and development of its computing solutions. It posted a 1.6 billion yuan (S$294 million) net loss in the first six months of 2025. BLOOMBERG