Chinese AI Chip Firm Biren Plans $1 Billion Fundraising

Chinese AI chip designer Shanghai Biren Technology is considering raising around $1 billion through a stock offering, Bloomberg reported on Tuesday, citing people familiar with the situation.

Biren, which develops graphics processing units used to train and run AI models, debuted on the Hong Kong Stock Exchange in January amid a flurry of blockbuster listings in the sector. The company is weighing another fundraise amid Beijing’s push to accelerate the development of domestic chips to reduce China’s reliance on Nvidia.

Biren previously raised about $900 million in a July share sale. Banks are in the early stages of gauging interest from investors for the potential fundraise, Bloomberg reported. The exact size and structure of the share placement have not been finalized.