Tencent-Backed AI Chipmaker Enflame Eyes $9 Billion Valuation in IPO

Shanghai Enflame Technology Co.

Ltd., the last of China’s five closely watched AI-chip startups to reach the public market, is set to raise 6.12 billion yuan ($911 million) in a Shanghai listing that will value the company at about 61.2 billion yuan. The company priced its STAR Market initial public offering at 142.18 yuan a share and will sell more than 43 million shares, or about 10% of its enlarged share capital.