Biren Technology Begins IPO Today: $372.5 Million in Cornerstone Commitments Bolster Valuation
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Biren Technology has kicked off its Hong Kong IPO with strong cornerstone backing, positioning itself to become the city’s first listed pure-play GPU company.
December 22, 2025 — Shanghai-based Biren Technology has launched its Hong Kong initial public offering, with the subscription period running through December 29. The company plans to list on the Hong Kong Stock Exchange Main Board on January 2, 2026, under stock code 6082, aiming to become the first GPU-focused company listed in Hong Kong.
The IPO comprises 248 million H shares, including 12.38 million shares for the Hong Kong public offering and 235 million shares for the international tranche. Shares are priced between $2.18 and $2.52 each, implying total fundraising proceeds of $549 million to $625 million and an expected post-IPO market capitalization of approximately $5.15 billion to $5.94 billion.
A key highlight of the offering is Biren’s strong cornerstone investor lineup. A total of 23 leading institutions have committed to subscribe for $372.5 million worth of shares, including Qiming Venture Partners, Ping An Life Insurance, UBS, and Taikang Life, among others. Prior to the IPO, Biren had already attracted backing from state-owned investment platforms, top-tier venture capital firms, and strategic industry investors.
From an operational perspective, Biren has delivered rapid revenue growth, with sales rising from $64,200 in 2022 to $4.34 million in 2024, representing a compound annual growth rate of roughly 2,500%. The company expects mass production of its BR166 chip to begin in the second half of 2025.
As of December 15, Biren reported outstanding orders of approximately $159 million, has served nine China Fortune 500 companies, and has deployed computing clusters with all three major Chinese telecom operators, strengthening its presence in China’s domestic computing power ecosystem.
