Tencent-backed Enflame surges 188% in Shanghai debut after $912 million IPO

HONG KONG/SHANGHAI, Sept 11 : Chinese artificial intelligence chipmaker Shanghai Enflame Technology opened 188 per cent higher in its Shanghai debut on Friday, after the Tencent-backed company raised 6.12 billion yuan ($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 much as 475 yuan.

Enflame's debut adds to a rush of listings by Chinese companies seeking to supply computing chips for artificial intelligence, as Beijing pushes for home-grown alternatives to U.S. suppliers such as Nvidia.

The company is one of a group of Chinese AI chip startups sometimes called the "four little GPU dragons", alongside Moore Threads, MetaX and Biren Technology.