Biren’s Hong Kong IPO retail tranche oversubscribed nearly 1,900 times

Chinese GPU maker Biren Technology ended its retail book building for its Hong Kong initial public offering on Monday, drawing about HK$459.7 billion in margin financing and oversubscribing its retail tranche by 1,894 times.

If successfully listed, Biren would become Hong Kong’s first publicly traded GPU-focused company and the city’s first IPO of 2026.

Biren is one of China’s so-called “domestic GPU four dragons”, a group of fast-growing chipmakers developing artificial intelligence and graphics processors. The group includes Moore Threads, MetaX and Enflame.

Biren recorded revenue of 337 million yuan (HK$372.74 million) in 2024, up more than fourfold from a year earlier, while its net loss narrowed 12 percent to 1.54 billion yuan, according to its prospectus. However, in the first half of this year, revenue rose 50 percent year on year to 58.9 million yuan, while losses widened 80 percent to 1.6 billion yuan, exceeding its full-year loss in 2024.

Biren’s revenue and margins also trail some peers. Moore Threads and MetaX reported first-half revenue of 702 million yuan and 915 million yuan, respectively, while Biren’s gross margin of 31.9 percent lagged Moore Threads’ 69.2 percent and MetaX’s 55.3 percent.

As of last Friday, 56 companies had listed under Hong Kong’s revamped IPO regime, with about two-thirds posting gains on their trading debut. Nearly 30 percent of those stocks surged at least 100 percent on their first day, underscoring strong risk appetite for new listings despite market volatility.