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Retail orders ran to more than 6,000 times the shares available
Enflame Technology, one of China's leading AI chipmakers, will open share subscriptions on September 2 for its 6 billion yuan ($892.21 million) IPO on Shanghai's tech-heavy STAR Market, a regulatory filing showed late on Monday. The chipmaker, backed by technology company Tencent Holdings, will issue 43.04 million new shares, representing a 10% stake in its enlarged share capital of approximately 430 million shares, with preliminary price consultations set to begin on August 28, the filing showed. Founded in 2018, Shanghai-based Enflame is grouped alongside Moore Threads, MetaX, and Biren
Tencent-backed AI chipmaker plans STAR board debut as revenue is expected to more than triple in the first half.
The results come as Chinese chipmakers continue to absorb market share from Nvidia.
JPMorgan and Goldman Sachs back newly listed Chinese AI developers and chipmakers amid strong investor demand in Hong Kong.
Bloomberg reports Alibaba is weighing restructuring its T-Head chip arm ahead of a possible future listing.
“Here be dragons” was ancient mapmaker code for the unknown. Something similar applies to China’s latest group of so-called dragons — AI chipmakers...
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