HONG KONG, January 2nd, 2026 —— Congratulations to Biren Technology (06082. HK) on its official listing on the Hong Kong Stock Exchange (HKEX). CIC extends our warmest congratulations to Biren on this milestone achievement in its capital market journey.
Throughout Biren Technology’s HKEX listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted the industry overview section of the prospectus, leveraging our in-depth insights into the intelligent computing and GPU sectors.
Assisted in responding to inquiries from regulatory authorities including SEHK, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
As the "first GPGPU stock listed on the Hong Kong Stock Exchange", Biren Tech's IPO attracted 23 top-tier cornerstone investors including Qiming Venture Partners, Ping An Life Insurance, Lion Global Investors, Greenwoods Asset Management, Prudential (Singapore), UBS Asset Management Singapore, Taikang Life Insurance, Digital China, China Southern Fund, and Fullgoal Fund. These investors collectively subscribed to HK$2.899 billion, accounting for approximately 64% of the total offering. The investor base comprises high-quality participants such as large asset management companies, leading domestic public funds, insurance capital, international long-term funds, and renowned hedge funds. This offering not only represents the largest IPO in terms of fundraising since the implementation of Chapter 18C of the Hong Kong Listing Rules but also achieved an oversubscription rate of more than 2,300 times in the public offering tranche, demonstrating strong investor recognition of Biren as a core player in China's AI computing power sector.
Overview of China's Intelligent Computing Chip Industry
AI has become a key driver of global economic and social development. Compute-intensive tasks such as AI training, inference, and high-performance computing—especially large-scale AI computing tasks—are mainly conducted in the cloud or at the edge, involving massive parallel computing. Intelligent computing chips are specifically designed to meet these characteristics. According to CIC , the global intelligent computing chip market grew rapidly from US$6.6 billion in 2020 to US$119.0 billion in 2024, representing a compound annual growth rate (CAGR) of 106.0%. It is projected to maintain robust growth over the next five years, reaching US$585.7 billion by 2029 with a CAGR of 37.5% from 2024 to 2029. Market growth will be driven by the imminent surge in investments in AI computing infrastructure (such as AI data centers) and the long-term expected boom in a wide range of LLM-based AI applications that will continuously consume intelligent computing power.
Meanwhile, as one of the world's largest AI markets, China's demand for intelligent computing chips is also growing rapidly. According to CIC , China's intelligent computing chip market expanded from US$1.7 billion in 2020 to US$30.1 billion in 2024, and is anticipated to reach US$201.2 billion by 2029, with a CAGR of 46.3% from 2024 to 2029—outpacing the global market growth over the same period.
Among the three types of intelligent computing chips (GPGPU, ASIC, FPGA), GPGPU is the most versatile. Based on a non-customized architecture, it offers high versatility, flexibility, massive parallel processing capabilities, and a mature software ecosystem, enabling it to easily handle diverse computing tasks. This constitutes a key advantage amid the evolving and diversifying computing scenarios. Consequently, GPGPU has become the mainstream choice in the intelligent computing chip market and is expected to maintain its leading position. According to CIC Consulting, GPGPU accounted for 92.0% of the global intelligent computing chip market by revenue in 2024. In China, the GPGPU market represented 78.1% of the overall intelligent computing chip market in 2024. Nevertheless, China's GPGPU market is projected to grow from US$23.5 billion in 2024 to US$172.3 billion by 2029, with a CAGR of 49.0%—higher than the global GPGPU market's CAGR of 38.1% during the same period.
According to CIC, the key drivers of China's intelligent computing chip industry are as follows:
1. Commercialization of AI Across Industries
In recent years, AI has been widely adopted across various vertical sectors such as internet, telecommunications, manufacturing, finance, and government & public utilities. As the performance and functionality of AI products continue to improve, enterprises are increasingly willing to invest in AI applications to enhance operational quality and efficiency. Additionally, AI has integrated into people's daily lives, with a growing number of consumer-oriented AI-enabled products. As the foundation of AI applications, the demand for computing power is inevitably increasing, thereby driving the growth of intelligent computing chips. Evidence of this includes the expected surge in capital expenditures by cloud service providers—one of the largest consumers of intelligent computing chips—in the near future.
2. Explosive Growth in Incremental Computing Demand Driven by the Booming AI Market
The accelerated maturation and commercialization of AI technology are fueling a significant surge in demand for intelligent computing power. As AI products evolve from experimental prototypes to large-scale practical applications, the computing requirements for training and inference have increased substantially. Since 2022, the initial boom in Large Language Models (LLMs) has made LLM pre-training a major source of demand for intelligent computing chips. In 2024, the focus has shifted from pre-training to post-training and multi-step logical reasoning, which—together with continued pre-training—has further stimulated demand for intelligent computing chips. Meanwhile, the widespread deployment of AI applications has raised higher requirements for inference accuracy and real-time responsiveness. These performance expectations have led to increasingly heavy inference workloads across various deployment environments. The sustained high demand for training and inference computing power will continue to drive the intelligent computing chip market.
3. Technological Advancements
Progress in technologies such as architecture, process nodes, packaging, and software underpins the development of intelligent computing chips. Advancements in architectural design and process nodes are complementary, playing a crucial role in delivering cutting-edge chips with optimal computing power, energy efficiency, and interconnectivity. Advanced packaging technologies enable innovative design concepts (such as chiplets), effectively addressing challenges posed by physical limitations of chips while offering significant advantages in cost, yield, and design flexibility. A mature software ecosystem—including user-friendly configuration tools and state-of-the-art frameworks—ensures that applications can run efficiently on the latest hardware.
4. Favorable Government Policies
Over the past decade, the Chinese government has attached great importance to and firmly supported the development of China's AI industry, recognizing it as one of the most strategically significant sectors for maintaining China's leading position in global technological progress. Simultaneously, the government has provided strong support to the intelligent computing chip industry—an essential infrastructure for AI deployment—through capital investment, policy incentives, and other measures. These supportive policies provide a solid guarantee and guidance for the vigorous development of China's AI and intelligent computing chip industries, while driving continuous improvements in the competitiveness and influence of related technologies.
Celebrating a Milestone for China’s Intelligent Computing Industry
Biren Technology, a pioneer in general-purpose intelligent computing solutions, has redefined industry standards with its self-developed Biren™ GPU product line and innovative Chiplet architecture . Its listing as the "first GPU stock on HKEX" not only marks a key milestone for the company but also underscores the enormous potential of China’s AI chip and intelligent computing ecosystem.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the semiconductor and AI sectors.
From from IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to Biren Technology, CIC has supported leading enterprises in successful listings both domestically and overseas, including Horizon Robotics, 4Paradigm, Baidu and WeRide, etc.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
Media Contact
marketing@cninsights.com