Shares of Chinese AI chip designer Shanghai Biren Technology (6082.HK) surged 82.1% in their Hong Kong debut, marking the first listing of 2026 in the financial hub. Biren opened at HK$35.7 each, well above the HK$19.60 offer price and climbed as high as HK$40 during trading.
The strong debut follows a blockbuster year for Hong Kong’s equity market in 2025 and signals a likely wave of AI and semiconductor offerings this year as China accelerates efforts to develop domestic chip alternatives in response to U.S. technology export curbs.
Biren raised HK$5.58 billion (US$717 million) by selling 284.8 million H shares at the top of its marketed range. Institutional demand was nearly 26 times the shares on offer, while the retail tranche was oversubscribed roughly 2,348 times, according to exchange filings.
At the offer price, Biren’s market capitalisation stood at HK$46.9 billion, based on 2.396 billion shares outstanding.
Founded in 2019, Biren develops general-purpose graphics processing units (GPUs) and intelligent computing systems for artificial intelligence and high-performance computing.
While the IPO highlights opportunities from China’s push for tech self-sufficiency and policy support, the prospectus also flagged risks from U.S. export controls. Biren was added to Washington’s Entity List in October 2023, limiting its access to certain technology.
Reuters
