Two domestic GPU leaders have been included in the list of Hong Kong stocks.

According to an announcement from the Shanghai Stock Exchange on June 5, a company listed on the Hong Kong Stock Exchange and a leading GPU company in ShanghaiBiren Technology(06082.HK),Tianshu Zhixin(09903.HK) has been officially included in the list of Hong Kong Stock Connect targets. Mainland qualified investors can trade their Hong Kong stocks through Hong Kong Stock Connect starting from June 8.

Southbound Trading is the main channel for mainland investors to participate in and invest in the Hong Kong market. Qualified mainland investors can directly trade Hong Kong-listed stocks within the scope of the Hong Kong Stock Connect through their mainland securities accounts.

Biren Technology was established in 2019 and was officially listed on the main board of the Hong Kong Stock Exchange on January 2 this year, becoming the "No. 1 GPU stock in Hong Kong." As of the close of trading on June 5, its stock price was HK$55.80 per share (approximately RMB 48.19), and its total market value was HK$136.088 billion (approximately RMB 117.531 billion).

Tianshu Zhixin was established in 2015 and was officially listed on the main board of the Hong Kong Stock Exchange on January 8 this year. As of the close of trading on June 5, its stock price was HK$410.00 per share (approximately RMB 354.09), and its total market value was HK$104.270 billion (approximately RMB 90.052 billion).

On June 5, Biren Technology issued an announcement announcing that it had submitted an application to the China Securities Regulatory Commission for the full circulation of H shares. The announcement shows that the board of directors of Biren Technology has approved the conversion of a total of 868 million domestic unlisted shares held by certain shareholders of the company into the company's H shares on a one-to-one basis on June 5, 2026, and submitted an application to the China Securities Regulatory Commission.

According to the annual report, Biren Technology’s revenue will increase year-on-year in 2025207.2%, gross profit increased year-on-year210.8%, gross profit margin increased year-on-year63 basis points, R&D expenses increased year-on-year78.5%, revenue mainly comes from intelligent computing solutions.

In 2022, 2023, 2024, and 2025, Biren Technology’s revenue will be 499,000 yuan, 62.03 million yuan, 337 million yuan, and 1.035 billion yuan respectively, and its net losses will be 14 .74 billion, 1.744 billion yuan, 1.538 billion yuan, and 16.493 billion yuan. The adjusted net losses were 1.038 billion yuan, 1.051 billion yuan, 767 million yuan, and 874 million yuan respectively.

In 2025, Biren Technology completed the full-scale mass production and large-scale commercial implementation of its flagship general-purpose GPU products BR106 and BR166, realized the delivery of multiple kilocard-level intelligent computing clusters, and successfully supported the rapid adaptation of advanced large models such as DeepSeek-V3/R1 series, MiniMax M2 series, Zhipu GLM series, Alibaba Qwen series, Step Star Step series, Tencent Hunyuan series and other advanced large models, including Day0 adaptation of several advanced models.

ThatThe next generation BR20X chip and full series of products will be officially launched this year, the computing power density, memory capacity, bandwidth, and interconnection capabilities have been fully upgraded, supporting low-precision calculations such as FP8/FP4, and further improving performance and energy efficiency.

BR20X series will be launchedSuper node solution, based on Blink2.0, the self-developed interconnection protocol of Biren Technology, which can support scale-up of clusters with a maximum scale of 1,000 cards.

According to the annual report, Tianshu Zhixin’s revenue will increase year-on-year in 2025.91.6%, gross profit increased year-on-year110.5%, adjusted net loss narrowed year-on-year32.1%.

In 2022, 2023, 2024 and 2025, Tianshu Zhixin’s revenue will be 189 million yuan, 289 million yuan, 540 million yuan and 1.034 billion yuan respectively, with net losses respectively. They were 554 million yuan, 817 million yuan, 892 million yuan, and 1.004 billion yuan. The adjusted net losses were 433 million yuan, 610 million yuan, 645 million yuan, and 438 million yuan respectively.

Tianshu Zhixin's general GPU products will generate revenue of more than 922 million yuan in 2025, a year-on-year increase149.6%, accounting for 1% of total revenue in the same year89.3%.

Among them, the Tiangai series, the flagship product designed for AI training, will generate revenue of 584 million yuan in 2025, a year-on-year increase116.7%; The smart armor series products designed for cloud-side reasoning will generate revenue of 339 million yuan in 2025, a year-on-year increase238.2%.

The company has completed in-depth adaptation of dozens of domestic and foreign mainstream open source and commercial large models. Relying on the full-stack self-developed software stack, the company has launched Day0 of new model structures and new operators, which means natively supported adaptation capabilities.

In the field of training, the next generation Tiangai series will be developed as planned to optimize computing density, memory bandwidth and cluster expansion efficiency for large-scale training scenarios.

In the field of reasoning, the next generation of smart armor products are being actively developed to cover the cost-effectiveness, latency, and throughput requirements of multiple reasoning scenarios from the edge to the cloud.

As of December 31, 2025, Biren Technology had a total of 842 employees, with R&D personnel accounting for 81.8%; Tianshu Technology had a total of 759 employees, with R&D personnel accounting for 70.9%.