Congratulations to Biren Technology on Its Successful IPO, Becoming the "First GPU Stock on the Hong Kong Stock Market" | Gaorong Ventures News

On January 2, Biren Technology listed on the Main Board of the Hong Kong Stock Exchange under ticker 06082.HK. As the first IPO of 2026 on the Hong Kong exchange, Biren priced its shares at HK$19.60 each, raising HK$5.583 billion. The stock surged as much as 118% shortly after the opening bell to HK$42.88 per share, pushing its market capitalization past HK$100 billion. With this successful listing, Biren Technology not only became the "first GPU stock on the Hong Kong exchange," but also the largest new issuance under the exchange's Chapter 18C regime for specialist technology companies.

Wen Zhang, Biren's founder, chairman, and CEO, said in his listing ceremony remarks: "This is a better beginning, and it means taking on greater responsibility. Going forward, Biren Technology will continue to increase R&D investment, fully advance the development and iteration of fully autonomous and controllable full-stack products, build a complete domestic computing power system, enhance the security, stability, and resilience of China's intelligent computing industry, and lead and empower the high-quality development of the AI industry."

Gaorong Ventures participated in Biren Technology's Pre-B round in 2020. Biren is also the ninth Gaorong portfolio company to successfully list on the Hong Kong exchange in the past 12 months.

Technology Leader: Full-Stack Autonomous Control

From its founding in 2019 beneath the cliffs of Wuyi Mountain — inspired by the name "Biren" meaning "towering like a sheer wall" — to its listing today on the shores of Victoria Harbour, Biren Technology has spent six years fully devoted to its domestic "chip journey." In the field of general-purpose high-performance computing chips, it has carved out a path of independent innovation: proprietary chip architecture, a full-stack software ecosystem, leadership in chiplet and optical interconnect technology trends for high-performance computing chips, and a commitment to building an original high-performance GPU hardware and software system that achieves full-chain autonomous control from high-end AI chips to computing clusters.

Biren has assembled nearly 1,000 top-tier global talents and built formidable proprietary technology and engineering capabilities. The company moved its first product from design to commercialization in just three years, demonstrating world-class R&D efficiency through outstanding product performance. Public data shows that as of 2025, Biren has filed over 1,500 patent applications across multiple countries and regions globally — ranking first among Chinese general-purpose GPU companies — with over 600 patents granted, placing it among the top Chinese general-purpose GPU firms. Its invention patent grant rate stands at 100%, topping the rankings for domestic enterprises. Additionally, Biren has twice received the SAIL Award, the highest honor at the World Artificial Intelligence Conference, led the commercial deployment of optical interconnect technology, and been designated a national "little giant" enterprise for specialized and sophisticated technologies.

Domestic Computing Power Empowering Industries: Entering a New Cycle of Scaled Growth

With practical, reliable, and innovative products and solutions, Biren Technology's offerings have been deployed across AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and internet sectors. They have been scaled across multiple intelligent computing clusters nationwide, effectively supporting core application scenarios including AI training, inference services, and scientific research innovation. Its customer base covers nine Fortune China 500 companies (including five Fortune Global 500 firms), and it has achieved scaled commercial deployment of domestic computing clusters at all three major telecom operators — completing the closed loop from technological breakthrough to market validation.

Since formally commencing commercialization of its Bili™ chip products in 2023, Biren has demonstrated strong growth momentum. Revenue grew rapidly from RMB 62.03 million that year to RMB 337 million in 2024. With the mass production and market entry of the Bili™ 166 chip product, Biren achieved another leap in growth in 2025. As of December 15, 2025, the company had RMB 1.241 billion in orders on hand. Beyond its existing product portfolio, Biren plans to launch the next-generation flagship data center chip BR20X series based on its second-generation architecture for cloud training and inference, with commercial launch expected in 2026, potentially unlocking substantial market potential.

From Following to Running Alongside: Building a Domestic Intelligent Computing Ecosystem

2026 marks the start of China's 15th Five-Year Plan period. The 15th Five-Year Plan recommendations identify AI development as a future priority, mentioning "artificial intelligence" eight times and "computing power" twice, calling for AI to lead transformation in scientific research paradigms and to seize the high ground in AI industrial applications.

China's deep implementation of the "AI+" initiative has created extensive application scenarios for AI computing chips, with demand for various computing chips exploding. In response to national strategy and the acceleration of domestic substitution, Biren's technical capabilities and product alignment match policy direction and the market's urgent need for autonomous and controllable computing power. Seizing this development opportunity, Biren's Hong Kong listing will provide raised capital focused on advancing next-generation product iteration and technological innovation, including intelligent computing hardware development, software platform development and upgrades, and commercialization of intelligent computing solutions — all toward the long-term goals of driving technological progress and accelerating AI applications.

Standing at this new starting point, Biren Technology will steadfastly pursue its strategic mission of "Chinese chips, Chinese design, Chinese manufacturing, Chinese usage," continue strengthening R&D investment, enhance core technology autonomy, deepen industrial chain collaboration and innovation, and become a core force supporting national digital economy and AI industry development by providing powerful, efficient, and secure computing infrastructure.

Michael Mao, founding partner of Gaorong Ventures, commented: "The high-end general-purpose intelligent chip endeavor is full of challenges, like crossing a mountain with sheer walls — it requires a mature team that can navigate through technology and business cycles. Biren has a clear understanding of the long cycles and high difficulty of this industry, while simultaneously demonstrating excellence across core technology, talent, capital, and ecosystem. They have the courage and confidence to keep climbing upward over the long term, and are the kind of ambitious players who match this era and dare to stand at the forefront. In recent years, Biren has fully validated its R&D capabilities and product reliability, and also shows considerable growth potential in commercialization. The listing is a new beginning — we look forward to Biren continuing toward the future of domestic GPGPU and AI chip ecosystems, constantly pushing the boundaries of computing efficiency."