Tencent-backed Enflame triples in Shanghai debut as China AI chip bets surge
- HONG KONG: Chinese artificial intelligence chipmaker Shanghai Enflame Technology surged about 200 per cent in its Shanghai debut on Friday (Sep 11), after the 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.
- China's STAR Market dropped more than 2 per cent, while the CSI 300 Index was down 1.43 per cent.
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- HONG KONG: Chinese artificial intelligence chipmaker Shanghai Enflame Technology surged about 200 per cent in its Shanghai debut on Friday (Sep 11), after the 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.
- China's STAR Market dropped more than 2 per cent, while the CSI 300 Index was down 1.43 per cent.
Sources: CNA