Tencent-backed AI chipmaker Enflame sets Sept 2 subscription date for ~$892M Shanghai STAR IPO

Published Aug 25, 10:12 AM UTC

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Enflame Technology, a leading Chinese AI chipmaker backed by Tencent, will open share subscriptions on September 2 for its 6 billion yuan ($892.21 million) IPO on Shanghai's STAR Market. The company will issue 43.04 million new shares, representing a 10% stake. Founded in 2018, Enflame is one of China's 'four little GPU dragons,' alongside Moore Threads, MetaX, and Biren Technology, all of which have gone public recently. Proceeds will fund development of fifth- and sixth-generation AI chips and related software projects. The IPO comes amid a surge in Chinese tech listings as Beijing promotes chip and AI self-reliance. However, concerns about bubble risk have been raised following a sharp decline in humanoid robot maker Unitree's shares after its debut. CITIC Securities is the lead underwriter.

Source

Yahoo FinanceWestern

Original headline: AI chipmaker Enflame sets subscription date for near $900 million Shanghai IPO

Original language: EN-US