Tencent's domestic AI-chip partner raised $912 million ahead of its September 11 listing.
Tencent slipped to $54.80 while its Hong Kong shares closed 0.3% lower at HK$434 ahead of the Shanghai market debut of its artificial intelligence chip partner Enflame on September 11. Enflame secured $912 million in its initial public offering.
The offering gives Enflame an initial valuation of approximately $9.12 billion. Tencent remains the startup's largest shareholder with a 17.95% stake, which is worth roughly $1.64 billion at the IPO price.
Tencent generated 83.79% of Enflame's 2025 revenue. Enflame expects its nine-month revenue to surge between 326% and 455%, but it still projects a net loss ranging from 700 million to 860 million yuan.
Share prices can rise and fall. Past performance does not guarantee future results. This article is news, not investment advice.
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