Physix Frontier · News Briefing Card (TMTPost · Oct 9, 2026)

Biren to Raise HK$4.04B in 130M-Share Placement

KEY FACTS

Biren announced on October 8 a placement of 130 million new H shares at HK$31.08 per share, raising a total of HK$4.04 billion.
The stock closed down 11.85% on the day the placement was announced, with market capitalization falling below HK$80 billion.
The share price has retreated about 56.2% from its all-time high of HK$70.75 on June 25.
This is Biren's third equity financing since going public, bringing cumulative fundraising to nearly HK$16.7 billion.
From 2022 to 2025, the company's adjusted operating losses totaled approximately RMB 3.729 billion.

KEY DATA

130 million sharesPlacement Shares

HK$31.08/sharePlacement Price

HK$4.04 billionTotal Raised

~56.2%Share Price Drawdown

PHYSIX OBSERVATION

Three fundraisings in ten months, with the placement price a third below the previous round, shows that domestic GPU cash burn is far outpacing revenue growth. Supply chain price hikes and customers' demands to lock in capacity ahead of stocking are draining capital faster than planned. Going public is only the starting point; whether the company can stabilize mass production and cover R&D expenses is the key to whether its valuation can hold.

Source: TMTPost report