On July 6, Biren Technology fell 9.36% in regular trading, trading at HK$49.50/share, with turnover of HK$189 million.

On the news front, the company announced on July 5 that it entered into a placing agreement to issue 153 million new H shares at HK$46.20 per share, representing a discount of approximately 9.94% to the last closing price of HK$51.30 and approximately 17.53% to the five-day average closing price of HK$56.02. The placing shares account for approximately 6.27% of total issued shares, with estimated net proceeds of approximately HK$7.038 billion. Approximately 60% of the proceeds will be used to accelerate commercialization and production of next-generation GPGPU solutions, 20% for frontier technology R&D, 10% for strategic investments and acquisitions, and 10% for working capital. This marks the first GPU-sector refinancing in the Hong Kong market. The significant discount and equity dilution exerted downward pressure on the stock in the near term.

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