Tencentbacked Enflame to open up 188% in Shanghai debut after $912 million IPO

Image for article Tencentbacked Enflame to open up 188% in Shanghai debut after $912 million IPO
News Source : CNA

News Summary

  • Chinese artificial intelligence chipmaker Shanghai Enflame Technology surged about 200 per cent in its Shanghai debut.
  • Tencent-backed company raised 6.12 billion yuan (US$912 million) in its initial public offering.
  • The stock opened at 410 yuan versus its offer price of 142.18 yuan, and rose to as high as 475 yuan before slipping back to around 430 yuan.
  • Enflame's debut adds to a rush of listings by Chinese companies seeking to supply computing chips for artificial intelligence, as Beijing pushes for home-grown alternatives.
HONG KONG/SHANGHAI, Sept 11 Shares of Chinese artificial intelligence chipmaker Shanghai Enflame Technology are set to open 188 per cent higher at 410 yuan in their Shanghai debut on Friday.

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