Chinese graphics processing unit (GPU) developer Biren Technology listed on the HKEX main board on 2 January, becoming the first company of its kind to go public in Hong Kong. Davis Polk, Fangda Partners, Jacobson Burton Kelley, Freshfields and King & Wood Mallesons provided legal support.
As the first IPO in Hong Kong in 2026, Biren’s offering marks the largest to date under Chapter 18C of the Main Board Listing Rules, which apply to specialist technology companies.
The company issued 248 million shares at HKD19.60 each (USD2.52), raising around HKD5.6 billion, including oversubscriptions. On debut, Biren opened at HKD35.70 per share, 82.14% above the issue price, pushing its market capitalisation to more than HKD100 billion.
Davis Polk acted as Biren’s Hong Kong and US legal counsel, with partners He Li, Jason Xu and James Lin leading the team. Fangda advised on PRC law, led by partners Jeffrey Ding, Wang Mengjie and Brian Liu. Partners Gil Zhang and Li Huihui led the team advising on data compliance and cybersecurity. The US firm Jacobson Burton Kelley advised on US sanctions and export control matters.
Freshfields counselled the joint sponsors, CICC, Ping An Securities and BOC International, on Hong Kong and US law. KWM acted as the joint sponsors’ PRC legal counsel, led by partners Su Zheng, Shan Yingzhi and Ye Shengjie, with senior counsel Lin Ke and counsel Zhang Ping advising on patent compliance matters.
Biren, founded in 2019, is a leading provider of general-purpose intelligent computing solutions in China, designing GPU chips to support AI infrastructure.
The company prospectus states that proceeds from the IPO will be mainly used for R&D and the commercialisation of intelligent computing solutions, supplementing working capital and general corporate purposes.
The listing comes amid an active period for Chinese GPU developers entering the capital markets. In December 2025, Moore Threads Technology and MetaX Integrated Circuits listed on the SSE Star Market, becoming the first and second listed domestic GPU companies, respectively.
