Shanghai Enflame stock jumps 179% on debut day, raises $910 million
China's AI chipmaker Shanghai Enflame Technology surged sharply in its first trading session, raising $910 million from investors while facing a lower initial valuation compared to peers.
Shanghai Enflame Technology, a major domestic producer of artificial intelligence chips and a primary rival to Nvidia, saw its shares climb 179 percent during the opening day of trading on the Shanghai Stock Exchange. The company raised $910 million from investors in this initial public offering. Trading activity occurred in Shanghai. On Friday, September 11, the firm disclosed that its estimated market value remained below that of other industry peers. The launch coincided with a period where technology stocks experienced declines following their initial public offerings. Shares traded on the bourse during this first session. Enflame's products were visible at the World Artificial Intelligence Conference held in Shanghai in July.
