Biren Tech (stock code: 06082.HK) closed at HK$30.36 today, down 11.85% from the previous trading day; based on the closing price, the company's market value stands at HK$78.9 billion; Biren Tech's market value evaporated by nearly HK$10 billion today.

The reason for this sharp stock price decline is that BIREN TECH (06082.HK) announced today the purchase of a total of 130 million new H shares at a placement price of HK$31.08 per H share, raising HK$4 billion. The placement price represents a discount of approximately 9.76% to the closing price of HK$34.44 per H share on October 7, 2026; and a discount of approximately 13.73% to the average closing price of approximately HK$36.03 per H share reported on the Stock Exchange for the last five consecutive trading days.

After the sharp stock price decline, shareholders who participated in this placement of BIREN TECH (06082.HK) have already seen a floating loss of 2.3%.

One investor said that BIREN TECH (06082.HK) has only been listed for 10 months and has already been continuously placing shares, diluting shareholders through discounted equity expansion. The story is still there, but the financing never stops.

Another investor said that an AI chip company that has not yet turned a profit keeps replenishing capital after going public, not through another IPO, but through placement — targeted additional issuance to institutions. Money flows from institutions into the company's accounts, to be used for tape-out and mass production. As the process node advances, tape-out costs become more expensive with each round, so placement is not a one-time event but a recurring action.

Cumulative fundraising this year exceeds HK$17 billion

This is the second placement by BIREN TECH (06082.HK) after a gap of 3 months. In early July 2026, BIREN TECH completed a placement at a price of HK$46.2 per share, issuing 153 million new H shares; the total fundraising amount was HK$7.069 billion; the net fundraising amount was HK$7.038 billion.

BIREN TECH listed on the Hong Kong Stock Exchange on January 2, 2026, becoming the first GPU stock in Hong Kong. The issue price was HK$19.6, with 285 million shares issued, raising a total of HK$5.583 billion; after exercising the over-allotment option, BIREN TECH raised an additional HK$822 million, meaning that through the IPO it raised a total of HK$6.4 billion.

This means that BIREN TECH has raised a total of more than HK$17 billion since the beginning of 2026.

First-half revenue of HK$1.2 billion, loss of HK$377 million

Financial reports show that BIREN TECH's revenue for the first half of 2026 was HK$1.236 billion, an increase of 1,997.6% from HK$5.89 million in the same period last year. BIREN TECH's gross profit for the first half of 2026 was HK$527 million, compared with gross profit of HK$1.88 million in the same period last year. BIREN TECH's loss for the period in the first half of 2026 was HK$377 million, narrowed by 76.4% from a loss of HK$1.6 billion in the same period last year; adjusted net loss was HK$337 million, narrowed by 38.9% from HK$552 million in the same period last year.

——————————————