Tencent-backed Enflame to open up 188% in Shanghai debut after $912 million IPO
Chinese AI chipmaker Shanghai Enflame Technology experienced a remarkable 188% surge in its debut on the Shanghai market on Friday. The company, backed by Tencent, had raised 6.12 billion yuan ($912 million) through its initial public offering. The stock opened at 410 yuan, trading above its offer price of 142.18 yuan and reaching a peak of 475 yuan.
Enflame's successful listing is part of a surge of Chinese companies going public, aiming to supply AI computing chips, as the Chinese government seeks to develop home-grown alternatives to foreign suppliers like Nvidia. This AI chip startup is one of a group often referred to as the "four little GPU dragons," alongside Moore Threads, MetaX, and Biren Technology.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- Tencent-backed Enflame surges 188% in Shanghai debut after $912 million IPO channelnewsasia.com
- Chinese Nvidia challenger Enflame jumps 188% in Shanghai market debut asia.nikkei.com
