Biren, a Chinese developer of compute GPUs, is mulling an initial public offering (IPO) in Hong Kong this year. This comes as domestic clients are increasingly favoring its AI chips over those from Nvidia, which are expensive and in short supply, according to a report from Bloomberg. Hoping to seize on this opportunity, the tech startup is positioning itself to capitalize on the increased demand for its products
Biren is expected to apply for its maiden share sale in the next few week, according to the report that cites anonymous sources. Concurrently, Biren is negotiating with potential investors, including government-supported funds in Guangzhou. These discussions are focused on another independent round of funding that could garner about 2 billion yuan ($279 million). Biren was seeking to raise funds last year at a valuation of 17 billion yuan, which is approximately $2.4 billion. For now, Biren has yet to determine the scope of the IPO, along with exact timeframe.
