Hong Kong IPO | Biren Technology, the "First GPU Stock in Hong Kong", starts subscription today with a minimum subscription fee of HKD 3,959, aiming to raise HKD 4.35 billion
On December 9, 2025, $BIREN TECH(06082.HK) officially launched its Hong Kong IPO subscription. As one of the "Four Domestic GPU Dragons," Biren Technology will open for subscription from December 22 to December 29, with Longbridge's 10x margin subscription deadline set for 16:00 on December 24. The company plans to issue approximately 248 million shares globally and aims to become the "First IPO Stock of 2026 in Hong Kong," with an expected listing date of January 2, 2026.
I. Company Overview: From Emerging Player to Industry Leader
Biren Technology is a domestic general-purpose intelligent computing solutions provider that offers computing infrastructure for various industries through its independently developed "Biren™" series of GPUs. Leveraging its proprietary BIRENSUPA platform and self-developed GPGPU-based hardware, the company provides computing power support for AI model training and inference.
The company offers a range of solutions from cloud to edge, with its clients primarily concentrated in the field of intelligent computing solutions, covering leading enterprises in telecommunications, AI data centers, and the internet industry. As of the latest practicable date, the company has 24 outstanding binding orders with a total value of approximately RMB 822 million. It has also entered into five framework sales agreements and 24 sales contracts, totaling around RMB 1.241 billion. Combined, these represent potential revenue reserves exceeding RMB 2 billion.
II. Business Panorama: China's Computing Infrastructure Provider
III. Financial Perspective: Revenue Soars, Profitability Still Needs Time
Financially, in 2023, the company's intelligent computing solutions began generating revenue, achieving exponential growth. In 2024, the company's revenue was 5.4 times that of 2023.
In 2025, the company's intelligent computing cluster leasing business started contributing to revenue, with this product also boasting a high gross margin.
IV. Fundraising Purposes and Future Outlook
According to the prospectus, this IPO aims to raise approximately HKD 4.351 billion globally (assuming the over-allotment option is not exercised, based on the mid-point offering price of HKD 18.30). The offering price range is set at HKD 17 to HKD 19.6 per share, with the offering mechanism being 18C. The net proceeds will primarily be allocated to the following strategic directions:
Approximately 85.0%: For future R&D expenses, iterating and expanding the company's intelligent computing solutions.
Approximately 5.0%: For the commercialization of the company's intelligent computing solutions.
Approximately 10.0%: For working capital and general corporate purposes.
Biren Technology's self-developed comprehensive intelligent computing solutions effectively meet the growing computing power needs across industries, serving as a critical infrastructure provider for China's AI advancements. As one of the "Four Domestic GPU Dragons," Biren Technology was included in the White House's Entity List for Chinese tech companies in 2023. Matt Toms, Head of Asia Pacific Cash Equities Execution at Barclays, commented: "China is rapidly catching up in the semiconductor sector. If by 2026 or 2027, China can produce low-cost, competitive chips, just like DeepSeek did back then, I wouldn't be surprised at all. This would have a disruptive impact on NVIDIA and its supply chain."
Apply for the IPO on Longbridge! Enjoy zero handling fees for cash subscriptions for a limited time, with support for grey market trading.
The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.
