Shanghai Biren Technology (HKG:6082) plans to place 130 million new H shares at HK$31.08 each, raising net proceeds of about HK$4.02 billion, according to a Thursday Hong Kong bourse filing.

The placing price represents a 9.76% discount to the Oct. 7 closing price of HK$34.44 and a 13.73% discount to the five-day average of HK$36.03.

The AI computing solutions provider intends to use the proceeds for supply chain procurement, product commercialization, research and development, and working capital.

The new shares will account for 5% of the company's existing issued shares and 4.76% of its enlarged share capital.