China's Biren Technology just pulled off a massive $717 million IPO in Hong Kong

Business Dec 31, 2025

Shanghai-based Biren Technology has raised nearly $717 million through its Hong Kong stock market debut, pricing shares at the top of their range.
The buzz was real—big investors wanted 26 times more shares than available, and retail buyers oversubscribed by over 2,300 times!

Why this matters: China's chip ambitions & a strong year for Hong Kong

Biren's IPO is part of China's push to boost its homegrown chip industry as US export rules get tougher.
Founded in 2019 by Zhang Wen, former president of SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei, Biren made headlines in 2022 with its BR100 AI chip—a rival to NVIDIA's H100.
This blockbuster listing adds to Hong Kong's standout year, with $36.5 billion raised from new listings in 2025 alone.