Infilim IPO demand outstrips supply

Shanghai Enflame Technology, a company specializing in artificial intelligence chips and backed by Tencent, has seen record-breaking IPO applications that exceeded the available shares by 6,109 times, reflecting strong investor confidence in China's domestic chip industry. Following this, over 7 million investment accounts participated, prompting the company to transfer 3.4 million shares from institutional investors to individual investors. The company aims to raise approximately $908 million by offering 43 million shares at a price of 142.18 yuan per share, with the proceeds intended to fund the development and production of fifth- and sixth-generation AI chips. This record-breaking demand comes amid China's efforts to enhance technological self-sufficiency and reduce reliance on American chips, especially given U.S. restrictions on exporting advanced technology to China. Although the company has not yet turned a profit, Enflame enjoys strong backing from Tencent, its largest client and shareholder. The high demand for its IPO reflects the ongoing momentum in China's AI chip market.

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