IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Biren Tech |
|---|---|
| Stock Code | 06082 |
| Company Full Name | Shanghai Biren Tech Co Ltd |
| Industry | Robotics |
| Principal Activities | integrated intelligent computing solution comprising of two components, namely (i) hardware systems based on our GPGPU architecture and chips, and (ii) BIRENSUPA, a computing software platform |
| Listing Date | 2026-01-02 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | Chapter 18C |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | Headquarters and Principal Place Room 1302, 13/F, Building 16 of Business in the PRC No. 2388 Chenhang Road Minhang District, Shanghai PRC Principal Place of Business in Room 1919, 19/F, Lee Garden On |
| Business Address (Hong Kong) | 香港銅鑼灣希慎道33號利園一期19樓1919室 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | birentech.com |
| Share Registrar | 卓佳证券登记有限公司 (Tricor Investor Services Limited) |
| Registrar Contact | (852)2980 1333 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | 18C |
|---|---|
| Offer Price | HK$ 19.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 200 shares |
| Entry Threshold | HK$ 3,920 |
| Par Value | RMB 0.02 / shares |
| Offer Period | 2025-12-22 to 2025-12-29 |
| Global Offering Shares | 284,846,600 shares |
| HK Public Offer Shares (Initial) | 12,384,800 shares (5.0%) |
| Public Offer Lots (Initial) | 61,924lots (Pool A30,962lots，Pool B30,962lots) |
| International Placing Shares (Initial) | 235,308,000 shares (95.0%) |
| Offer Ratio | ~4.3% |
| Total Shares Post-IPO | 2,358,977,900 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | China International Capital Corporation Hong Kong Securities Limited CE AEN894 |
| Cornerstone Share | 50.8% |
| Clawback Tiers | 18C clawback: <10x → up to 10% at discretion; 10x to <50x → 10%; ≥50x → 20% |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 5,582,993,360 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 200 | HK$ 3,920 |
| 2 lots | 400 | HK$ 7,840 |
| 3 lots | 600 | HK$ 11,760 |
| 4 lots | 800 | HK$ 15,680 |
| 5 lots | 1,000 | HK$ 19,600 |
| 6 lots | 1,200 | HK$ 23,520 |
| 7 lots | 1,400 | HK$ 27,440 |
| 8 lots | 1,600 | HK$ 31,360 |
| 9 lots | 1,800 | HK$ 35,280 |
| 10 lots | 2,000 | HK$ 39,200 |
| 15 lots | 3,000 | HK$ 58,800 |
| 20 lots | 4,000 | HK$ 78,400 |
| 25 lots | 5,000 | HK$ 98,000 |
| 30 lots | 6,000 | HK$ 117,600 |
| 35 lots | 7,000 | HK$ 137,200 |
| 40 lots | 8,000 | HK$ 156,800 |
| 45 lots | 9,000 | HK$ 176,400 |
| 50 lots | 10,000 | HK$ 196,000 |
| 100 lots | 20,000 | HK$ 392,000 |
| 150 lots | 30,000 | HK$ 588,000 |
| 200 lots | 40,000 | HK$ 784,000 |
| 250 lots | 50,000 | HK$ 980,000 |
| 300 lots | 60,000 | HK$ 1,176,000 |
| 350 lots | 70,000 | HK$ 1,372,000 |
| 400 lots | 80,000 | HK$ 1,568,000 |
| 450 lots | 90,000 | HK$ 1,764,000 |
| 500 lots | 100,000 | HK$ 1,960,000 |
| 1,000 lots | 200,000 | HK$ 3,920,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1,500 lots | 300,000 | HK$ 5,880,000 |
| 2,000 lots | 400,000 | HK$ 7,840,000 |
| 2,500 lots | 500,000 | HK$ 9,800,000 |
| 3,000 lots | 600,000 | HK$ 11,760,000 |
| 3,500 lots | 700,000 | HK$ 13,720,000 |
| 4,000 lots | 800,000 | HK$ 15,680,000 |
| 4,500 lots | 900,000 | HK$ 17,640,000 |
| 5,000 lots | 1,000,000 | HK$ 19,600,000 |
| 10,000 lots | 2,000,000 | HK$ 39,200,000 |
| 15,000 lots | 3,000,000 | HK$ 58,800,000 |
| 20,000 lots | 4,000,000 | HK$ 78,400,000 |
| 25,000 lots | 5,000,000 | HK$ 98,000,000 |
| 30,962 lots | 6,192,400 | HK$ 121,371,040 |
Stock Connect Inclusion Analysis
| HK Market Cap | HK$ 54.24B |
|---|---|
