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EnFlame, China’s AI Chip Unicorn, Begins IPO Preparation: Tencent-Backed Firm Embarks on Mandatory ‘Tutoring’ Process
Tencent-supported AI chip start-up EnFlame, often considered China's version of Nvidia, has hinted at its plans for an Initial Public Offering (IPO). The Shanghai-based tech giant has initiated the mandatory tutoring process that any IPO applicant in China must undergo.
Enflame, a Chinese artificial intelligence chip start-up supported by Tencent Holdings, has initiated a "coaching" phase with an investment bank in preparation for a forthcoming initial public offering (IPO).
The unicorn company based in Shanghai, which was estimated to be worth US$1.65 billion last September according to Pitchbook, a venture deal tracking firm, has engaged the services of China International Capital Corporation. This corporation is one of the largest investment banks in the country, and they have been brought on board to guide the company's executives on matters related to an Initial Public Offering (IPO). This was disclosed in a statement released on Monday by the China Securities Regulatory Commission (CSRC).
In China, all companies applying for an IPO must undergo mentoring prior to submitting their listing proposal to authorities. This procedure typically lasts anywhere from three to 12 months. Enflame has not revealed its intended location for going public or the amount it hopes to generate.
Enflame, a favored company of China's government-supported chip investment fund and major tech firms, had raised over US$742 million from eight financing rounds by last September, according to data from Pitchbook.
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