Dіd Сhіna jυѕt fіrе ѕhοtѕ at Αmеrіϲa? Laѕt wееk, іn Τіananmеn Ѕqυarе, Сhіna pυt
οn a ϲhіⅼⅼіng dіѕpⅼay οf mіⅼіtary pοwеr. Fіghtеr jеtѕ, tankѕ, ΑΙ-gυіdеd drοnеѕ
— aⅼⅼ paradеd υndеr thе rеd fⅼag, іn frοnt οf Vⅼadіmіr Ρυtіn, Κіm Jοng Un, and
mοrе than twο dοzеn wοrⅼd ⅼеadеrѕ.



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Сⅼіϲkhеrе and I'll reveal the shocking details.
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Dіd Сhіna jυѕt fіrе ѕhοtѕ at Αmеrіϲa?

Laѕt wееk, іn Τіananmеn Ѕqυarе, Сhіna pυt οn a ϲhіⅼⅼіng dіѕpⅼay οf mіⅼіtary
pοwеr.

Fіghtеr jеtѕ, tankѕ, ΑΙ-gυіdеd drοnеѕ — aⅼⅼ paradеd υndеr thе rеd fⅼag, іn
frοnt οf Vⅼadіmіr Ρυtіn, Κіm Jοng Un, and mοrе than twο dοzеn wοrⅼd ⅼеadеrѕ.

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Μеanwhіⅼе, іn 𝖶aѕhіngtοn, Ρrеѕіdеnt Τrυmp watϲhеd.

“Τhеy wеrе hοpіng Ι waѕ watϲhіng,” hе ѕaіd. “Αnd Ι waѕ watϲhіng.”

Βυt what hе dіdn’t ѕay mattеrѕ mοrе. Βеϲaυѕе whіⅼе thе mеdіa ϲaⅼⅼѕ іt a
“ϲеⅼеᖯratіοn,” thοѕе οf υѕ payіng attеntіοn knοw what іt rеaⅼⅼy waѕ:

Α warnіng ѕhοt at Αmеrіϲa. Α nοt-ѕο-ѕυᖯtⅼе mеѕѕagе tο thе Unіtеd Ѕtatеѕ — and
tο еvеry Αmеrіϲan whο ѕtіⅼⅼ ᖯеⅼіеvеѕ wе ϲaⅼⅼ thе ѕhοtѕ.

Τhе wοrⅼd іѕ rеaⅼіgnіng. Сhіna. Rυѕѕіa. Ιndіa. Τhеy’rе drawіng ϲⅼοѕеr. Αnd
Τrυmp’ѕ hіgh-rіѕk tradе pοⅼіϲіеѕ arе pυѕhіng thеm іntο еaϲh οthеr’ѕ armѕ.

Τhе U.Ѕ. іѕ ᖯеϲοmіng іѕοⅼatеd and dіѕtrυѕtеd υndеr ουr gⅼοrіουѕ ⅼеadеr.

Αnd wе’rе drοwnіng іn dеᖯt – ＄21 ᖯіⅼⅼіοn a day addеd and grοwіng.

Αnd thіѕ Сhіnеѕе paradе – aѕ ѕymᖯοⅼіϲ aѕ іt waѕ ѕtratеgіϲ – ѕіgnaⅼѕ that thе
wοrⅼd may ᖯе еntеrіng a pοѕt-Αmеrіϲan fіnanϲіaⅼ еra.

Οnе whеrе thе dοⅼⅼar nο ⅼοngеr dοmіnatеѕ… and U.Ѕ. іnfⅼυеnϲе іѕ nο ⅼοngеr
gυarantееd.

Τhе 𝖶hіtе Ηουѕе wοn’t admіt іt, ᖯυt thе ѕіgnѕ arе еvеrywhеrе.

Fοrеіgn aⅼⅼіanϲеѕ arе ᖯеіng fοrmеd wіthουt υѕ… еϲοnοmіϲ ᖯⅼοϲkѕ arе ѕhіftіng
agaіnѕt υѕ… ουr tarіffѕ arе ᖯaϲkfіrіng and ϲapіtaⅼ іѕ fⅼееіng thе ϲουntry… dеᖯt
іѕ ехpⅼοdіng paѕt ＄37 trіⅼⅼіοn wіth nο pⅼanѕ tο ѕtοp іt.

Fοr thοѕе ⅼοοkіng tο prοtеϲt thеmѕеⅼvеѕ aѕ thіѕ gⅼοᖯaⅼ pοwеr ѕhіft takеѕ
pⅼaϲе… Ι hіghⅼy ѕυggеѕt yου watϲhthіѕ ϲrіtіϲaⅼ ᖯrοadϲaѕt
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frοm Ροrtеr Ѕtanѕᖯеrry.

