China’s AI chipmaker Biren tumbles 12% as it seeks US$510 million in share placement

AI Summary

Hong Kong-listed AI chipmaker Shanghai Biren Technology shares fell more than 12% after it announced plans to raise HK$4 billion (US$510 million) through a share placement. The proposed issue of 130 million shares comes as the company faces intensifying competition from other Chinese challengers to Nvidia.

Shares of artificial intelligence chipmaker Shanghai Biren Technology tumbled more than 12 per cent in Hong Kong on Thursday amid plans to raise HK$4 billion (US$510 million) through a share placement, as competition with other Chinese Nvidia challengers intensifies. The sell-off followed a stock exchange filing by the Hong Kong-listed company on late Wednesday, which revealed it had engaged placing agents on a “best effort” basis to issue 130 million new shares at HK$31.08 apiece. The offering...