Chinese AI chip startup Biren Technology aims to launch a Hong Kong initial public offering in the coming weeks, four sources with knowledge of the matter said. The IPO could raise $300 million, local Chinese media reported.
The Shanghai-based company, along with other domestic rivals, is banking on rapid growth as China seeks to develop domestic alternatives to U.S. semiconductors amid stringent export restrictions by Washington on advanced chips.
Biren could kick off the offering as early as this month and debut in January, said two of the sources. According to a Monday notice from the China Securities Regulatory Commission (CSRC), Biren plans to issue up to 372.5 million shares in Hong Kong and its shareholders will convert 873.3 million onshore shares into Hong Kong-listed stock. The sources declined to be identified as the information was confidential. Biren did not respond to a Reuters query for comment.
