(Image credit: Lin Zhijia, editor at TMTPost App)

AsianFin -- Biren Technology, with valuation at 15.5 billion yuan (about US$2.2 billion), has initiated the process of going public through an IPO and is currently in the tutoring stage, according to China Securities Regulatory Commission.

Shanghai State-owned Capital Pioneer AI Fund of Funds has co-led a significant investment in Biren Technology, often referred to as China's Nvidia.

The funding round that raised tens of millions of dollars also received investments from prominent investment institutions and industrial capital. This marks the first direct investment by Shanghai State-owned Capital Pioneer AI FOF, underscoring Shanghai's strategic push to bolster its AI ecosystem through state-owned investments.