The Enflame IPO is on. Shanghai Enflame Technology, an AI-chip startup backed by Tencent, has won listing-committee approval to raise about 6 billion yuan ($888m) on the Shanghai Stock Exchange’s STAR board, according to Bloomberg. 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. Founded in Shanghai in 2018 by ex-AMD engineer Zhao Lidong,…
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