Shares of mainland AI chip designer Shanghai Biren Technology surged on their Hong Kong debut on Friday, kicking off the financial hub's first listing of 2026 with a bang.

Biren shares opened at HK$35.70 each, above the offer price of HK$19.60.

The strong debut follows a blockbuster year for Hong Kong's equity market in 2025 and heralds a wave of chip and AI offerings this year.

Biren raised HK$5.58 billion by selling 284.8 million H shares at HK$19.60 each, the top of a marketed range.

Institutional demand was nearly 26 times the shares on offer, while the retail tranche was oversubscribed about 2,348 times, exchange filings showed.

Founded in 2019, Biren develops general-purpose graphics processing units and intelligent computing systems for artificial intelligence and high-performance computing.

Its co-founders include Zhang Wen, a former president at SenseTime, and Jiao Guofang, who previously worked at Qualcomm and Huawei.

During the listing ceremony in Hong Kong, Zhang said Hong Kong would become a key place for the company's development.

"As one of the first key high‑tech firms brought into Hong Kong, we deeply feel the city’s emphasis on and support for hard‑tech startups," he said.

"Hong Kong’s excellent business environment and its efficient link to global capital will become an important platform for Biren Technology and other companies to develop in Hong Kong."

Zhang also said his aim would be to create value for its shareholders, employees and the community.

"The listing is not the end but a brand‑new beginning," he said.

"Starting today, Biren Technology will become a public company and will also shoulder greater social responsibility.

"We will invest even more resolutely in technological innovation and will do a better job in managing the business, creating long‑term value for shareholders, employees and society, repaying every ounce of trust placed in us, and live up to the opportunities this era offers."

Separately, mainland internet search leader Baidu said on Friday its AI chip unit Kunlunxin had filed a Hong Kong IPO application, confirming a Reuters report in early December.

Hong Kong's IPO pipeline includes AI startups and chipmakers, with Zhipu AI and Iluvatar CoreX to debut next on January 8. (Additional reporting by Reuters)