Enflame AI-chip IPO draws heavy demand in Shanghai

The online tranche was subscribed 6,109 times over, reports said. The company plans to raise about 6.1 billion yuan through 43 million shares to build fifth- and sixth-generation AI chips.

The demand shows the strategic premium on domestic accelerators under export controls.

The company is unprofitable, and Tencent is both a major shareholder and its largest customer. Demand is not evidence of chip competitiveness.