Shanghai Biren Technology Co., Ltd.

Date of Prospectus: December 22, 2025

Shanghai Biren Technology IPO: A Landmark Listing in China’s Specialist Technology Sector

Shanghai Biren Technology Co., Ltd. is launching a high-profile IPO on the Main Board of the Hong Kong Stock Exchange, aiming to capitalize on strong demand for innovative semiconductor technology and intelligent computing solutions. This deep-dive analysis covers the offer’s key terms, financial health, cornerstone investors, use of proceeds, growth strategy, risk factors, and listing outlook, giving investors a factual, data-driven foundation for decision making.

IPO Snapshot: Offer Details, Size, Structure, and Timetable

Shanghai Biren Technology is offering H Shares in its Hong Kong IPO under the symbol (not explicitly stated in the prospectus; inferred as “BirenTech” or similar). The company qualifies as a Specialist Technology Company under Chapter 18C of the Hong Kong Listing Rules, reflecting its focus on GPGPU chip development and advanced computing solutions.

Subscription for the Hong Kong Public Offering opens at 9:00 a.m., December 22, 2025, and closes at 12:00 noon, December 29, 2025. The IPO adopts a fully electronic application process with no physical prospectuses or forms [[3]], [[5]], [[457]].

Growth-Driven Capital Deployment: Use of Proceeds

The company expects to raise significant funds for strategic expansion, research and development, and working capital. Estimated listing expenses are HK\$182.1 million (approx. 4.0% of gross proceeds), with underwriting-related expenses at HK\$113.3 million and professional fees at HK\$52.7 million [[30]], [[423]]. As of the latest practicable date, approximately 68% of net proceeds from pre-IPO investments had been utilized, primarily for R&D, business growth, and general corporate purposes [[183]].

The IPO is clearly a growth-driven capital raise, targeting:

• Accelerated R&D and development of new GPGPU products
• Commercialization and market expansion
• Working capital for scaling operations

Dividend Policy and Payout Commitment

Shanghai Biren Technology has not declared or paid any dividends since inception and states explicitly that dividends may not be paid in the foreseeable future. The company’s focus remains on reinvestment for growth and innovation [[11]]. There is no declared payout ratio or dividend timetable.

Offering Breakdown: Public, Cornerstone, and Employee Allocation

The IPO comprises Hong Kong Public, International, and Cornerstone tranches.

• Hong Kong Public Offering: 12,384,800 H Shares (subject to reallocation)
• International Offering: 235,308,000 H Shares (subject to reallocation, Offer Size Adjustment Option, Over-allotment)
• Cornerstone Investors: A significant portion of the International Offering is anchored by named cornerstone investors, with exact allocations detailed below.
• Pre-IPO Employee Incentive Scheme: Adopted April 24, 2024; underlying shares already issued, so no further dilution on vesting [[649]].

Cornerstone Investors and Book Quality

The IPO has secured robust cornerstone participation from high-profile funds and institutions. The following table summarizes cornerstone allocations at the Offer Price of HK\$17.00 (low end of range):

Total cornerstone subscriptions: US\$372.5 million (170,549,200 H Shares = 68.86% of the Offer, 7.23% of total post-IPO share capital at HK\$17.00) [[339]], [[355]].

Lock-up: Cornerstone investors are subject to a 6-month lock-up period post-listing.

Deal Parties: Sponsors, Underwriters, and Coordinators

The IPO is managed by a reputable syndicate, bolstering institutional confidence.

• Joint Sponsors: China International Capital Corporation Hong Kong Securities Limited, Ping An Securities (Hong Kong) Company Limited
• Hong Kong Underwriters: China International Capital Corporation Hong Kong Securities Limited, Ping An Securities (Hong Kong) Company Limited, BOCI Asia Limited, CLSA Limited, Orient Securities (Hong Kong) Limited, Futu Securities International (Hong Kong) Limited, SPDB International Capital Limited
• Bookrunners, Global Coordinators, Lead Managers: As named above and in the prospectus [[430]].

Stabilization/Greenshoe: Over-allotment option up to 37,153,800–42,726,800 H Shares (approx. 15% of the offer), exercisable by the Sponsor-OCs. The Offer Size Adjustment Option allows for a further 1.6% increase in issued share capital if fully exercised [[45]], [[450]].

High-caliber investment banks and a large cornerstone allocation strongly suggest robust support and potential for listing-day performance.

Company Overview: Business Model, Industry, and Growth

Shanghai Biren Technology develops general-purpose computing on graphics processing units (GPGPU) chips and intelligent computing solutions. These chips and solutions serve as foundational computing infrastructure for AI, cloud computing, and high-performance data centers. The company began commercializing its intelligent computing solutions in 2023 and operates primarily in China, targeting enterprise and cloud customers [[11]].

Key products/services:

• GPGPU chips
• GPGPU-based intelligent computing solutions

Revenue streams: Sale of chips and intelligent computing platforms to enterprise, cloud, and potentially government customers. The company is still in an early commercialization stage and reinvests for growth, with no dividend history.

Industry definition: Specialist Technology – Advanced Semiconductor/AI Computing. The company’s market capitalization at IPO is expected to exceed HK\$30 billion, qualifying as a Commercial Company under Rule 18C.03 [[30]], [[200]].

