China’s AI chipmaker Biren tumbles 12% as it seeks US$510 million in share placement
Shares of artificial intelligence chipmaker Shanghai Biren Technology tumbled more than 12 per cent in Hong Kong on Thursday amid plans to raise HK$4 billion (US$510 million) through a share placement, as competition with other Chinese Nvidia challengers intensifies.
The sell-off followed a stock exchange filing by the Hong Kong-listed company on late Wednesday, which revealed it had engaged placing agents on a “best effort” basis to issue 130 million new shares at HK$31.08 apiece.
The offering...
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