Nvidia’s China moat faces a new test as Biren pops 76% and Baidu chip unit files for Hong Kong IPO
SINGAPORE/HONG KONG, Jan 2, 2026, 06:46 ET Shares of Chinese AI chip designer Shanghai Biren Technology closed up 76% in their Hong Kong debut on Friday, the market’s first listing of 2026. The stock opened at HK$35.70, hit HK$42.88 at an intraday high and ended at HK$34.46, versus an offer price of HK$19.60. Biren raised HK$5.58 billion, with institutional demand nearly 26 times the shares on offer and the retail tranche oversubscribed about 2,348 times, exchange filings showed. Reuters The strong start underscores how quickly China’s AI hardware firms are tapping public markets as Washington tightens export restrictions on advanced