Enflame Technology Launches 6 Billion Yuan Shanghai IPO

Enflame Technology, a Chinese AI chipmaker backed by Tencent Holdings, will open share subscriptions on September 2 for a 6 billion yuan ($892.21 million) initial public offering on Shanghai's STAR Market. The company plans to issue 43.04 million new shares, which will represent a 10% stake in its enlarged share capital.

Preliminary price consultations for the offering are scheduled to begin on August 28. Enflame intends to use the capital to develop and commercialize its fifth- and sixth-generation AI chips and to advance various AI software and hardware innovation projects.

CITIC Securities is serving as the lead underwriter for the IPO, with support from Guotai Haitong Securities and GF Securities. The listing comes as Beijing continues to promote semiconductor and artificial intelligence self-reliance amid ongoing technological rivalry with the United States.