Shanghai Biren Technology, a Shanghai-based Chinese AI chipmaker that develops general-purpose graphics processing units (GPUs), plans to raise HK$7 billion (US$892.5 million) through a share sale, according to a July 6 stock exchange filing.

The company plans to issue 153 million new shares at HK$46.2 (US$5.9) each, representing a 9.9% discount to the previous Friday’s closing price of HK$51.3 (US$6.5).

Biren said 60% of the proceeds will fund the commercialization and mass production of its next-generation general-purpose GPUs.

The company posted 1 billion yuan (US$147 million) in revenue in 2025, up 207.2%, but it remained loss-making.

Biren said its BR106 and BR166 chips are already in volume production and shipping at scale.

The proposed share sale would exceed the HK$5.58 billion (US$711 million) the company raised in its initial public offering at HK$19.60 (US$2.5) per share.

The fundraising comes as demand grows from cloud service providers, AI data centers, and enterprise customers.

Tighter US export controls on advanced AI chips have also increased interest in domestic alternatives.

🔗 Source: South China Morning Post