Business
Tencent-Backed AI Chip Startup EnFlame Begins Pre-IPO Tutoring, Set to Boost China’s Tech Industry
EnFlame, a Chinese AI chip start-up supported by Tencent and often likened to Nvidia, has indicated plans for an initial public offering (IPO). The Shanghai-based tech giant has already started the mandatory tutoring process required for IPO candidates in China.
Enflame, a Chinese artificial intelligence chip start-up supported by Tencent Holdings, has commenced the "mentoring" phase with an investment bank in anticipation of a forthcoming initial public offering (IPO).
The unicorn company based in Shanghai, which was valued at $1.65 billion last September as per Pitchbook, a venture deal monitor, has now employed China International Capital Corporation, one of the largest investment banks in the nation, to guide its executives on matters related to its impending IPO. This was revealed in a Monday statement from the China Securities Regulatory Commission (CSRC).
In China, before submitting their listing proposal to regulatory bodies, it is mandatory for all companies planning an Initial Public Offering (IPO) to undergo a coaching period that can last from three to 12 months. Enflame, however, has not revealed its intended location for going public or the amount it plans to secure.
Enflame, a favorite of China's government-supported semiconductor investment fund and major tech firms, had raised over US$742 million from eight rounds of funding as of last September, according to data from Pitchbook.
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