Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.</li>
<li>The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.</li>
<li>The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   </li>
</ul>


Shares of Shanghai Biren Technology, a fast-growing AI chip startup that develops intelligent processors for GPU and DSA computation architectures, rose ~149% since the IPO.
The company raised ~HK$6.4B or ~$820M in its Hong Kong IPO, including additional proceeds from the over-allotment shares and the full exercise of the offer size adjustment option.
The stock peaked at HK$60.00 in May and fell 19% over the next two weeks. The company’s early IPO lockup for cornerstone investors expires on July 1, 2026.   


Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).</li>
<li>In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.</li>
<li>Some of the ranks of potential ADDs/DELs for the September 2026 index rebal event have changed since our last insight.</li>
</ul>


The Hang Seng Internet &amp; IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
In this insight, we take a look at our updated flow estimates for June 2026 and index change expectations for September 2026.
Some of the ranks of potential ADDs/DELs for the September 2026 index rebal event have changed since our last insight.


Quiddity Leaderboard HSIII Jun26/Sep26: Some Changes to Sep26 Expected ADDs List

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a> has raised HK$5.58bn (US$717m) in its IPO, valuing the company at HK$46.96bn (US$6.03bn). The raise size could increase if the overallotment option is exercised.</li>
<li>The large allocation to cornerstone investors reduces free float market cap and could delay inclusion in global indices. Inclusion could take place in May/June or August/September.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Technology (6082 HK)</a> should be added to the HSCI in June and subsequently added to Southbound Stock Connect.</li>
</ul>



Shanghai Biren Technology (6082 HK) has raised HK$5.58bn (US$717m) in its IPO, valuing the company at HK$46.96bn (US$6.03bn). The raise size could increase if the overallotment option is exercised.
The large allocation to cornerstone investors reduces free float market cap and could delay inclusion in global indices. Inclusion could take place in May/June or August/September.

Shanghai Biren Technology (6082 HK) should be added to the HSCI in June and subsequently added to Southbound Stock Connect.


Biren Tech (6082 HK) IPO: Index Inclusion Possibilities & Timeline

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Biren Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-biren-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39934:1" rel="noopener">Shanghai Biren Intelligent Tech (6082 HK)</a> is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.</li>
<li>Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  </li>
<li>Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. </li>
</ul>



Shanghai Biren Intelligent Tech (6082 HK) is expected to receive an overwhelming response in its Hong Kong IPO. The public offer is reported to be at least 513.2x oversubscribed.
Since it will remain loss-making in FY27F, we calculate its fair value at HK$21.72 by applying the average HA discount and a 20% discount to its peer P/S multiple.  
Given that its FY27F revenue is smaller than MetaX Integrated Circuit (688802 CH), MetaX's P/S of 41.8x serves as Biren's ceiling, and any price over HK$23.75 appears expensive. 


Biren Technology (6082 HK) IPO: What Valuations?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the IPO price range.</li>
<li>We have used Moore Threads and MetaX Integrated Circuits as comps. Our P/S multiple of 104x is 40% discount to the comps' average P/S multiple of 173x in 2025.</li>
<li>We estimate Biren Technology's sales to increase to RMB0.8 billion  in 2025 (up 145% YoY), RMB1.6 billion in 2026 (up 91% YoY), and RMB2.9 billion (up 87% YoY) in 2027.</li>
</ul>


Our base case valuation of Biren Technology is implied price per share of HKD38.3, which represents a 95% higher upside versus the high end of the IPO price range.
We have used Moore Threads and MetaX Integrated Circuits as comps. Our P/S multiple of 104x is 40% discount to the comps' average P/S multiple of 173x in 2025.
We estimate Biren Technology's sales to increase to RMB0.8 billion  in 2025 (up 145% YoY), RMB1.6 billion in 2026 (up 91% YoY), and RMB2.9 billion (up 87% YoY) in 2027.


Biren Technology HK IPO Valuation Analysis

China

Biren Technology is a Chinese fabless semiconductor design company that develops general-purpose graphics processing units (GPGPUs) and intelligent computing solutions. Its products, such as the BR100 series, are aimed at artificial intelligence (AI), high-performance computing (HPC), and cloud applications. The company was founded in 2019 and is headquartered in Shanghai, China.

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Biren Technology (6082 HK)

Biren Technology IPO Lockup (6082.HK): ˃US$700M Lockup Release for Cornerstone Investors

Shanghai Biren Technology went public in 2026. IPO investors are still up ~149%. The company’s early IPO lockup for cornerstone investors expires...

Andrei Zakharov

Quiddity Leaderboard HSIII Jun26/Sep26: Some Changes to Sep26 Expected ADDs List

Beijing Haizhi (2706 HK) was previously an expected ADD. However, the stock has lost more than two-thirds of its market cap since closing at a peak...

Janaghan Jeyakumar, CFA

Biren Tech (6082 HK) IPO: Index Inclusion Possibilities & Timeline

Biren Tech starts trading today and reports indicate an 80% grey market premium. Inclusion in HSCI and Southbound Connect should take place in...

Brian Freitas