Funding
China AI chip firm Biren raises $717 million in Hong Kong IPO
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Chinese AI chip startup Shanghai Biren Technology has raised HK$5.58 billion ($716.85 million) in its Hong Kong initial public offering, according to an exchange filing on Wednesday.
The semiconductor designer set the offer price at HK$19.60 apiece, the top end of the marketed range. It offered 284.8 million shares in the IPO.
Institutional investor demand for Biren’s IPO was nearly 26 times the shares on offer, while the retail tranche was oversubscribed about 2,348 times, the filing showed.
Shanghai-based Biren’s IPO follows successful…
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