Physix Frontier · News Briefing Card (TMTPost · Oct 11, 2026)

Biren Tech Raises HK$4.02B in Follow-On Placement

KEY FACTS

On October 8, Biren Technology announced a placement of 130 million H shares at HK$31.8 per share, raising a net HK$4.02 billion.
The placement price was about a 9.76% discount to the previous day's close, and the stock fell 11.85% on the day of the announcement.
Since its listing, Biren Technology has raised a cumulative total of about HK$17.261 billion, the highest among domestic GPU companies.
Biren Technology's next-generation product has completed startup testing and entered the post-tapeout verification stage.
In the first half of this year, Biren Technology reported revenue of RMB 1.236 billion and a net loss attributable to shareholders of RMB 377 million.

KEY DATA

HK$31.8/sharePlacement Price

HK$4.02 billionNet Placement Proceeds

HK$17.261 billionCumulative Fundraising

RMB 1.236 billionFirst-Half Revenue

PHYSIX OBSERVATION

Biren Technology has completed two rounds of placement in less than a year since listing, raising more than any other domestic GPU company, but the placement price has fallen from HK$46.2 to HK$31.8, and the stock is down by half from its high for the year. This shows that capital's attitude toward domestic GPUs is shifting from frenzy to rationality: commercialization execution and supply chain lock-in are the deciding factors for the next stage, and financing and R&D stories alone can no longer support high valuations.

Source: TMTPost report