Biren Technology$BIREN TECH(06082.HK) 

Biren Technology is a Chinese company focused on developing general-purpose graphics processing unit (GPGPU) chips and GPGPU-based intelligent computing solutions. In 2024, its market share in China's intelligent computing chip market and GPGPU market was approximately 0.16% and 0.20%, respectively, based on revenue.

Given Biren's current position and popularity, there's not much to see. Let me take you through China's intelligent chip industry and its pricing! Let's measure the potential gains and give everyone a reference!

I'll break it down into two levels: the already-listed veterans and the newly-listed hot NEWs—market sentiment is different.

As shown above, Biren can be considered not expensive. For FY25, with orders of 820 million to 1.24 billion in sales contracts, the midpoint is 1 billion. A 46x P/S ratio is only slightly higher than Haiguang and Jingjiawei. Even if FY25 profits are only 500 million, a 92x P/S ratio would still be on par with Cambricon and Loongson. It's much cheaper than the recently hyped IPOs like Moore Threads and MetaX, a big gain! Even with 60,000 lots, the hype is likely significant, and the subscription rate will depend on the final margin.

Today's Three Grey Market Stocks

Easy Health$QINGSONG HEALTH(02661.HK) : Steady performance, internet healthcare inclusion with no losses;

Hanshi Aite$HANXBIO-B(03378.HK) : Performed poorly, as the article warned, due to low market recognition (whether for pharma or the company);

Nuobikan$NUOBIKAN(02635.HK) : was the most surprising, skyrocketing from 4+% to 270%, with a market cap of 9 billion—another Xipuni!

Now, let’s review these nine stocks:

The truly well-performing ones are Smart Mining and Easy Health, representing high market recognition + chip favoritism.

Normal performers like Xidi, Nanhua had little demand; those lacking chip strength were Dahongpao, Huaren, Mingji, Hanshi, while strong chip strength was seen in Nuobikan.

– The truly well-performing ones are Smart Mining and Easy Health, representing high market recognition + chip favoritism.

Normal performers like Xidi, Nanhua had little demand; those lacking chip strength were Dahongpao, Huaren, Mingji, Hanshi, while strong chip strength was seen in Nuobikan.

– The only ones with zero gains on the first grey market day were Xidi, Mingji, Nanhua.

– Others had gains if sold quickly, like Dahongpao (40~10%), Huaren (20~6%), Hanshi (10%), while huili was... a disaster

【Quick Gains in Grey Market】Still works!

–As for Nuobikan, who knows! Pure hype!