Shares in Biren Technology, a Shanghai-based AI chipmaker, closed down 11.9% in Hong Kong on Thursday after the company announced plans to raise about HK$4 billion (US$509 million) through a share placement.

Biren plans to issue 130 million new shares at HK$31.08 (US$4) each, about 10% below the previous close. Placing agents were engaged on a best-effort basis.

Biren said the proceeds would mainly fund manufacturing capacity, component purchases, and preparations to launch its next AI processors.

The company makes AI accelerators for model training and inference, and it remains lossmaking.

The proposed placement is Biren’s second since its January listing in Hong Kong. In July, the company raised HK$7 billion (US$891 million) in another share placement.

The fundraising comes as Chinese AI chipmakers seek more capital amid tighter US export controls on Nvidia and Advanced Micro Devices in China.

Among Biren’s peers, Moore Threads, a Beijing-based graphics processing unit startup, is considering a Hong Kong listing, while Cambricon, a Chinese AI chip designer, has reported profit growth.

🔗 Source: South China Morning Post

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