From October 20-22 along the Huangpu River in Shanghai, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners will share their insights on the future and trends of technology, and there will be a live dialogue between网红 professors Michael Macfarlane and Xiang Biao, who are known for "rescuing" people from anxiety and the era of excessive competition. Limited spots available, first come first served. Let us embark on the journey of sustainability together. For stock trading, look at the Jin Qilin analyst research reports, authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities.
Source: Leidi, Leidi Wang, Lei Jianping, October 15. Since late September 2026, BIREN TECH (06082.HK) shares have entered a continuous decline. As of today's close, BIREN TECH shares stood at HK$24.8, down 12.49% from the previous day; based on the closing price, the company's market value was HK$67.7 billion. Just this Monday, BIREN TECH had announced the completion of a placement at an issue price of HK$31.08, issuing 130 million new H shares, raising net proceeds of HK$4 billion. This was BIREN TECH's second placement after a gap of three months. However, BIREN TECH's share price has also fallen 20.2% below the placement price.
The continuous decline in BIREN TECH's share price has sparked dissatisfaction among many investors. One investor said that mainland investors had been eagerly awaiting BIREN TECH's inclusion in the Stock Connect on June 8, 2026, and countless retail investors rushed in through Stock Connect with high expectations. Who would have thought that what awaited these mainland funds was not growth returns, but two consecutive discounted placements and a continuous slow decline in the share price. This batch of retail investors who entered through Stock Connect were almost completely wiped out, with none able to make money, and the situation for those holding positions is grim. Another investor said that in the future, companies waving the banner of "domestic substitution" should be carefully considered before listing in Hong Kong. Judging from the share price trend, foreign capital does not buy into this logic, driving the stock price into a collapse, with today's drop even larger than that of the two or three peers on the STAR Market. Yet another investor said that BIREN TECH has been listed for only 10 months and has already continued to dilute shareholders through discounted share expansions. The story is still there, but the fundraising never stops, sacrificing the interests of old shareholders in the secondary market and blatantly draining and harvesting.
Cumulative fundraising this year exceeds HK$17 billion. Of course, BIREN TECH has genuinely obtained funds from the capital market. BIREN TECH listed on the Hong Kong Stock Exchange in January 2026, becoming the first GPU stock in Hong Kong, with an issue price of HK$19.6 and total fundraising of HK$6.4 billion. In early July 2026, BIREN TECH completed a placement at a price of HK$46.2 per share, issuing 153 million new H shares; the total fundraising was HK$7.069 billion; the net fundraising was HK$7.038 billion. Adding this placement's fundraising of HK$4 billion, BIREN TECH has raised a total of over HK$17 billion since the beginning of 2026. As one of the "Four Little Dragons of Domestic GPUs," with the completion of this placement, BIREN TECH's fundraising amount ranks first among listed domestic GPU companies, making Moore Threads and MetaX envious. As of today's close, Moore Threads' share price was 321.27 yuan, with a market value of 151 billion yuan; MetaX's share price was 402.99 yuan, with a market value of 161.2 billion yuan; T-Head's share price was 422.96 yuan, with a market value of 182 billion yuan. Moore Threads and MetaX are also preparing for Hong Kong listings.
First-half revenue of 1.2 billion yuan, loss of 377 million yuan. Financial reports show that BIREN TECH's revenue in the first half of 2026 was 1.236 billion yuan, an increase of 1,997.6% compared to 5.89 million yuan in the same period last year. BIREN TECH's gross profit in the first half of 2026 was 527 million yuan, compared to 1.88 million yuan in the same period last year. BIREN TECH's loss for the period in the first half of 2026 was 377 million yuan, narrowing by 76.4% from a loss of 1.6 billion yuan in the same period last year; the adjusted net loss was 337 million yuan, narrowing by 38.9% from 552 million yuan in the same period last year.
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