Shanghai Enflame Technology, a China-based AI chip designer backed by Tencent, said on August 31 that it expects to raise 6.1 billion yuan (US$907.8 million) in a Shanghai IPO after pricing the deal at 142.18 yuan (US$21) per share.

The eight-year-old company plans to sell 43 million shares on Shanghai’s tech-focused STAR Market, slightly above its original 6 billion yuan (US$893 million) fundraising target.

Investor subscriptions will open on September 2.

Enflame is the latest Chinese AI chipmaker to go public as Beijing pushes for more self-sufficiency in technology amid restrictions by the US on exports of high-end chips and advanced chipmaking technology to China.

The company said it would use the proceeds to fund production of its fifth- and sixth-generation AI chips, as well as advanced AI software and hardware projects.

🔗 Source: Reuters

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