Shares of Chinese AI chip designer Shanghai Biren Technology surged 76% on their Hong Kong debut Friday, marking the first listing of 2026 in the financial hub.
Shanghai Biren AI Chips Soar 76% in Hong Kong Debut, Signaling 2026 Tech IPO Boom
Biren’s shares opened at HK$35.70, peaked at HK$42.88 intraday, and closed at HK$34.46, compared with the offer price of HK$19.60. This outpaced the benchmark Hang Seng Index, which gained just 2.8% that day. The stock was the third most actively traded on the exchange, with 150.7 million shares worth HK$5.52 billion ($707.7 million) changing hands.
The strong debut reflects growing investor interest in China’s AI and semiconductor sectors, driven by government support and the push for domestic alternatives amid U.S. technology export restrictions.
“Chinese AI startups are going public faster than U.S. giants thanks to supportive domestic policy, clear revenue paths, and valuations suitable for the current IPO market,” said Winston Ma, adjunct professor at NYU School of Law.
Biren raised HK$5.58 billion through the sale of 284.8 million H shares at the top of the marketed range. Institutional demand was nearly 26 times the shares offered, while the retail tranche was oversubscribed roughly 2,348 times. The IPO gave Biren a market capitalization of HK$46.9 billion based on 2.396 billion shares.
Founded in 2019, Biren develops general-purpose GPUs and intelligent computing systems for AI and high-performance computing. The company gained attention in 2022 for its BR100 chip, promoted as a domestic rival to Nvidia’s processors. Most IPO proceeds will be directed toward research, development, and commercialisation.
The IPO prospectus noted risks from U.S. export controls after Biren was added to Washington’s Entity List in 2023, competition in the AI chip space, and opportunities arising from China’s policy support and tech self-sufficiency initiatives. Cornerstone investors include 3W Fund, Qiming Venture Partners, and Ping An Life Insurance.
Alex Zhou, managing partner of Qiming Venture Partners, said, “Its successful listing demonstrates the evolution of China’s tech entrepreneurship toward a new stage centered on original innovation.”
The listing signals a wave of AI and semiconductor IPOs expected in Hong Kong throughout 2026. Upcoming debuts include Zhipu AI and Iluvatar CoreX on January 8, building on a record $36.5 billion raised from 114 listings in 2025.
