China Integrated Circuit Industry Investment Fund

New Capabilities

Phase III launched December 2024 with focus on equipment and materials

Biren Technology's shares exploded 76% in their Hong Kong debut on January 2, 2026, raising $717 million—the first GPU chipmaker to list anywhere in the world this year. The company loses $1.6 billion annually and faces US export bans that forced its manufacturer to stop production. Investors piled in anyway, oversubscribing the retail offering 2,348 times. Within weeks, rival GPU makers Moore Threads and MetaX followed with Shanghai IPOs that surged 400% and 700% respectively, demonstrating that Chinese investors will fund chip independence regardless of profitability or US sanctions.

Updated Jan 31