Shanghai Biren Intelligent Technology is exploring the possibility of an initial public offering (IPO) in Hong Kong, reviving its listing plans after previously considering a move to Shanghai, according to sources familiar with the situation.
The artificial intelligence chipmaker aims to raise approximately $300 million (HK$2.34 billion) through the IPO, as noted by insiders who requested anonymity due to the private nature of the discussions. Biren is currently collaborating with China International Capital Corp (CICC), BOC International, and Ping An Securities to facilitate the potential share sale, which could occur within this year.
However, deliberations are still in progress, and specifics regarding the size and timing of the IPO may evolve. There is also the possibility that Biren might ultimately choose not to proceed with the IPO.
Requests for comments from representatives of Biren, CICC, BOCI, and Ping An were not immediately answered. Biren’s renewed IPO interest comes at a time of increasing investor enthusiasm for Chinese AI, particularly following the debut of DeepSeek’s latest cost-effective model, which has been hailed as a potential game-changer for the industry. This development has sparked a shift towards Chinese stocks and has contributed to a rally in Hong Kong’s market. Technology companies are seizing the opportunity to raise capital in Hong Kong, including chipmaker Black Sesame International. Additionally, sentiment has been boosted by Chinese President Xi Jinping hosting a tech summit last week.
Initially considering Hong Kong for an IPO in 2023, Biren had also looked into listing on Shanghai’s STAR board in 2024 or 2025. However, that option diminished last year when China imposed restrictions on first-time share sales on the mainland to stabilize its declining stock market. Concurrently, the securities regulator has been encouraging companies to list in Hong Kong to enhance the city’s status as an international financial hub. Biren’s investors include China Merchants Capital Management, IDG Capital, and Ping An Insurance Group.
