Biren Technology announced on October 8 that its next-generation BR20X has completed bring-up testing and entered post-tape-out verification, ahead of earlier placement expectations. The company is engaging existing and potential customers on deployment, with customer sampling and mass production expected within the coming quarters, subject to verification and certification.
BR20X is built on a self-developed instruction set and Chiplet architecture, supporting FP8 and FP4 low-precision computing, featuring the in-house BLink 2.0 interconnect protocol, scaling up to 1,024-card Scale-up clusters, with native super node interconnect capability. Prior media reports say the product is made on a domestic process and outperforms Nvidia H200.
To fund commercialization, Biren signed a placement agreement the same day with CICC and UBS, issuing 130 million new H-shares at HK$31.08** each, raising **HK$4.04 billion gross and about HK$4.02 billion** net. The price is a **9.76% discount** to the October 7 close. This is Biren's second placement since its **January listing**; in July it placed **153 million shares** at **HK$46.20, raising about HK$7.04 billion net.
About 70% of proceeds will go to strategic supply chain procurement, production preparation, and commercialization for new products, including locking in key materials, components, and capacity in advance. Biren said the AI chip industry faces tight supply of key components and wafer capacity plus rising procurement costs, and pre-stocking aims to reduce launch delays from supply constraints. Another 20% goes to R&D and software ecosystem, and 10% to working capital.
On results, Biren's August 28 interim report showed H1 revenue of RMB 1.2355 billion, up 1,997.6% year-over-year; gross profit of RMB 527.1 million, a 42.7% margin; and losses narrowed to RMB 377 million, a 76.4% reduction. Growth came from volume deliveries of the Bili series and large intelligent computing cluster projects, with supplier certification and batch delivery completed for several major internet customers.
On the roadmap, after BR20X, Biren plans BR30X for cloud training and inference and BR31X for edge, expected to enter commercialization around 2028.
ICgoodFind Summary: Biren is using HK$4 billion to pave the way for BR20X mass production. In a tight AI chip capacity window, locking in the supply chain matters more than specs for commercialization timing.
