Tencent-backed AI chip startup Enflame wins approval for $888m IPO on Shanghai STAR board
By
Cristian Dina
Kettled twice. Extra chewy, extra trustworthy.
Summary
Shanghai Enflame Technology, a Tencent-backed AI chip startup, has received listing-committee approval for an IPO on the Shanghai Stock Exchange's STAR board, aiming to raise about 6 billion yuan ($888m). The company is the last of China's "four little dragons" — a group of domestic AI chipmakers that Beijing hopes will reduce China's dependence on Nvidia. Enflame plans to sell 10-15% of its shares and use the proceeds to develop its next two generations of AI cloud chips and related software. Founded in 2018 by ex-AMD engineers, the company represents a key piece of China's push for semiconductor self-sufficiency.
Key quotes
· 3 pulledThe Enflame IPO is on.
It is the last of China's 'four little dragons,' the cohort of homegrown AI chipmakers Beijing is counting on to break its reliance on Nvidia.
Enflame plans to sell 10 to 15 per cent of its shares and pour the proceeds into its next two generations of AI cloud chips and the software around them.
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