Biren Technology, a Chinese AI chip startup, has raised HK 5.58 billion (approximately $717 million) through its Hong Kong initial public offering, pricing shares at the top of its marketed range. The IPO saw significant oversubscription from both institutional and retail investors. This offering follows similar successful listings by Chinese AI chip firms and aligns with China's goal to develop domestic semiconductor alternatives amid U.S. export restrictions. Biren's shares are set to debut on Friday.