HONG KONG, Feb 2, 2026, 10:14 (HKT) — Regular session
- Shares of Shanghai Biren Technology Co., Ltd. Class H (6082.HK) slipped roughly 2% in early trading.
- The decline follows the release of additional IPO shares from the over-allotment option (greenshoe), which started trading at the open.
- Investors are eyeing whether the stock can hold steady through the Feb. 2 close as supply increases.
Shanghai Biren Technology Co., Ltd. Class H (6082.HK) slipped roughly 2.1% to HK$34.06 in early Monday trade, down from Friday’s close at HK$34.80, market data showed. The shares fluctuated between HK$33.38 and HK$34.80 during the session, inside their 52-week band of HK$30.10 to HK$42.88. (Investing)
The drop is significant as Monday marks a new phase in post-IPO trading: increased stock availability usually leads to looser prices. Fresh listings often appear stable with limited supply at first. After that, the market needs to adjust.
Investors are watching Biren closely as a quick gauge of risk appetite for “H-shares,” the Hong Kong-listed stocks of mainland Chinese firms. It got off to a strong start. Now the challenge is to maintain those gains with little support.
On Jan. 28, the company confirmed the IPO’s over-allotment option was fully exercised for 42,726,800 H shares, representing roughly 15% of the offer, priced at HK$19.60 each. Trading in these shares is set to start at 9:00 a.m. on Monday, Feb. 2. The firm expects to net an additional HK$821.9 million from this. The stabilisation period ended the same day, with China International Capital Corporation Hong Kong Securities Limited—the stabilising manager—reporting no market trades for price support during that time.
A greenshoe is basically an option to issue additional shares after an IPO to satisfy demand and stabilize early trading. It can also provide extra shares to sell during rallies, often just as momentum begins to wane.
Biren went public in early January, pricing its shares at HK$19.60 before closing its first day up 76%. Founded in 2019, the company makes graphics processing units for AI and high-performance computing, positioning itself as a domestic competitor to Nvidia. Li He from Davis Polk noted in early January that “AI is fundamentally transformative, driving keen investor appetite,” while Winston Ma of NYU School of Law highlighted “a valuation small enough for the current IPO market.” (Reuters)
Despite the dip on Monday, the stock still trades far above its IPO price. The dilemma now: solid unrealized gains versus a growing number of shares hitting the market.
Supply cuts both ways. A larger float can boost liquidity and draw in more real money, but it also gives profit-takers more room to push the tape aggressively if momentum shifts.
Traders are focused on the Feb. 2 close, marking the first full session with the over-allotment shares likely in play. The price action heading into that cutoff will shape the mood for the coming days.
