Analysis of Valuation Dynamics and International Capital Acceptance for Biren Technology's Hong Kong Stock Market Debut

Based on in-depth analysis, we now present the complete

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, Biren Technology (6082.HK) officially listed on the Hong Kong Stock Exchange (HKEX), becoming the “first domestic GPU stock on the Hong Kong Stock Exchange” and also the first stock to list on the HKEX in 2026 [1][2].

Core Metric	Data
Offer Price	HK$19.6
Opening Price	HK$35.7 (+82.14%)
Closing Price	HK$34.6 (+75.82%)
Intraday High	HK$42.88 (+118%)
Closing Market Capitalization	HK$82.5 billion (approx. RMB 74 billion)
Fundraising Amount	HK$5.583 billion
Public Offering Subscription	2347.53x
International Placement Subscription	25.95x

This is the largest IPO of a Hong Kong “Specialist Technology Company” (18C company) to date, as well as the largest IPO of a chip design company on the Hong Kong Stock Exchange [3].

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Biren Technology brought in

, with a total subscription of approximately US$372.5 million [4][5]:

Investor Type	Representative Institutions	Subscription Share
International Institutions	UBS, Southern Fund	~40%
Chinese-funded Institutions	Ping An Life, Taikang Life	~32%
Industrial Capital	Digital China, ZTE	~14%
Others	Zhonghe Capital, etc.	~14%

: The participation of international institutions such as UBS in cornerstone subscriptions indicates that international capital has in the domestic GPU track, rather than conducting large-scale strategic positions.

Public Offering (Chinese Capital + Retail Investors): 2347.53x
International Placement (International Institutions): 25.95x
International/Public Subscription Ratio: 1.11%

This disparity reveals:

• Extreme Enthusiasm from Chinese Capital
  : The 2347x oversubscription reflects the pursuit of the domestic substitution theme by domestic capital
• Relative Rationality from International Parties
  : Although 25.95x falls under the “enthusiastic” category, it stands in stark contrast to the enthusiasm of Chinese capital
• Attitude of International Capital
  : Cautiously optimistic rather than blindly chasing high prices

Dimension	Indicator	Score (1-10)	Weight	Weighted Score
International Share of Cornerstone Investors	UBS and others account for 40%	7.5	25%	1.875
International Placement Subscription Multiple	Enthusiastic response of 25.95x	8.0	20%	1.600
International Capital Inflow	Approximately US$150 million	6.5	20%	1.300
Short Selling Control	Moderate short selling (15-20%)	6.0	15%	0.900
Research Report Coverage	CICC, Goldman Sachs, etc.	7.0	20%	1.400
Composite Score				7.08/10

: International capital is .

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Company	Price-to-Sales (P/S) Ratio	Premium Relative to NVIDIA
Biren Technology (Debut Day)	244.8x	716%
Moore Threads (STAR Market)	~100x+	233%
Muxi Semiconductor (STAR Market)	~100x+	233%
NVIDIA (Reference)	30x	Benchmark
Mature Semiconductor Companies	8x	-73%

Biren Technology’s P/S ratio of 244.8x represents a 716% premium over NVIDIA’s 30x, and a 3061% premium over the 8x ratio of mature market players [1][6].

Financial Indicator	2022	2023	2024	1H2025
Revenue (10,000 RMB)	49.9	6,203	33,700	5,890
Net Loss (100 million RMB)	14.74	17.44	15.38	16.01
R&D Expenses (100 million RMB)	10.18	8.86	8.27	5.72
Gross Margin (%)	100	76.4	53.2	31.9

• Cumulative Losses
  : Cumulative net losses from 2022 to 1H2025 exceeded
  RMB 6.3 billion
  [1][7]
• Revenue Growth
  : 443% YoY growth in 2024, but from an extremely low base
• Revenue Required to Justify Current Valuation
  : Approximately RMB 2.7 billion (needing 8x growth)
• Expected Break-Even
  : 2027-2028

International capital behavior can be observed from the debut day’s price movement:

• After opening 82.14% higher, it once surged to a 118% increase
• The closing gain pulled back to 75.82%
• Interpretation
  : Some international capital chose to
  take profits
  during the surge, showing a cautious attitude towards the high valuation

