Biren Technology began its tutoring process, plans to launch IPO in US market
Biren Technology: On Wednesday, the China Securities Regulatory Commission (CSRC) reported that the company has hired Guotai Junan Securities to train company executives how to handle IPO problems.
Biren Technology: Biren Technology which owns an Artificial intelligence (AI) chip business plans to launch its IPO and emerge as a potential rival of Nvidia.
The company has hired a bank to help itself with the tutoring process which is done before its IPO launch.
According to Pitchbook, the company which is based in Shanghai was worth $2.19 billion in November 2023.
On Wednesday, the China Securities Regulatory Commission (CSRC) reported that the company has hired Guotai Junan Securities to train company executives how to handle IPO problems.
All the IPO companies in China are required to tutoring process before filing the listing plan. The tutoring process usually takes three to twelve months.
There hasn’t been any report neither from the company nor from the CSRC about the IPO launch date or the amount of funds the company want to raise through public subscription.
The decision comes just two weeks after its rival Enflame began its tutoring process.
A report from the Great Wall Strategy Consultants this week said that the company has produced more unicorns compared to other companies in the last three years in China.
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On Wednesday, Fang Fenglei, CEO of BOC International at a forum said that the company’s tech sector has relied heavily on investment backed by the state which may create big problems for the company.
The Pitchbook reported in April that the company has raised $780 million through eight funding deals.
Biren wasn’t able to hire the service of world-leading foundries like the Taiwan Semiconductor Manufacturing Company because of restrictions from the US sanctions.
This has slowed the company’s production rate of AI chips.
Earlier, a report from People stated that the company has tried to get help from the Chinese government after it was put on a trade blacklist a year ago by the US Commerce Department.
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