Shanghai-based Biren Technology plans to raise approximately $515 million through a Hong Kong stock placement of 130 million shares at HKD 31.08 per share, representing a 10% discount to the previous closing price. The funding will support the GPU developer's artificial intelligence business as part of a broader wave of fundraising among Chinese AI companies backed by Beijing.
Shanghai Biren Technology, a Chinese AI chipmaker, saw its stock tumble 12% in Hong Kong as it launched a HK$4 billion share placement to fund manufacturing capacity and next-generation AI processor development. The fundraising, the company's second in three months totaling over HK$11 billion, reflects intense competition among Chinese semiconductor firms seeking to reduce reliance on Nvidia amid Beijing's tech self-reliance mandate.