China's premier GPU maker Biren kicks off Hong Kong IPO — GPU startups vying for Nvidia's crown race to fund AI chip development

Shanghai Biren Intelligent Technology Co has initiated an IPO in Hong Kong to raise up to US$624 million, with plans to start trading on January 2. The company is the first mainland GPU developer to list in Hong Kong, joining other Chinese AI firms in tapping into offshore capital markets. Biren's IPO has attracted commitments from cornerstone investors, including Qiming Venture Partners and UBS. Despite revenue growth, the company's losses have widened due to heavy spending on research and development. Biren's listing contributes to a trend of mainland tech firms pursuing Hong Kong IPOs, with AI startup MiniMax and "AI tiger" Zhipu also in the pipeline.