Chinese AI chip startup Biren Technology aims to launch a Hong Kong initial public offering in the coming weeks, four sources with knowledge of the matter said. The IPO could raise $300 million, local Chinese media reported.

Jimmy Lai, the former Hong Kong media mogul and outspoken critic of Beijing, was convicted in a landmark national security trial in the city's court on Monday, which could send him to prison for the rest of his life.

Senior party members previously alleged they had been told to disband or face severe consequences, including possible arrest.