Chinese graphics processing unit (GPU) developer Biren Technology completed an H-share placement on the HKEX main board on 8 July, raising around HKD7.1 billion (USD906 million). Davis Polk and Fangda Partners provided legal support.
The two firms also advised Biren Technology on its Hong Kong listing in January this year, when it became the first Chinese GPU company to debut in the city.
The company placed 153 million H shares at HKD46.20 each. CICC and CITIC Securities acted as overall co-ordinators and placement agents.
Davis Polk acted as international legal counsel for Biren Technology. The team was led by partners He Li, James Lin and Jason Xu, with counsel Vanessa Chan participating. Fangda Partners advised on PRC law, with the team led by partners Jeffrey Ding, Brian Liu and Shi Shengjie.
Headquartered in Shanghai, Biren Technology was founded in 2019 and is a leading Chinese provider of general intelligent computing solutions. The company focuses on GPU chip design and provides foundational computing power for artificial intelligence applications.
The placement announcement said the proceeds would primarily be used to accelerate the commercialisation and production of next-generation products, strengthen R&D of cutting-edge technologies, pursue strategic investments and acquisitions, and supplement working capital and for general corporate purposes.
