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Market Chatter: Enflame Tech Gets Nod for Shanghai IPO

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Shanghai Enflame Technology obtained approval for an initial public offering on the Shanghai Stock Exchange's STAR board, according to Bloomberg News on Monday, citing a prospectus from the company.

The chipmaker, which is backed by Tencent (HKG:0700), plans to raise up to 6 billion yuan from the IPO, according to the report.

Proceeds from the IPO will be used for the development and production of artificial intelligence cloud chips, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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