Business
Tencent-backed AI Chip Unicorn Enflame Begins IPO Preparations in China: Aims to Emerge as Domestic Nvidia Rival
EnFlame, a Chinese AI chip start-up backed by Tencent and aspiring to rival Nvidia, has signaled its intention to go public. The Shanghai-based unicorn has started the mandatory tutoring process required for IPO applicants in China.
Enflame, a Chinese artificial intelligence chip start-up supported by Tencent Holdings, has begun the "coaching" phase with an investment bank in preparation for its anticipated initial public offering (IPO).
The unicorn company based in Shanghai, which was estimated to be worth US$1.65 billion last September according to investment transaction monitor Pitchbook, has enlisted the services of China International Capital Corporation – one of the largest investment banks in the country. They're tasked with guiding the company's top brass on matters pertaining to their Initial Public Offering (IPO), as revealed by the China Securities Regulatory Commission (CSRC) in a Monday statement.
In China, all companies applying for an Initial Public Offering (IPO) must undergo a period of coaching prior to submitting their listing proposal to regulatory bodies. This procedure can last anywhere from three months to a year. Enflame has yet to reveal its intended location for going public or the amount it hopes to generate.
Enflame, a favorite among China's state-supported chip 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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