Biren raises about HK$17B in three rounds as stock falls ~65% from peak
A Mktcap column republished by TMTPost says Biren Technology listed on the Hong Kong exchange on January 2 as the city's first GPU stock, raising HK$6.204 billion net, then completed discounted placements in July and on October 8, bringing total fundraising to about HK$17 billion in under ten months. The October placement was priced at HK$31.08; the shares closed at HK$30.36 that day, down 11.85%, and fell to HK$24.98 by October 15, roughly 65% below the HK$70.75 peak. The article says Biren is not short of cash — first-half 2026 revenue was RMB 1.236 billion, up about 20 times year on year, with RMB 4.86 billion of bank deposits at end-June — and that roughly 70% of the new placement goes to supply-chain procurement and production preparation for its next product; it cites a Daiwa note saying management raised its 2027 revenue guidance to RMB 20 billion from RMB 10 billion, and notes BR20X has been powered on and entered post-tape-out validation, with sampling slated for Q4 2026 and volume deployment in 2027.
The article argues that with supply expected to stay scarce until around 2028, securing wafer, HBM and advanced-packaging capacity in advance — not demand — determines whether orders turn into revenue.
（本文作者为 市值榜，钛媒体经授权发布）
文 | 市值榜，作者 | 齐笑 ，编辑 | 赵元
上市不到一年，国产GPU四小龙之一的壁仞科技，融资了三次。
1月2日，壁仞科技登陆港交所，成为“港股GPU第一股”，净融资62.04亿港元；半年后的7月，壁仞科技发起配售，净筹70.38亿港元；10月8日，再次折价配售，净筹约40亿港元。上市十个月，一次IPO加两次配售，壁仞科技合计募资约170亿港元。
市场当天用抛售作出回应。壁仞科技开盘冲高后一路走低，收报30.36港元，单日下跌11.85%。收盘价跌破了配售价，刚完成认购的机构当天就出现账面浮亏。
随后几个交易日，壁仞科技股价持续低迷，至10月15日收盘，股价跌至24.98港元，较最高点70.75港元跌去约65%。
#Biren Technology#BR20X#BIRENSUPA#BLink#Daiwa Securities#Morgan Stanley#DeepSpeed