BR20X

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   Biren plans HK$4.02B placement, total raise hits HK$17.26B

   Biren Technology announced on Oct. 8 a placement of 130 million H shares at HK$31.8 apiece to no fewer than six placees, about 4.76% of post-issue share capital, for estimated net proceeds of roughly HK$4.02 billion. The price was a 9.76% discount to the previous close, and the stock fell 11.85% to HK$30.36 that day, closing at HK$31 on Oct. 9 for a market value of about HK$80.6 billion. Including a roughly HK$6.204 billion net raise at its January listing and a HK$7.038 billion placement in July, Biren has raised about HK$17.261 billion (about RMB 14.7 billion) since listing, the most among listed Chinese GPU makers. The company says about 70% of this round goes to strategic supply-chain procurement, production preparation and commercialization for its next-generation flagship BR20X, which it benchmarks against NVIDIA's H200 and expects to enter post-tape-out validation and customer testing in Q4, with large-scale deployment in 2027.

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