Biren Technology's First-Day Performance and Valuation Analysis of the GPU Track

Biren Technology listed on HKEX on January 2, 2026, becoming the first GPU stock on HKEX. Its first-day performance shows the following characteristics [1][2]:

Indicator	Biren Technology	Moore Threads	Muxi Semiconductor
Listing Date	January 2, 2026	December 5, 2025	December 17, 2025
Listing Venue	HKEX	STAR Market	STAR Market
Issue Price	19.60 HKD	114.28 CNY	104.66 CNY
Opening Gain	82.14%	468%	568.83%
Maximum Gain	Over 110%	Over 500%	Over 700%
Closing Gain	Retreated	425%	692.95%
First-Day Market Cap	HKD 90-100 billion	CNY 282.2 billion	CNY 286.3 billion

From the data, Biren Technology’s first-day gain of 82% is indeed

than that of Moore Threads (425%) and Muxi Semiconductor (692%) which listed on the STAR Market earlier, showing a large gap [1][2][3].

• STAR Market vs HKEX
  : The STAR Market has stronger liquidity and higher retail investor participation, giving higher valuation premiums to hard tech enterprises; the HKEX market is relatively rational with a higher proportion of international institutional investors [1][3]
• Liquidity Differences
  : Moore Threads attracted 4.8266 million investors during subscription with a winning rate of only 0.036%; Muxi Semiconductor’s maximum floating profit per winning lot reached 400,000 CNY, setting a record in A-shares over the past decade [1][2]

Biren Technology positions itself as a

company, focusing on data center scenarios; while Moore Threads is the ‘only domestic manufacturer that has achieved mass production and sales of full-function GPUs’, with products covering graphics rendering, AI training and inference, and even consumer gaming markets [2][3]. This ‘full-stack’ capability gives Moore Threads a higher scarcity valuation.

• Moore Threads founder Zhang Jianzhong was a former global vice president of NVIDIA, and its core team mainly comes from NVIDIA [3]
• Muxi Semiconductor’s team mainly comes from AMD and is compared to the Chinese version of AMD [3]
• Biren Technology founder Zhang Wen is not from a GPU professional background, but has strategic integration capabilities [1]

Domestic GPU enterprises generally face the contradiction of

:

• Small Revenue Scale
  : The total revenue of the three GPU enterprises in 2024 was only about 1/600 of NVIDIA’s 200 million [1]
• Sustained Losses
  : Muxi Semiconductor’s cumulative losses over three years exceeded CNY 3 billion, and Moore Threads’ cumulative losses over three years exceeded CNY 5 billion [2]
• High Price-to-Sales Ratio (PS)
  : Based on institutional forecasts of 2026 revenue, Moore Threads’ PS ratio is about 33x, and Muxi Semiconductor’s is about 23x, far higher than the level of the traditional semiconductor industry [3]

1. Domestic Substitution Dividend
   : The U.S. continues to escalate technological blockades, leading to an urgent demand for domestic GPU substitution [2]
2. Strong Demand for AI Computing Power
   : Global demand for AI computing continues to rise, making computing power a key strategic resource [2]
3. Policy Support
   : State-owned capital (such as Shanghai Guotou Pioneer Artificial Intelligence Mother Fund) actively participates in strategic leadership [1]
4. Expectation of Technological Breakthroughs
   : Domestic GPUs have moved from ‘technology verification’ to the initial stage of ‘large-scale commercialization’ [2]

1. Significant Technological Gap
   : In terms of comprehensive technical performance, most domestic GPUs still lag behind NVIDIA [2]
2. Weak Ecosystem Barriers
   : NVIDIA’s CUDA ecosystem has a deep moat, while domestic GPUs lack sufficient compatibility [2]
3. High Customer Concentration
   : Moore Threads’ top five customers account for 98.29% of its revenue, with a single customer accounting for 56.63% [3]
4. Profitability Doubts
   : Currently, only Hygon Information is stably profitable, and Cambricon turned profitable only in Q4 2024 [2]

Biren Technology’s first-day gain being ‘lower than peers’ is the

, not a simple signal of valuation bubble bursting:

1. Market Differences Dominate
   : There are systematic differences in valuation systems and investor structures between HKEX and the STAR Market
2. Different Scarcity
   : GPU targets on the STAR Market are more scarce, while Biren Technology as the first GPU enterprise on HKEX also has its unique significance
3. Valuation Returns to Rationality
   : Compared with the fanatical speculation on the first day of Moore Threads and Muxi Semiconductor, Biren Technology’s performance is
   more stable
   instead

From a long-term perspective, the domestic GPU track is still in a critical stage of transition from ‘capital infusion’ to ‘self-sufficiency’. The current high valuations more reflect a premium on the expectation of a ‘Chinese version of NVIDIA’ rather than the real reflection of current fundamentals. As Biren Technology’s management said: ‘Listing is a very important milestone, but it is definitely not an end.’ [1]

For investors, they need to closely monitor core indicators such as

of each enterprise, which are the fundamental determinants of long-term value.

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[1] Securities Times - 《Most Comprehensive Review! Biren Technology Lists, Market Cap Surges to HKD 90 Billion》(https://www.stcn.com/article/detail/3568288.html)
[2] Nanfang Plus - 《Domestic GPUs “Cluster” for IPO: Who Will Lead China’s “Chip” Independent Breakthrough?》(https://www.nfnews.com/content/J3WYRKGOoz.html)
[3] DoNews Column - 《Domestic GPU Four Dragons Cluster for IPO, Competing for “Chinese Version of NVIDIA”》(https://www.donews.com/article/detail/7430/94635.html)
[4] 21st Century Business Herald - 《Moore Threads Rises 425.46% on First Day of Listing, Domestic GPU Companies Welcome IPO Wave》(https://www.21jingji.com/article/20251205/herald/896e85687d4ac94b121f1a712fd14cc8.html)