Biren Technology raises $900 million to ramp up next-generation GPGPU production

Biren Technology, the Chinese GPU designer that went public on the Hong Kong Stock Exchange in January, announced a secondary placement on Sunday that could raise as much as HK$7.07 billion (about $900 million).

The company is offering 153 million new H-shares at HK$46.20 apiece. Net proceeds after fees are expected to come in around HK$7.04 billion, according to the filing.

Biren was founded in 2019 and designs general-purpose GPU (GPGPU) chips and compute solutions for AI workloads. It became the first GPU company to list in Hong Kong — and the first stock to debut on the exchange in 2026 — when it started trading on January 2.

The timing of the raise reflects a market that has shifted faster than Biren anticipated when it priced its IPO six months ago. The company said in the filing that the rapid development of AI and the explosion in token consumption are driving demand for GPGPU compute solutions at a pace that has accelerated the commercialization of its next-generation products beyond original expectations.

Here is how Biren plans to allocate the funds:

About 20 percent will go to advanced R&D — hiring talent, securing intellectual property, engineering tape-outs, prototyping, and co-optimizing with ecosystem partners.

The bulk of the money — roughly 60 percent — is earmarked for bringing next-generation products to market. That includes customer sampling, validation deployment, workload optimization, developing rack-scale and SuperPod reference designs to match the industry’s shift toward integrated cluster solutions, and scaling up production capacity while strengthening supply chain security.

Another 10 percent is set aside for strategic investments and acquisitions. Biren said it will target companies that offer technology synergies, broader customer access, complementary products, or supply chain advantages — provided the valuations make sense and the return potential is identifiable.

The remaining 10 percent will go toward working capital and general corporate purposes.

Biren’s move follows a broader trend among Chinese chip companies tapping public markets for expansion capital. The placement gives the company a meaningful cash cushion to compete in the increasingly capital-intensive GPGPU market, where Nvidia and AMD dominate and an ecosystem of well-funded Chinese rivals including Moore Threads and MetaX are also scaling up fast.