Tencent-Backed Enflame Surges 188% in Shanghai IPO Debut
Synopsis
Tencent-backed AI chipmaker Enflame soars 188% on its Shanghai debut, part of China's growing push for domestic alternatives to Nvidia chips.
Key Highlights
- Shanghai Enflame Technology, a Chinese AI chipmaker rose 188% on debut on the Shanghai stock market.
- The firm pulled in 6.12 billion yuan (USD$912 million) from its IPO
- The shares debuted at 410 yuan, well above the IPO price of 142.18 yuan each and traded up to as high as 475 yuan.
Chinese AI chipmaker Shanghai Enflame Technology surged 188% higher in Friday’s debut on the Shanghai stock market, after a $912 million IPO. The IPO has helped the company raise 6.12 billion yuan.
Shares of Enflame started trading at 410 yuan, far above the offer price of 142.18 yuan, and climbed as high as 475 yuan during the day.
Part of a Wave of Chinese AI Chip Listings
Enflame’s listing is among the latest in a series of shell interest by Chinese corporations attempting to provide personal computers chips for synthetic intelligence as Beijing continues to force home alternates to U.S. chip vendors like Nvidia.
The company is one of a handful of Chinese AI chip startups (sometimes called the “four little GPU dragons”) including Moore Threads, MetaX and Biren Technology.
Source: Channel News Asia
At Inspirepreneurs Magazine, covering entrepreneurship, business failures, and the human stories behind the world's most ambitious founders. She writes at the intersection of strategy and storytelling.
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