TMTPOST -- Chinese artificial intelligence chip startup Biren Technology is preparing to launch an initial public offering in Hong Kong within the coming weeks, according to people familiar with the matter, as Beijing accelerates efforts to build domestic alternatives to U.S. semiconductors.

The Shanghai-based company could raise around $300million from the listing, Chinese local media reported, a figure confirmed by one of the sources. Biren may begin marketing the deal as early as this month, with trading expected to start in January, two of the people said.

The planned IPO comes as Chinese chipmakers seek to capitalize on strong investor interest and policy support amid tighter U.S. export controls on advanced semiconductors. Companies developing graphics processing units (GPUs) — critical hardware for artificial intelligence — have been a particular focus of China's push for technological self-reliance.

A notice issued Monday by the China Securities Regulatory Commission (CSRC) showed that Biren plans to issue up to 372.5million shares in Hong Kong. Existing shareholders are also expected to convert about 873.3million onshore shares into Hong Kong-listed stock.

Biren did not respond to a request for comment. The sources asked not to be identified because the information is not public.

Biren's listing would follow high-profile offerings from domestic rivals Moore Threads and MetaX, both of which attracted massive demand from investors. Moore Threads' shares surged more than 400% following its Shanghai debut on December5, highlighting strong appetite for China's AI hardware plays.

Founded in 2019, Biren was co-established by Zhang Wen, formerly a president at AI facial recognition firm SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei. The company gained industry attention in 2022 when it unveiled its BR100 chip, which it said could rival Nvidia's H100 AI processor in performance.

That momentum was complicated in 2023 when Biren was placed on the U.S. Commerce Department's Entity List, restricting its access to advanced chip manufacturing services, including production at Taiwan Semiconductor Manufacturing Co. (TSMC).

Despite the constraints, Biren has continued to attract capital. The company was valued at roughly 14billion yuan ($2billion) ahead of a funding round in the first half of 2025, when it raised about 1.5billion yuan, including investments from the Guangdong and Shanghai governments, Reuters previously reported.

Other investors include Qiming Venture Partners, IDG Capital, Hillhouse Investment's venture arm, the Russia-China Investment Fund, Country Garden Venture Capital, and New World Group, according to the company's website.

Bank of China International, China International Capital Corp. (CICC) and Ping An Securities are acting as lead banks on the offering, the sources said. 

If completed, Biren's IPO would mark one of the most closely watched Hong Kong listings by a Chinese semiconductor firm in recent years, underscoring both investor enthusiasm for AI and China's determination to build a domestic chip ecosystem amid ongoing geopolitical tensions.

($1 = 7.0423 Chinese yuan)