Biren Technology, one of China’s top AI chip developers, has secured about ¥1.5 billion ($207 million) in fresh financing from state-linked investors, according to people familiar with the situation. The company is preparing for a Hong Kong IPO by as soon as August 2025, reflecting Beijing’s aim to nurture domestic substitutes to U.S.-made GPUs amid export controls growing tighter.
Biren’s BR100 Challenges Nvidia’s AI Dominance
Established in 2019, Biren first got public recognition in 2022 when it released the BR100 GPU, pitched as a domestic competitor to Nvidia’s H100. The launch had cemented Biren’s role in China’s artificial intelligence hardware ecosystem, even in a vital sector as the US limits access to advanced chips from global foundries.
Nevertheless, Biren was added to the US Entity List, and on the latter’s web page, Biren can no longer access the advanced chipmakers like TSMC. Still, Biren’s BR series have powered multiple intelligent computing centres, with partners like China Mobile, China Telecom, ZTE, and the Shanghai AI Laboratory.
State Support Signals Strategic Priority
The recent funding round was led by government-affiliated funds from Guangdong Province and Shanghai, highlighting the strategic importance of GPU development in China’s broader tech ambitions. The company was valued at around ¥14 billion prior to the round.
China is increasingly betting on firms like Biren to replace foreign GPU suppliers amid worsening U.S.-China tech tensions. According to Morgan Stanley, domestic GPU vendors could control 70% of the Chinese market by 2027, up from 30% in 2024, generating ¥287 billion in revenue.
IPO Pivot from Mainland to Hong Kong
Originally eyeing a mainland China listing, Biren is now shifting its IPO plans to Hong Kong, citing regulatory hurdles for loss-making firms on the mainland. Sources say the company is preparing to file its listing documents in Q3 2025, potentially by August, though details on IPO advisors remain undisclosed.
Conclusion
Now that China is hastening its self-reliance strategy in semiconductors, Biren Technology is coming to play a major role in innovation and national interest. With strong products, significant state support, and plans for an IPO, Biren will be in an important position in China’s AI future even though it faces U.S. sanctions and intense domestic competition.
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