AI Chip Designer Biren’s Shares Surge 76% on Debut in Hong Kong

Shares of Shanghai Biren Technology Co. jumped almost 76% in their trading debut on Friday, marking the best first-day performance since early 2021 among Hong Kong listings that raised at least $700 million.

The artificial intelligence chip designer’s stock finished at HK$34.46 after an initial public offering that was priced at HK$19.60, the top of an indicative range. Strong investor demand helped the company raise $717 million through the IPO, with its retail portion subscribed more than 2,300 times.