Biren Seeks $892.5M Through Share Sale at HK$46.2 Per Share, 9.9% Discount

According to a July 6 stock exchange filing, Shanghai Biren Technology plans to raise US$892.5 million through a share sale at HK$46.2 (US$5.9) per share, representing a 9.9% discount to the previous Friday's closing price. The company will issue 153 million new shares.

Biren said 60% of the proceeds will fund commercialization and mass production of its next-generation general-purpose GPUs. The fundraising comes amid growing demand from cloud service providers and AI data centers, while tighter U.S. export controls on advanced AI chips have also increased interest in domestic alternatives.