Enflame Technology Skyrockets 200% in Shanghai IPO as Chinese AI Chip Sector Gains Momentum

Chinese artificial intelligence chipmaker Enflame Technology, backed by Tencent, saw its stock surge about 200% in its Shanghai debut on Friday after raising 6.12 billion yuan ($912 million) in its initial public offering. The strong investor demand for domestic AI computing technology was evident as Enflame shares opened at 410 yuan, tripling from the IPO price of 142.18 yuan, and reaching a high of 475 yuan before settling around 430 yuan, propelling the company’s market value to roughly 185 billion yuan, over three times its IPO valuation as reported by Reuters. The successful debut of Enflame Technology came amidst a…