Biren Technology Secures CSRC Filing for Hong Kong IPO, China’s GPU “Dark Horse” Eyes First Pure-Play GPU Listing
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Biren Technology has received regulatory approval for a Hong Kong IPO, marking a major milestone for one of China’s leading homegrown GPU developers in its bid to become the country’s first listed pure-play GPU company.
December 15, 2025 — China’s securities regulator has officially approved the offshore listing filing of Shanghai-based Biren Technology, clearing a key regulatory hurdle for the company’s planned initial public offering on the Hong Kong Stock Exchange and positioning it as a strong contender for China’s first listed pure-play GPU company.
According to a filing released by the International Cooperation Department of the China Securities Regulatory Commission (CSRC), Biren plans to issue up to 372.46 million overseas-listed ordinary shares in Hong Kong. In addition, 57 shareholders intend to convert a total of 873.27 million domestically held, unlisted shares into overseas-listed shares to be freely traded on the HKEX under China’s “full circulation” mechanism.
Founded in 2019, Biren Technology is one of China’s so-called domestic GPU “Big Four,” focusing on cloud-based general-purpose intelligent computing. In August 2022, the company unveiled its first self-developed general-purpose GPU, BR100, built on an original architecture that set a global computing performance record at launch. The chip was also among the first to adopt chiplet architecture, PCIe 5.0, and the CXL interconnect protocol. Biren’s customer base includes major industry players such as China Mobile, China Telecom, and SenseTime.
Biren has attracted substantial capital since inception. After completing a Series B round in March 2021, the company raised more than USD 654 million over the following 18 months. According to the Hurun Global Unicorn List, Biren’s valuation has reached approximately USD 2.18 billion. The company has no controlling shareholder; Shanghai BiliRen Enterprise Management Consulting Partnership is the largest shareholder with a 12.65% stake, followed closely by founder and CEO Zhang Wen, who holds 12.48%.
In October 2023, Biren was added to the U.S. Entity List. Despite the restrictions, the company continued its technical progress and in September 2024 launched HGCT, China’s first heterogeneous training technology supporting three different types of chips, addressing the challenge of fragmented computing resources in large-model training.
Zhang Wen has emphasized that the semiconductor industry depends on sustained capital investment, talent, and real-world application scenarios. He noted that increased talent mobility will gradually narrow the AI chip gap between China and the U.S., and that China holds long-term advantages in vertical industry applications, suggesting the overall AI capability gap will continue to shrink over time.