| Analysis Result | Already included in Stock Connect (both) |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 46,235,966,840 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 22,699,125,030 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss RMB 1,538.1 million (year ended December 31, 2024) |
| Period-End Cash Balance | RMB 1,100.69 million |
| Listing Expenses | ~HK$ 182,100,000 |
| Listing Expenses / Funds Raised | ~4.0% |
| Total Pre-IPO Investment | over RMB 9,000 million |
| First Day Close | HK$ 34.46 |
|---|---|
| First Day Open | HK$ 35.7 |
| First Day Change | 75.82% |
| First Day Volume | 150710000.0 |
| First Day Turnover | 5521280000.0 |
| Use of Proceeds | 1、約45.0%或1,957.8百萬港元將用于智能計算硬件的發展；
2、約40.0%或1,740.2百萬港元將用于軟件平臺的開發及升級；
3、約5.0%或217.5百萬港元將用于智能計算解決方案的商業化；
4、約10.0%或435.1百萬港元將用作營運資金及一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Sponsor cum Overall Coordinator (3)
Overall Coordinators (5)
Joint Global Coordinators (6)
Joint Bookrunners (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
BOCI ASIA LIMITED CE AET863
CLSA LIMITED CE AAB893
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
Futu Securities International (HONG KONG) Limited CE AZT137
SPDB International Capital Limited CE BFZ375
Joint Lead Managers (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
BOCI ASIA LIMITED CE AET863
CLSA LIMITED CE AAB893
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
Futu Securities International (HONG KONG) Limited CE AZT137
SPDB International Capital Limited CE BFZ375
Capital Market Intermediaries (7)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
PING AN SECURITIES (HONG KONG) COMPANY LIMITED CE BMC491
BOCI ASIA LIMITED CE AET863
CLSA LIMITED CE AAB893
ORIENT SECURITIES (HONG KONG) LIMITED CE AVD362
Futu Securities International (HONG KONG) Limited CE AZT137
SPDB International Capital Limited CE BFZ375
Stabilizing Manager (1)
China International Capital Corporation Hong Kong Securities Limited CE AEN894
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
Davis Polk & Wardwell 方达律师事务所 Jacobson Burton Kelley PLLC |
| Legal Advisor to Sponsors/Underwriters |
富而德律师事务所 金杜律师事务所 |
| Auditor and Reporting Accountant | 罗兵咸永道会计师事务所 |
| Industry Advisor | 灼识行业咨询有限公司 |
| Receiving Banks |
中国银行（香港）有限公司 中国工商银行（亚洲）有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | 3W Fund 80.0 34,026,600 13.74% 1.44% 11.95% 1.42% 11.95% 1.42% 10.39% 1.40%啟明創投 | 35,000,000 HKD | 14,886,600 | 6.01% | 0.63% | 6 months | 2026-07-02 |
| 2 | QM125 20.0 8,506,600 3.43% 0.36% 2.99% 0.36% 2.99% 0.36% 2.60% 0.35%QM120 15.0 6,380,000 2.58% 0.27% 2.24% 0.27% 2.24% 0.27% 1.95% 0.26%AMF | 30,000,000 HKD | 12,760,000 | 5.15% | 0.54% | 6 months | 2026-07-02 |
| 3 | WT Asset Management | 30,000,000 HKD | 12,760,000 | 5.15% | 0.54% | 6 months | 2026-07-02 |
| 4 | Hao Great China Focus Fund | 20,000,000 HKD | 8,506,600 | 3.43% | 0.36% | 6 months | 2026-07-02 |
| 5 | 平安人壽保險 | 15,000,000 HKD | 6,380,000 | 2.58% | 0.27% | 6 months | 2026-07-02 |
| 6 | Huadeng Technology | 15,000,000 HKD | 6,380,000 | 2.58% | 0.27% | 6 months | 2026-07-02 |
| 7 | Lion Global | 15,000,000 HKD | 6,380,000 | 2.58% | 0.27% | 6 months | 2026-07-02 |
| 8 | CICC FT | 15,000,000 HKD | 6,380,000 | 2.58% | 0.27% | 6 months | 2026-07-02 |
| 9 | MY Asian | 12,000,000 HKD | 5,104,000 | 2.06% | 0.22% | 6 months | 2026-07-02 |
| 10 | Eastspring | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 11 | UBS AM Singapore | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 12 | 泰康人壽 | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 13 | Aspirational China Growth | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 14 | Charoen Pokphand | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 15 | 神州數碼 | 10,000,000 HKD | 4,253,200 | 1.72% | 0.18% | 6 months | 2026-07-02 |
