China AI Chip Firm Targeting Nvidia Seeks HK IPO in 2023

Biren could file for a Hong Kong IPO as soon as coming weeks
It’s also mulling a $279 million funding round before the IPO

A Nvidia Corp. chip during the Taipei Computex expo in Taipei, Taiwan, on Monday, May 29, 2023. In a two-hour presentation in Taiwan, Nvidia Corp. Chief Executive Officer Jensen Huang unveiled a new batch of products and services tied to artificial intelligence, looking to capitalize on a frenzy that has made his company the world's most valuable chipmaker.Photographer: I-Hwa Cheng/Bloomberg

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By Dong Cao

July 18, 2023 at 6:44 AM UTC

Updated on

July 18, 2023 at 9:51 AM UTC

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Chinese chip startup Shanghai Biren Intelligent Technology Co. is considering an initial public offering in Hong Kong as soon as this year, according to people familiar with the matter, aiming to capitalize on a wave of local clients turning to its AI chips as an alternative to banned Nvidia Corp. silicon.

The company is planning to file for the first-time share sale as soon as the coming weeks, said the people, who asked not to be identified as the information is private. Meanwhile, the startup is also in talks with investors including state-backed funds in Guangzhou for a separate funding round, which could raise about 2 billion yuan ($279 million), the people said.