Biren Intelligent Technology said it aims to raise as much as HKD4.9 billion ($630 million) in a Hong Kong initial public offering, becoming the third Chinese graphics processing unit (GPU) developer to pursue a listing after Moore Threads Technology and MetaX Integrated Circuits.

The Shanghai-based company, which is seeking to challenge Nvidia’s dominance in the GPU market, plans to issue 247.7 million shares at an indicative price range of HKD17 to HKD19.6 ($2.20 to $2.50) apiece, according to its latest prospectus filed with the Hong Kong Stock Exchange. The offering would raise between HKD4.2 billion and HKD4.9 billion.

The planned listing underscores growing momentum among domestic GPU developers to tap capital markets as demand for artificial intelligence computing continues to surge.

Biren is scheduled to begin trading on Jan. 2 next year. The company said it will allocate about 85% of the proceeds to research and development of intelligent computing solutions. Of that, around 45% will be used for hardware development, including upgrades to existing products and the development of next-generation general-purpose GPU chips, while 40% will go toward software platform development, such as expanding artificial intelligence training and inference models. The remaining funds will be used for commercialization efforts and general corporate purposes.