Management Team: Names and detailed experience are referenced but not listed verbatim in the included pages. The company has a core leadership team with deep experience in R&D and advanced technology [[11]].

Financial Performance and Health

The company has incurred net losses since inception, consistent with high-growth and capital-intensive technology firms. As of June 30, 2025, no material adverse changes were reported in financial or operational position [[36]], [[423]].

Net cash used in operating activities is disclosed for the track record period, and the company expects a significant increase in net loss for 2025 due to increased R&D expenses. (Exact multi-period financials and margins are not in the included pages; investors should refer to the full prospectus for details.)

Working capital is deemed sufficient for the next 12 months, considering cash on hand, operating cash flows, and IPO proceeds [[255]].

Market Position and Competitive Advantages

Shanghai Biren Technology positions itself as a leading Chinese designer of advanced GPGPU chips and computing platforms. The company’s expected market capitalization, high-profile cornerstone support, and strategic focus on AI/cloud infrastructure reinforce its competitive stance. Details on market share and specific rankings are not provided in the included content.

Industry Trends, Timing and Market Environment

The company is listing at a time of intense interest in AI, cloud, and high-performance computing infrastructure. The IPO period runs December 22–29, 2025, with listing on or about January 2, 2026. The company’s summary emphasizes the rapid growth of China’s AI and cloud sectors and the necessity of GPGPU solutions for next-generation applications.

Recent developments:

• Significant pre-IPO capital raising rounds from December 2019 to August 2025 at rising valuations (see “Pre-IPO Investments” below).
• Major increase in R&D investment and product development pipeline.

Market conditions are described as favorable for technology listings, given strong sectoral demand, anchor support, and regulatory compliance.

Ownership, Pre-IPO Investments, and Lock-Up Structure

Shanghai Biren Technology completed multiple pre-IPO investment rounds, raising substantial capital from sophisticated independent and institutional investors. The following table summarizes key pre-IPO rounds and valuation milestones:

Lock-up provisions: All shareholders (including pre-IPO investors) are subject to a 12-month lock-up post-listing under PRC law. Certain pre-IPO investors are subject to a 6-month lock-up under Listing Rules [[183]], [[335]].

Risk Factors: Key Exposures and Investor Considerations

Investment in Shanghai Biren Technology carries high risks typical for Specialist Technology Companies:

• Share price volatility and high valuation risk due to challenges in objectively valuing emerging technology businesses [[57]].
• Early-stage commercialization: The company only began generating meaningful revenue in 2023; future profitability remains uncertain.
• Consistent net losses and negative operating cash flow with expectations of increased net loss in 2025 due to ramped-up R&D spending.
• Regulatory risks, including U.S. restrictions: U.S. persons are prohibited from investing under the OIR Rule due to the company’s presence on the BIS Entity List and its semiconductor activities [[36]], [[430]].
• Lock-up and share overhang: Significant pre-IPO investments; potential for large-scale selling post-lock-up.
• Risks related to IP, customer concentration, supplier dependence, and market competition as outlined in the risk factors section.

Growth Strategy: Expansion, R&D, and Market Penetration

The company plans to deploy raised capital towards:

• Accelerated development of new GPGPU chips and platforms
• Expansion of commercialization channels and partnership models
• Scaling R&D and engineering teams
• Organic and strategic growth via increased sales and marketing efficiency

Management expects to benefit from word-of-mouth referrals, brand development, and collaboration with server suppliers [[255]].

Listing Outlook: First-Day Performance and Investment Appeal

Based on disclosed facts, Shanghai Biren Technology’s IPO is:

• Anchored by substantial cornerstone participation, indicating strong institutional demand.
• Backed by leading investment banks and underwriters, supporting market confidence.
• Offering a large portion of shares to the public, with robust lock-up arrangements reducing immediate overhang risk.

Given these factors, the IPO appears likely to price near the upper end of the range and to trade strongly on listing day, barring broader market volatility. The presence of high-quality cornerstones and substantial oversubscription (if realized) could propel first-day gains relative to the offer price.

Prospectus Access and Application Information

The prospectus and all related documents are available at:

• www.hkexnews.hk
• www.birentech.com

How to Apply for the IPO

Application channels:

• Online through the HK eIPO White Form service at www.hkeipo.hk
• Through the HKSCC EIPO channel (via brokers or custodians who are HKSCC Participants, using the FINI system)

Application window: December 22, 2025 (9:00 a.m.) to December 29, 2025 (12:00 noon) [[5]], [[457]].

Eligibility: Applicants must be 18 or older with a Hong Kong address (for the HK eIPO White Form service). No physical application channels are available. Institutional and retail investors should carefully review the electronic prospectus and follow the procedures described at the designated websites.

Conclusion: A Standout Technology IPO With High Growth Ambition

Shanghai Biren Technology Co., Ltd. offers investors rare exposure to China’s fast-growing GPGPU and AI computing sector. While risk factors are significant—including continued losses and regulatory constraints—strong institutional support, robust use of proceeds, and a sophisticated capital structure position this IPO as a potentially attractive, albeit speculative, opportunity for growth-focused investors.