Core Viewpoint - Biran Technology, a prominent player in the GPU sector, is set to launch its IPO in Hong Kong with a price range of HKD 17.00 to 19.60 per share, aiming to raise up to approximately HKD 48.55 billion for the development of next-generation chips [2][3][7]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [10][12]. - The expected listing date on the Hong Kong Stock Exchange is January 2, 2026, with a minimum entry fee of approximately HKD 3,959.54 for retail investors [9][10][19]. - The IPO is crucial for Biran Technology as it seeks to enhance its competitive edge in the GPU market, which is dominated by a few major players [3][12]. Group 2: Financial Performance - Biran Technology has shown rapid revenue growth, with revenues of RMB 49,900 in 2022, RMB 62,030,000 in 2023, and projected revenues of RMB 336,803,000 in 2024 [19][22]. - The company reported a revenue of RMB 58,903,000 in the first half of 2025, marking a year-on-year increase of 49.9% [18][19]. - Despite the growth, the company continues to face significant losses primarily due to high R&D expenditures, which accounted for over 70% of total operating expenses in recent years [21][22][23]. Group 3: Market Position and Competition - Biran Technology is recognized as one of the "Four Little Dragons" of domestic GPUs in China, alongside other companies like Moore Threads and Suiryan Technology [6][12]. - The smart computing chip market in China is projected to grow significantly, with market share expected to increase from approximately 20% in 2024 to about 60% by 2029 [24]. - However, the market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, posing challenges for new entrants [24]. Group 4: Strategic Focus - The funds raised from the IPO will primarily be used to invest in core technologies, further develop solutions, and enhance commercialization capabilities, particularly focusing on the development of next-generation chips like BR20X and BR30X [12][19]. - The company has a backlog of 24 binding orders valued at approximately RMB 821.8 million and additional framework agreements worth RMB 1.24 billion, indicating a solid foundation for future revenue growth [15][16].

Core Viewpoint - Biren Technology, known as one of the "Four Little Dragons of Domestic GPUs," is making significant strides towards becoming the first GPU stock in Hong Kong, with plans to issue 247,692,800 H-shares priced between HKD 17.00 and HKD 19.60, potentially raising up to HKD 48.55 billion [1][2][6]. Group 1: IPO Details - The company plans to issue 247,692,800 H-shares, with 95% allocated for international sale and 5% for public sale in Hong Kong [2][4]. - The expected trading date for the H-shares on the Hong Kong Stock Exchange is January 2 of the following year [1]. - The entry fee for retail investors is approximately HKD 3,959.54 for a minimum purchase of 200 shares at the upper price limit [4]. Group 2: Financial Performance - Biren Technology has shown explosive revenue growth, with revenues of RMB 0.499 million in 2022, RMB 62.03 million in 2023, and projected RMB 336.8 million in 2024 [10][11]. - Despite revenue growth, the company has faced significant losses, with net losses of RMB 14.74 billion in 2022, RMB 17.44 billion in 2023, and RMB 15.38 billion in 2024 [10][11]. - The company has accumulated a backlog of orders valued at approximately RMB 821.8 million and has signed framework agreements worth RMB 1.24 billion, indicating potential future revenue [6][9]. Group 3: Market Position and Competition - The smart computing chip market presents both opportunities and challenges, with expectations for market share growth from 20% in 2024 to 60% by 2029 [14]. - The market is highly concentrated, with the top two players expected to hold 94.4% of the market share by 2024, leaving limited space for other competitors [14]. - Biren Technology's core business focuses on developing general-purpose graphics processing unit (GPGPU) chips and AI computing solutions, integrating proprietary hardware and software [6][12]. Group 4: Investment and Future Plans - The funds raised from the IPO will primarily be used to enhance core competitiveness, focusing on the development of next-generation chips like BR20X and BR30X [6][12]. - The company has received substantial backing from notable investors, raising over RMB 9 billion since its inception, with plans to initially list on the A-share Sci-Tech Innovation Board before opting for the Hong Kong market [15]