"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 34.46 Hong Kong dollars after an initial public offering that was priced at 19.60 Hong Kong dollars, 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."
"As the first GPU-focused stock to list in Hong Kong, Shanghai Biren "enjoys scarcity value and high market attention," according to Kenny Ng, a strategist at China Everbright Securities International Co. "The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential.""
"Shanghai Biren's stock soared nearly 119% intraday before paring gains. Even so, the first-day performance at close was the best since Kuaishou Technology's shares surged 161% in their trading debut in early 2021. That's taking into account Hong Kong listings that raised $700 million or more."
Shanghai Biren Technology debuted in Hong Kong with shares finishing at HK$34.46 after an IPO priced at HK$19.60, raising $717 million. Retail demand exceeded supply by more than 2,300 times. The company designs GPUs used to train and run AI models and listed amid a surge of Chinese AI-sector offerings and government support for domestic technology. The debut was the best first-day close among Hong Kong listings that raised at least $700 million since early 2021. The stock also reached a near 119% intraday gain before narrowing. The performance may support upcoming AI-related listings and further IPO filings.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]