Tencent-backed Enflame set for 188% surge in Shanghai trading debut
Shanghai Enflame Technology is set to open 188% higher at 410 yuan in its Shanghai debut, after raising 6.12 billion yuan in its IPO.
Shares of Shanghai Enflame Technology, a Chinese artificial intelligence chipmaker backed by Tencent, are set to open sharply higher in their Shanghai trading debut on Friday.
The stock is indicated to open at 410 yuan, a gain of 188% over its issue price, according to market expectations ahead of the listing.
The company raised 6.12 billion yuan, or about $912 million, in its initial public offering earlier this month, underscoring continued investor appetite for AI-related semiconductor firms in China.
Enflame's debut comes amid a broader push by Chinese technology companies to develop domestic AI chips, a segment that has drawn increasing attention from both investors and policymakers.
The listing is one of the larger recent offerings in Shanghai's technology-focused market, and its first-day performance will be closely watched as a gauge of sentiment toward China's semiconductor sector.
At the indicated opening price, the company's shares would more than double from their IPO level, reflecting strong demand for the offering.
The yuan was quoted at 6.7061 per dollar at the time of the listing.