AI chip company Biren Technology plans to raise $515 million

According to Bloomberg, Shanghai Birun Technology (Hong Kong stock code 6082) plans to raise approximately HKD 4.04 billion (USD 515 million) to support its artificial intelligence business. The company intends to place 130 million new shares at a price of HKD 31.08 per share, with the related arrangements based on documents from the Hong Kong Stock Exchange.

The placement price represents a discount of nearly 10% compared to Wednesday's closing price. Bloomberg reports that Birun is one of the GPU developers receiving support from Beijing, and this financing is part of a wave of fundraising for Chinese artificial intelligence companies.