IPO News | With a compound annual revenue growth rate of 2,500%, Bijiao Technology anchors “Hong Kong's No. 1 GPU Stock” with over 1.2 billion on-hand orders
The Zhitong Finance App learned that recently, the official website of the Hong Kong Stock Exchange showed that Shanghai Bijiao Technology Co., Ltd. (hereinafter referred to as “Bijiao Technology”) has passed the hearing and is one step closer to “Hong Kong Stock GPU First Stock”. The data collection after the hearing showed that the current IPO Bizao Technology plans to use the funds raised to invest in the development and commercialization of intelligent computing solutions. Currently, Bizao Technology has successfully developed and mass-produced BR106 and BR110 chips, with self-developed Bilio™ series GPU products as the core, and launched BR166 chip products with higher performance. Currently, mass production of some models of this chip began in December 2025.
According to the latest disclosed data, Bijiao Technology began commercialization in 2023 and generated revenue from 2022 to 2024. The revenue scale of Bijiao Technology rapidly increased from RMB 499,000 to RMB 337 million, with a compound annual growth rate of 2,500%.
In the first half of 2025, Bijiao Technology's revenue was about 58.9 million yuan, an increase of nearly 50% over the previous year. The new BR166 chip, which will be mass-produced and launched in the second half of 2025, is expected to contribute to revenue for the full year of 2025. According to the prospectus, as of December 15, 2025, Bijiao Technology held a total of about 1,241 billion yuan of on-hand orders. It is worth mentioning that in addition to the existing product portfolio, Bijiao Technology plans to launch the BR20X series of next-generation flagship data center chips developed based on the second-generation architecture for cloud training and inference. The BR20X is expected to be commercialized in 2026.
On the profit side, from 2022 to 2024, Bijiao Technology's losses were 1,474 billion yuan, 1,744 billion yuan, and 1,538 billion yuan, respectively. According to the prospectus, the larger losses are mainly “changes in the book value of redemption liabilities” related to the redemption rights of several former shareholders. The changes are non-cash, and later redemption liabilities will automatically be converted into company equity. Excluding changes in the book value of redemption liabilities and the impact of other non-cash and non-recurring items, Bijiao Technology's adjusted net losses from 2023 to 2024 were $1.05 billion and $770 million respectively, showing a narrowing trend.
Mature commercialization results come from the leading technical advantages of Bizao Technology. As one of the industries with high capital and talent requirements, continuous R&D investment and professional and senior R&D teams have created a deep technical moat for Bijiao Technology. From 2022 to 2024, Bijiao Technology's R&D expenses were from 2022 to 2024 and the first half of 2025, respectively. Bijiao Technology's R&D expenses reached 1,018 million yuan, 886 million yuan, 827 million yuan and 572 million yuan, and the cumulative R&D expenditure during the reporting period reached 3.302 billion yuan.
In terms of talent team building, Bijiao Technology has established a highly sophisticated R&D team with deep industrial experience. The core technical team is led by Chief Technology Officer Hong Zhou and Chief Operating Officer Zhang Linglan. As of June 30, 2025, the number of R&D personnel reached 657, accounting for 83% of the total number of employees. Of these, 78% have master's degree or above from well-known universities, and more than 210 R&D personnel have more than 10 years of industry experience.
As of December 15, 2025, Bijiao Technology has provided solutions to nine Fortune China 500 companies. Five of them are also on the Fortune Global 500 list, and has strategically expanded key industries such as AI data centers, telecommunications, AI solutions, energy and utilities, fintech, and the Internet.
According to Frost & Sullivan (a global market research and consulting firm), by 2029, China's AI chip market will surge from 142,537 billion yuan in 2024 to 1336.792 billion yuan, with a compound annual growth rate of 53.7% from 2025 to 2029. Although domestic GPUs are still in the early stages of commercialization, with the explosive growth in demand in China's intelligent computing chip industry and the government's high support for industrial development, Bijiao Technology's future growth potential is limitless.