In today’s briefing:
- Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion
- Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast
- ECM Weekly (22 December 2025) – SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao
- B&K (华芢生物科技) IPO: Trading Updates
- Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise
Biren Technology IPO: China’s “NVIDIA Moment” and The Rise of a Homegrown AI Chip Champion
- Biren Technology, a Shanghai-based fabless chip design company that develops intelligent processors for GPU and DSA computation architectures, filed to go public in Hong Kong.
- Biren Technology was founded in 2019 by CEO & Chairman Mr. Wen Zhang, who previously worked at AI software company SenseTime Group Inc.
- This is a red-hot upcoming IPO to watch, in my view. Moore Threads and MetaX Integrated Circuits have recently raised $1.1B and ~$600M in their public share offerings in Shanghai.
Pre-IPO InSilico Medicine – Thoughts on Valuation, Peer Comparison and Forecast
- The IPO pricing reflects the liquidity value brought by IPO and recognition of cornerstone investors, but InSilico is facing huge uncertainties.Its value will take several years to be verified.
- Our revenue forecast is US$55 million/US$70-90 million/US$100-150 million in 2025/2026/2027, respectively. Insilico may suffer losses in the next three years, but in 2027, the Company may turn loss into profits.
- The essential difference between QuantumPharm and InSilico lies in business models. We’re more optimistic about InSilico in long term, whose valuation may surpass QuantumPharm if InSilico can develop blockbuster drugs.
ECM Weekly (22 December 2025) – SBI Shinsei, ICICI AMC, Insilico, Forest Cabin Sanhua, IFBH, CaoCao
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, HK IPOs continue to be launched into the year end.
- On the placements front, there are a number of lockup expiries coming up over the next few weeks.
B&K (华芢生物科技) IPO: Trading Updates
- B&K raised HKD 674m (USD 87m) from its global offering and will list on the Hong Kong Stock Exchange on Monday December 22, 2025.
- In our previous note, we looked at the company’s core products, management track records.
- In this note, we provide an update for the IPO before trading debut.
Insilico Medicine IPO: Shortening Drug Discovery Period Through AI-Driven Platform Holds Promise
- InSilico Medicine launched HK IPO consisting of ~95M H shares. The indicative offer price is HK$24.05 per share. The company aims to raise ~$292M. Subscriptions will close on December 23.
- InSilico Medicine is a clinical-stage generative AI-driven drug discovery company, with Pharma.AI being its proprietary generative AI platform. The company has generated 20+ clinical or IND-enabling stage assets using Pharma.AI.
- The company intends to use the proceeds to fund clinical trials of pipeline drug candidates, develop new generative AI models, and development and expand the company’s automated lab.
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