Chinese GPU startup 壁仞科技 (Biren) raises over 70 billion Hong Kong dollars via 153 million new H-share placement, accelerating next-gen GPU commercialization.
Birentech announced that it will conduct a placement of 153 million new H-shares at HK$46.20 per share. If all shares are successfully subscribed, the company expects to raise total proceeds of HK$7.069 billion. The placement price represents a discount of approximately 9.94% to the company's closing price of HK$51.30 per share on July 3, reflecting positive market sentiment regarding the company's development prospects.
The company stated that the placement is principally driven by rapid development in the artificial intelligence sector and substantial growth in related computing demand. As demand for general-purpose GPU (GPGPU) solutions from AI applications continues to rise, Birentech's addressable market has expanded and the commercialization progress of its next-generation products has accelerated significantly, exceeding expectations at the time of listing. As of June 30, the company has already deployed over 70% of the proceeds from its previous global offering that were designated for "working capital and general corporate purposes," further underscoring the necessity of this placement.
According to the fund deployment plan, approximately 20% of placement proceeds will be invested in new cutting-edge technology research and development initiatives, encompassing talent acquisition, intellectual property development, semiconductor manufacturing, prototype testing and validation, and ecosystem collaboration. Approximately 60% of the funds will be used to accelerate commercialization and production of next-generation products, ensuring the company's GPGPU solutions achieve scalable manufacturing. Approximately 10% will be allocated to strategic investments and acquisitions, though specific targets have not yet been identified; the remaining 10% will supplement working capital and general corporate needs.
Birentech listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first domestic GPU company listed on the Hong Kong market. The company's IPO price was HK$19.60 per share, issuing 285 million shares and raising total proceeds of approximately HK$5.583 billion. In 2025, the company achieved annual revenue of HK$1.035 billion, representing year-over-year growth of 207.2%, with gross profit improving to HK$557 million and gross margin expanding to 53.8%, demonstrating strong growth momentum.