Biren Technology raises HK$4.04 billion in second share placement this year

Chinese AI chipmaker Biren Technology is raising HK$4.04 billion ($520 million) through a share placement of 130 million shares at HK$31.08 each, a 33% discount to its July placement price.

The proceeds will mainly fund supply-chain purchases and production preparation for its next-generation BR20X chip, with about 70% going to procurement and commercialization. Its shares fell 11.85% on October 8 after the announcement.