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Q: In the meantime I subscribed for the MiniMax (0100.HK) IPOyoutu.be
Q: Please review Biren episode as context for Minimax episode
Q: going for Minimax, at 0.6% of total NAV, and as institutional / strategic investors must hold for 6 months, I shall be careful to roll some profit into silver and gold, and some into next IPO, per in-for-a-penny-in-for-a-pound. I do note that all IPOs doing well accretes to my 0388.HK (HKEX) holdings
January 2, 2026 at 8:27 AM GMT+8 Updated on January 2, 2026 at 1:38 PM GMT+8
Takeaways by Bloomberg AI
Shares of Shanghai Biren Technology Co. surged nearly 119% in their trading debut, on track for the best first-day performance since 2021 among Hong Kong listings that raised at least $700 million.
The artificial intelligence chip designer’s stock climbed to as high as HK$42.88 after the initial public offering was priced at HK$19.60, raising $717 million.
Shanghai Biren’s strong start likely augurs well for two other AI-related stocks that are set to list in the Asian financial hub next week.
Shares of Shanghai Biren Technology Co. surged nearly 119% in their trading debut, on track for the best first-day performance since 2021 among Hong Kong listings that raised at least $700 million.
The artificial intelligence chip designer’s stock climbed to as high as HK$42.88 after the initial public offering was priced at HK$19.60, the top of an indicative range, raising $717 million in one of hottest sectors in global equity markets. Investor demand was strong, with the retail portion of the deal subscribed more than 2,300 times.
The developer of graphics processing units used to train and run AI models makes its debut amid a wave of blockbuster listings in the sector. Apart from the global interest in all things AI, a push by China to support homegrown technology has further boosted investor sentiment.
Shanghai Biren’s strong start likely augurs well for two other AI-related stocks — MiniMax Group Inc. and Knowledge Atlas Technology JSC Ltd., better known as Zhipu — that are set to list in the Asian financial hub next week. Separately, Baidu Inc.’s shares jumped on Friday after its AI chip unit confidentially filed for a Hong Kong IPO.
Other AI-Related Firms With Plans to List Early 2026
Source: Bloomberg
As the first GPU-focused stock to list in Hong Kong, Shanghai Biren Technology “enjoys scarcity value and high market attention,” according to Kenny Ng, a strategist at China Everbright Securities International Co. “The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential.”
For all Hong Kong listings that raised $700 million or more, Shanghai Biren’s first-day performance based on its intraday high was poised to be the best since Kuaishou Technology’s shares surged 161% in their trading debut in early 2021.
Broadly, Hong Kong listings of this size between 2020 to 2025 have generated a weighted-average gain of nearly 23% on their first day, according to data compiled by Bloomberg.
Meanwhile, debuts by Chinese chipmakers this year on the mainland have been far more impressive.
Biren Technology Debuts After Stellar Year for China Chip Stocks
Source: Bloomberg
Founded in 2019 by Zhang Wen, former president of SenseTime Group Inc., Shanghai Biren has been gaining traction among major Chinese firms. In 2022, it claimed “setting a new record in global computing power” with its first general-purpose GPU.
A major setback came just a year later when the firm was added to a US trade restriction list requiring exporters obtain a government license before shipping to Biren. Washington argued its chip curbs are necessary to keep advanced technology out of China’s military hands.
In its prospectus, Shanghai Biren said that proceeds from the offering will be used toward research and development of its computing solutions. The company posted a 1.6 billion yuan ($228.9 million) net loss in the first six months of the year.
China’s ambitions to grow its at-home chips sector have accelerated this year as Beijing resolves to reduce its reliance on foreign players given increasing trade tensions. Officials are now considering a package of incentives worth as much as $70 billion to bankroll the sector.
