Shanghai Enflame Technology Co. priced its initial public offering on Shanghai's STAR Market at 142.18 yuan ($21.16) per share. The Tencent-backed company plans to sell 43.04 million shares. The sale aims to raise approximately 6.12 billion yuan ($911 million).
Enflame operates as a leading developer in China’s national push for AI chip self-reliance. The company will use the proceeds to fund the research, development, and commercialization of next-generation AI chips. Funds will also support software-hardware integration projects. Share subscription for the IPO begins on September 2.