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Indicator	Biren Technology (Hong Kong Stock)	Moore Threads (STAR Market)	Muxi Semiconductor (STAR Market)
Listing Venue	HKEX (18C)	Shanghai Stock Exchange STAR Market	Shanghai Stock Exchange STAR Market
Debut Day Gain	75.82%	425.46%	692.95%
Closing Market Capitalization	HK$82.5 billion	RMB 282.3 billion	RMB 332 billion
International Capital Participation	Moderate (~40%)	Low (domestic capital-dominated)	Low (domestic capital-dominated)
Valuation Rationality	Overvalued by ~8x	Extremely overvalued	Extremely overvalued

:

• Biren Technology, listed in Hong Kong, has
  greater international capital participation
  (with participants such as UBS)
• Moore Threads and Muxi Semiconductor, listed on the STAR Market, are basically
  domestic capital-dominated
• However, the valuations of all three are significantly detached from fundamentals, with a
  domestic substitution theme premium

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1. Current Status of Acceptance
   :
   • International capital has
     interest
     in the domestic GPU track, but
     remains cautious
     about the current high valuation
   • The participation of international institutions such as UBS in cornerstone subscriptions indicates
     strategic exploratory positioning
   • Although the 25.95x international placement is enthusiastic, it is far lower than the 2347x public offering, reflecting
     rational divergence

2. Valuation Acceptance
   :
   • 8x premium relative to NVIDIA, P/S ratio of 245x far exceeding the reasonable range
   • International capital chose to
     take profits
     after the intraday surge (gain pulled back from 118% to 76%)
   • International capital remains aware of the valuation bubble

3. Long-Term Outlook
   :
   • ★★★★☆
     : Strong demand for domestic substitution, technological breakthroughs are expected
   • Expected to be included in the
     Hong Kong Stock Connect
     in the future, attracting more international capital
   • After product performance is verified, international capital may gradually increase positions

4. Risk Warnings
   :
   • Current valuation has
     seriously overdrawn
     growth over the next 3-5 years
   • Sustained losses + high R&D investment test the sustainability of cash flow
   • International geopolitical uncertainties may affect the supply chain

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[1] Guancha.cn - “Hong Kong Stock Exchange Welcomes ‘First Domestic GPU Stock’ Biren Technology: Fundraises HK$5.6 Billion, Stock Price Rises 76% on Debut Day” (https://www.guancha.cn/economy/2026_01_03_802582.shtml)

[2] Lianhe Zaobao - “Biren Technology Surges 118% on Hong Kong IPO Debut” (https://www.zaobao.com.sg/realtime/china/story20260102-8041492)

[3] Xinhua News Agency - “CICC Leads Sponsorship for Biren Technology, the ‘First GPU Stock on Hong Kong Stock Exchange’, to Complete Hong Kong Listing” (http://www.news.cn/finance/20260104/ee36dedb6b0e47749b755ee01355fbe1/c.html)

[4] Securities Times - “Biren Technology Secures US$372.5 Million in Subscriptions from 23 Cornerstone Investors” (https://www.stcn.com/article/detail/3552426.html)

[5] Securities Times Network - “Complete Breakdown! Biren Technology Lists, Market Capitalization Surges to HK$90 Billion” (https://www.stcn.com/article/detail/3568288.html)

[6] Sina Finance - “Starting at HK$80 Billion: Who Earned the Most from the ‘First GPU Stock on Hong Kong Stock Exchange’?” (https://cj.sina.cn/articles/view/5243756079/1388d5e2f02001o6v4)

[7] Xinhua Finance - “0.2% Domestic Market Share, RMB 1.6 Billion Half-Year Loss: Can Biren Become the ‘First GPU Stock on Hong Kong Stock Exchange’?” (https://finance.sina.com.cn/roll/2025-12-18/doc-inhcetxr6542522.shtml)

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Chart Description: The above chart displays (1) a radar chart of international capital acceptance, (2) P/S valuation comparison between domestic GPUs and NVIDIA, (3) Biren Technology’s revenue and loss trends, and (4) analysis of IPO subscription multiples and cornerstone investors.

Chart Description: The above chart provides a complete summary of Biren Technology’s Hong Kong stock debut, including core IPO data, international capital acceptance scores, valuation bubble analysis, and core conclusions.