Burning Cash and Dreams: China’s AI Chip Darling Biren Crawls to Hong Kong for IPO Glory

Chinese AI chip startup Biren Technology is planning an IPO in Hong Kong after bagging 1.5 billion yuan in state-backed funding.

Founded in 2019, the company is China’s answer to GPU independence amid tightening U.S. export controls on advanced chips.

Biren ditched its original mainland IPO plans in favor of Hong Kong, likely to dodge scrutiny over its mounting losses and regulatory minefields.

The company, previously valued at around 14 billion yuan, is known for its efforts to build domestic GPU alternatives to fill the TSMC-shaped hole left by U.S. sanctions.

Despite being on the U.S. Entity List, Biren pulled in 400 million yuan in revenue last year—though profitability remains a fantasy.

A recent co-founder exit adds more drama to its already turbulent journey through China’s high-stakes semiconductor warzone.

Biren’s IPO could become a cautionary tale or a blueprint for other Chinese startups eyeing global capital while skirting geopolitical landmines.

China’s relentless push for self-reliant tech ecosystems puts startups like Biren at the heart of its campaign to out-chip the West.