| 16 | 國君香港 | 8,000,000 HKD | 3,402,600 | 1.37% | 0.14% | 6 months | 2026-07-02 |
| 17 | 南方基金 | 8,000,000 HKD | 3,402,600 | 1.37% | 0.14% | 6 months | 2026-07-02 |
| 18 | 富國基金 | 8,000,000 HKD | 3,402,600 | 1.37% | 0.14% | 6 months | 2026-07-02 |
| 19 | Fullgoal HK | 3,200,000 HKD | 1,361,000 | 0.55% | 0.06% | 6 months | 2026-07-02 |
| 20 | Yeebo | 6,500,000 HKD | 2,764,600 | 1.12% | 0.12% | 6 months | 2026-07-02 |
| 21 | EIP | 5,000,000 HKD | 2,126,600 | 0.86% | 0.09% | 6 months | 2026-07-02 |
| 22 | Tessy Holding Limited | 5,000,000 HKD | 2,126,600 | 0.86% | 0.09% | 6 months | 2026-07-02 |
| 23 | New Opportunities SPC | 5,000,000 HKD | 2,126,600 | 0.86% | 0.09% | 6 months | 2026-07-02 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Wen ZHANG | — |
| Company Secretary | 童義敏 | — |
| Executive Director | Wen Zhang | |
| Non-Executive Director | 刘经国 | Jingguo LIU |
| Independent Non-Executive Director | 王源 | Yuan WANG |
| Executive Director | Zhou Hong | |
| Non-Executive Director | 周志峰 | Zhifeng ZHOU |
| Independent Non-Executive Director | 林兆荣 | Siu Wing LAM |
| Executive Director | Linglan Zhang | |
| Non-Executive Director | 王林 | Lin WANG |
| Independent Non-Executive Director | 刘瑾 | Jin LIU |
| Executive Director | 肖冰 | Bing XIAO |
| Non-Executive Director | 陈淑英 | Shuying CHEN |
| Executive Director | Luting Pan |
Major Shareholders
| Major Shareholders & Holdings | Mr. Zhang beneficially owns 183,174,800 non-listed shares (representing 8.68% of the total share capital) and, through 上海壁立仞, controls 191,221,400 non-listed shares (representing 9.06% of the total share capital), for an aggregate shareholding of approximately 15.88%. |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The IPO saw astronomical demand with a 2347.53x oversubscription ratio, signaling extreme market enthusiasm for this semiconductor firm listed via Chapter 18C. The overall hit rate of 0.0% reflects that virtually no retail applicants received allocations, underscoring the scramble for shares at the final offer price of HK$19.60. This level of frenzy is rare and highlights a speculative fervor reminiscent of landmark tech IPOs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions; verify against official HKEX filings.)
Tier Analysis
A notable anomaly exists between the A-tail and B-head tiers: A-tail applicants (200,000 individuals) and B-head applicants (300,000 individuals) both expected only 1 lot, erasing the usual allocation advantage of moving into the B bracket. Despite B-head requiring a substantially larger capital commitment, the expected lot parity suggests an inefficient fee structure, where the marginal brokerage cost per lot becomes disproportionately high for B-head subscribers. This flattening of tier benefits often occurs under extreme oversubscription and warrants careful cost-benefit assessment. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Broker fee structures vary; actual costs may differ.)
Demographics
Mainland Chinese investors dominated the applicant pool at 75.9%, reflecting strong cross-border appetite for high-growth tech listings under the 18C framework. The gender split skewed male at 62.5% with an average age of 41.5, consistent with the demographic profile of aggressive retail participants in semiconductor IPOs. The pronounced mainland tilt, absent other regional data, points to concentrated interest from key economic hubs. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice. Data may contain errors or omissions from source documents.)
