MaHui | Hong Kong's First GPU Stock! MaHui Member Biren Technology Lists on Hong Kong Stock Exchange

On January 2, 2026, MaHui member Biren Technology (stock code: 06082.HK) officially listed on the Hong Kong Stock Exchange, becoming not only the "first GPU stock on the Hong Kong exchange," but also the largest new share issuance since the Chapter 18C specialized technology company listing regime took effect.

Biren Technology's IPO raised HK$5.583 billion; as of 10:00 AM, its total market capitalization reached HK$91 billion.

(Biren Technology listing ceremony)

Source Code Capital participated in Biren Technology's Pre-B+ round in 2020 and has supported the company ever since. During this period, Source Code's venture services team provided support across core hiring, ecosystem partnerships, and knowledge building — covering strategic management, AI development trends, international dynamics, supply chain management, and equity design.

Xingshi Wang, Managing Partner of Source Code Capital, said: "We are honored to have participated in Biren Technology's Pre-B+ round in 2020. Over the past five-plus years, we have witnessed the emergence of domestic GPGPU and upper-layer software ecosystems from scratch, watched the company actively navigate a complex and shifting international environment, and seen it embrace rapidly evolving AI technology. We sincerely congratulate the Biren team on their achievements and wish them even greater success ahead!"

Zhang Xun, Executive Director at Source Code Capital, noted that Biren Technology represents a key strategic bet in Source Code's AI chip portfolio. Its Hong Kong listing marks both a significant milestone for China's domestic GPU industry and a powerful validation of Source Code's investment thesis of "technology empowering industry."

"Since our investment in 2020, we have witnessed Biren's journey from the first tape-out of its BR100 chip through multiple product generations. This Hong Kong listing is a critical leap from 'technical breakthrough' to 'capital market recognition' — a new starting point for Biren, and another milestone in Source Code's long-term technology investing. Going forward, Source Code will continue to stand beside founders for the long haul, supporting deep technology development and ecosystem building, contributing to China's autonomous and controllable AI computing power, and jointly writing a new chapter for 'China chips.'"

(At the listing ceremony, from left: Zhang Xun, Executive Director of Source Code Capital; Wen Zhang, Founder, Chairman and CEO of Biren Technology; Xingshi Wang, Managing Partner of Source Code Capital)

Founded in 2019, Biren Technology is a leading domestic provider of general-purpose intelligent computing solutions, with self-developed GPU products at its core, delivering powerful, secure, and efficient computing infrastructure across industries. The company adheres to original core architecture design, pioneered the Chiplet-based large-compute chip, and has built a software-hardware co-innovation technology system. It is committed to fostering a domestic intelligent computing ecosystem and becoming a core engine for China's AI industry development.

Biren Technology has assembled nearly 1,000 top-tier global talents and accumulated substantial proprietary technology and engineering capabilities. As of end-2025, the company had 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 companies. Its invention patent grant rate stands at 100%, topping the rankings for domestic enterprises. Biren Technology 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 twice recognized by the Ministry of Industry and Information Technology as a national-level "Little Giant" specialized and sophisticated enterprise, including as a key "Little Giant."

(Bili™ series chip products)

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 domestic intelligent computing clusters, effectively supporting core application scenarios including AI training, inference services, and scientific research innovation. Its customer base covers multiple Wealth China 500 and Fortune Global 500 companies, and it has achieved scaled commercial deployment of domestic computing clusters with all three major telecom operators.

Strong product performance and high technical barriers give Biren Technology critical advantages in domestic competition. From 2022 to 2024, the company's revenue grew rapidly from RMB 499,000 to RMB 337 million, representing a compound annual growth rate of 2,500%. With the launch of its BR166 chip product, Biren Technology achieved another leap in growth in 2025. As of December 15, 2025, the company's order backlog reached RMB 1.241 billion. Beyond its existing product portfolio, Biren Technology plans to introduce its next-generation flagship data center chip, the BR20X series, based on its second-generation architecture for cloud training and inference, with commercial launch expected in 2026.