Author | Cui Yuanwei Editor | Chen Junda
According to a report by Xindongxi on October 8, domestic GPGPU manufacturer Biren Keji announced today the placement of 130 million new H shares. The gross proceeds from the placement amount to approximately HKD 4.04 billion (approximately CNY 3.717 billion), with net proceeds of approximately HKD 4.02 billion (approximately CNY 3.698 billion). The announcement simultaneously disclosed that its new-generation products have been successfully lit up, accelerating the mass production process. This placement is conducted at HKD 31.08 per share (approximately CNY 28.59), with a net issue price of approximately HKD 30.92 per share (approximately CNY 28.45), representing a discount of approximately 9.76% to the closing price of HKD 34.44 (approximately CNY 31.68) on October 7, and a discount of approximately 13.73% to the average closing price of HKD 36.03 (approximately CNY 33.15) over the previous five trading days. The 130 million shares placed in this transaction account for approximately 9.54% of the issued H shares and approximately 4.76% of the enlarged total share capital. CICC Hong Kong Securities and UBS Hong Kong serve as the placement agents.
This marks Biren Keji's third equity financing this year. The company was listed on the HKEX on January 2, 2026. In July, it placed 153 million new H shares at HKD 46.20 per share (approximately CNY 42.50), raising net proceeds of approximately HKD 7.04 billion (approximately CNY 6.475 billion). As of today's close, its H share price stood at HKD 30.36 per share (approximately CNY 27.93 per share), down approximately 11.85% from yesterday's close of HKD 34.44 per share (approximately CNY 31.68 per share), with a total market capitalization reaching HKD 78.938 billion (approximately CNY 72.623 billion).
Biren Keji stated that the AI computing power industry is experiencing strong demand growth, while upstream supply is becoming increasingly tight and prices continue to rise. The company's new-generation GPGPU products have completed boot-up testing and entered the post-tape-out verification stage, progressing faster than expected. This necessitates locking in key capacity in advance and accelerating the commercialization process. Of the net proceeds from this fundraising, approximately 70% (approximately HKD 2.81 billion, equivalent to CNY 2.589 billion) will be allocated to strategic supply chain procurement, production preparation, and commercialization for the new-generation products, 20% will be used to enhance R&D capabilities and the software ecosystem, and 10% will be used as working capital.
Upon completion of the placement, the company's total share capital will increase to approximately 2.73 billion shares, with the proportion of H shares rising to 54.65%. Founded in September 2019 and headquartered in Minhang, Shanghai, Biren Keji is a domestic provider of general-purpose intelligent computing solutions. It focuses on the R&D of general-purpose graphics processing unit (GPGPU) chips and GPGPU-based intelligent computing solutions, providing foundational computing power for the training and inference of AI models. Centered on its independently developed Bili series GPU products, the company pioneered the Chiplet high-computing-power chip architecture and independently developed the BIRENSUPA software platform, building a full-stack technology system with software-hardware synergy.
Zhang Wen, founder, chairman, and CEO of Biren Keji, graduated with a bachelor's degree in electrical engineering from Hefei University of Technology. He later went to the United States for further studies, obtaining a Master of Business Administration from Columbia University and a Doctor of Juridical Science from Harvard University. He has worked in law and private equity fund management at the United Nations and on Wall Street for many years, and previously served as the president of Shangtang Keji. In 2011, he returned to China and co-founded the LED chip company Yingrui Guangdian with Zhang Rujing, founder of SMIC, serving as its CEO. In September 2019, Zhang Wen founded Biren Keji in Shanghai.
Biren Keji's product matrix is centered on the Bili series general-purpose GPUs, covering multiple product tiers from data center boards to flagship high-computing-power chips: the Bili 104 series provides flexibly deployable general-purpose computing power in the form of PCIe boards; the Bili BR100 series, launched as a flagship product in 2022, is based on a 7nm process, integrates approximately 77 billion transistors, and pioneered the use of Chiplet and 2.5D CoWoS packaging technologies in China, achieving 16-bit floating-point computing power at the petaflops level; the new-generation Bili 166 series is equipped with 64GB of large VRAM and 1.6TB/s memory bandwidth, and has completed adaptation and optimization for mainstream large models such as DeepSeek-V4 and GLM-5.2. Targeted at GenAI inference acceleration scenarios, its accompanying BIRENSUPA software stack is deeply compatible with mainstream AI frameworks such as PyTorch and vLLM, supporting out-of-the-box use for over 500 AI models, forming a full-stack system from chips to the software ecosystem.
Biren Keji's 2026 interim announcement shows that in the first half of the year, the company achieved revenue of CNY 1.236 billion, a year-on-year increase of 1997.6%, compared to only CNY 58.9 million in the same period last year, with the half-year revenue already exceeding the full-year level of 2025. The revenue growth mainly comes from the sales of Bili series training and inference products, in addition to software and agency fees, extended warranty services, commissioned R&D services, and rental income from intelligent computing clusters. In the first half of 2026, the company's gross profit was CNY 527 million, a year-on-year increase of 2708.5%, with the gross profit margin rising to 42.7%, an increase of approximately 10.8 percentage points from the same period last year; the net loss during the period was CNY 377 million, narrowing by 76.4% year-on-year; meanwhile, Biren Keji's R&D expenses in the first half of the year were CNY 804 million, a year-on-year increase of 40.7%.
Conclusion: Behind the Intensive Refinancing, the Focus of Domestic AI Chip Competition Shifts to Mass Production and Delivery
Biren Keji completed two placements just 9 months after its IPO, raising a total of over CNY 10 billion, a pace significantly faster than most new H-share listings. However, this is not an isolated case: Hanwuji raised CNY 3.985 billion through a private placement in 2025, investing in a chip platform project for large models; just 8 months after its listing on the SSE STAR Market, Moer Xiancheng initiated its Hong Kong listing in August this year; Muxi Gufen announced its H-share issuance plan in June this year, advancing its "A+H" layout. It has become a common industry pace for domestic AI chip companies to quickly launch a new round of financing after going public. For Biren Keji, the funds raised from the two placements are merely a ticket to enter this race.
The demand for AI computing power continues to grow rapidly, but the prices and delivery cycles of upstream materials, components, and capacity are tightening simultaneously. Capital scale, supply chain certainty, and iteration speed jointly constitute competitive barriers. The suspense for the next stage lies in whether the new-generation products can complete verification, sample delivery, and mass production as planned, transforming financing into real commercial revenue.