“Here be dragons” was ancient mapmaker code for the unknown. Something similar applies to China’s latest group of so-called dragons — AI chipmakers seeking to profit from Nvidia’s geopolitical tangles. They have been buoyed by investor optimism, but their path ahead is unclear.
Last week, shares in Biren Technology surged 76 per cent on its initial public offering in Hong Kong after the chipmaker raised just over $700mn. Last month in Shanghai, Moore Threads and MetaX leapt 425 per cent and almost 700 per cent, respectively, on their debuts, having raised a combined $1.7bn. Anticipation is fevered: search engine giant Baidu rose 15 per cent last week after it said it will spin off its chips unit in Hong Kong.
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