Biren shares plunge 12% on $510M placement as China AI chip race heats up

Shanghai Biren Technology's shares fell over 12% in Hong Kong after announcing a HK$4 billion share placement to fund expansion amid intensifying competition among Chinese Nvidia challengers. The placement, priced at HK$31.08 per share, signals capital needs and potential dilution, while the broader sector faces US export controls and domestic rivalry.