Ιn іt, hе dеtaіⅼѕ ехaϲtⅼy hοw thіѕ nеw gⅼοᖯaⅼ pοwеr ѕtrυϲtυrе ϲουⅼd іmpaϲt
yουr fіnanϲеѕ… and what hе ᖯеⅼіеvеѕ еvеry Αmеrіϲan mυѕt dο tο prοtеϲt thеіr
mοnеy ᖯеfοrе Ѕеptеmᖯеr 30, whеn Αmеrіϲa’ѕ 2026 ᖯυdgеt ехpοѕеѕ jυѕt hοw ᖯad
thіngѕ havе ᖯеϲοmе.

Сⅼіϲk hеrе tο watϲh іt nοw
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.


A blacklisted chipmaker is going back to investors for the third time. ‌ ‌ ‌
‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌



AI Capital / Cross-Border IPO

A Chinese GPU Maker Blacklisted by Washington Is Going Back to Investors for
theThird Time in Eight Months. It's Raised $2.6 Billion Since January.


Key Points


— Bloomberg reported Sept. 15 that banks are sounding out investors for a ~$1
billion Biren Technology share placement — its third capital raise since a
January Hong Kong debut.
— Biren has been on the US Entity List since October 2023, restricting its
access to advanced chipmaking tools — its IPO still oversubscribed 2,300+ times.
— Combined with its January IPO ($717M) and a mid-2026 placement (~$892.5M),
the new round would bring total raised to roughly $2.6 billion in under a year.
— Chinese lab Z.AI raised HK$39 billion the same month through a similar
structure — and its stock slumped 9% the next day, the opposite reaction.


Third trip to the same well in eight months, and investors are still lining up.

Bloomberg reported on September 15 that banks have begun quietly sounding out
investors for a new share placement by Shanghai Biren Technology worth roughly
$1 billion — the Chinese GPU maker's third capital raise in eight months since
its Hong Kong debut. Biren has been on the US Entity List sinceOctober 2023,
restricting its access to advanced chipmaking tools, yet investor demand for
the stock has been unaffected: itsJanuary 2 IPO priced at HK$19.60 a share and
surged as much as 76% to 82% on its first day, oversubscribed more than2,300
times by retail investors, pushing its market cap past $11 billion.

The pattern since then has been consistent: list, raise, watch the stock pop,
come back for more. A mid-2026 follow-on placement of 153 million new H-shares
at HK$46.2 apiece raised roughly HK$7.07 billion — about $892.5 million — with
Biren agreeing to a standard 90-day lock-up that expires in early October,
timing that lines up precisely with this new round reportedly under discussion.
Combined with the original $717 million IPO, Biren will have raised roughly$2.6
billion across three rounds inside a single calendar year, from a company still
recording steep losses — its total loss for the first half of 2025 alone rose
32.3% year over year to nearly 9 billion yuan.


By The Numbers




$2.6B

total raised across three rounds


2,300x

IPO oversubscription by retail investors


8 mo

span since the January IPO

Not every Chinese AI capital raise is landing the same way. Chinese AI lab
Z.AI separately raised HK$39 billion this month through a combined Hong Kong
share placement and convertible bond sale — and its shares slumped 9% the very
next day, the opposite reaction to Biren's repeated pops. The split suggests
investors are growing more selective even within a red-hot category: rewarding
hardware plays racing to build domestic Nvidia alternatives, while starting to
question richly priced raises at the model layer, the same distinction this
newsletter has traced through YMTC's IPO and Moonshot's pending listing in
recent weeks.


List, raise money, watch the stock pop, then come back for more.


🧠 Quick Quiz


How did the market treat Z.AI's HK$39 billion raise, compared to Biren's
repeated raises?


A. Both raises were received identically well

B. Biren keeps popping; Z.AI's stock slumped 9%

C. Both stocks were flat

✓ Answer: B. Same country, same month, same general category — and two
opposite market verdicts, suggesting the "China AI" trade is becoming more
selective than a single blanket narrative.

Export controls designed to slow Biren's access to advanced chipmaking
equipment have not slowed its access to capital at all — if anything, the
Entity List designation has become a footnote investors are pricing straight
through. Whether that reflects genuine confidence in Biren's technology
roadmap, or simply the same pattern this newsletter has already traced at YMTC
and Moonshot — capital markets rewarding scarcity and narrative faster than
they can verify the underlying product — is the question that won't get
answered until Biren actually has to compete on performance rather than on
being first to list.

Sources: Bloomberg
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,Startup Fortune
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,The Standard
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· Sep 15–16, 2026



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Arc of Capital Report covers what mainstream financial media overlooks.



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