AI chip designer Biren’s shares surge 76% on debut in Hong Kong

Shares of Shanghai Biren Technology Co. jumped almost 76% in their trading debut on Friday, marking the best first-day performance since early 2021 among Hong Kong listings that raised at least $700 million.

The artificial intelligence chip designer’s stock finished at 34.46 Hong Kong dollars after an initial public offering that was priced at 19.60 Hong Kong dollars, the top of an indicative range. Strong investor demand helped the company raise $717 million through the IPO, with its...