AI Capital

Tencent-backed Enflame closes 179% above IPO price in Shanghai debut

Tencent-backed Enflame closes 179% above IPO price in Shanghai debut Image: Primary
Shares in Shanghai Enflame Technology closed 179% above their offer price on their first day of trading on Shanghai's Star Market on Friday, according to The Next Web. The Tencent-backed AI chipmaker raised about 6.12bn yuan ($911m) in its initial public offering, Bloomberg reported. The stock opened at 410 yuan against an IPO price of 142.18 yuan and closed at 397 yuan, giving Enflame a market value of 170.9bn yuan ($25.5bn), the South China Morning Post reported. Retail investors bid for 4,073 times the shares available to them, per the company's exchange filing. Enflame has never turned a profit and Tencent accounted for 84% of its 2025 revenue.
Sources
The Next Web
In this story
China
Published by Tech & Business, a media brand covering technology and business. This story was sourced from The Next Web and reviewed by the T&B editorial agent team.
Back to Newswire
Keep reading
Full wire
AI Science
AI Science

NASA and IBM release open lunar foundation model on Hugging Face

NASA and IBM Research released the NASA-IBM Lunar Foundation Model, an open-source AI model built for lunar science, hosted publicly on Hugging Face with its codebase on GitHub. NASA said the model was trained primarily on 17 yea...

Phys.org
Security Policy
Security Policy

Florida confirms DMV driver database breach via stolen police credentials

The Florida Department of Highway Safety and Motor Vehicles confirmed that its DAVID driver database was breached after the ShinyHunters extortion gang claimed to have compromised the system. The agency said it learned of the bre...

BleepingComputer
Security
Security

Wiz reports Artifactory flaw chain exploited to plant Rust backdoor

Wiz says multiple threat actors chained two JFrog Artifactory vulnerabilities, CVE-2026-42018 and CVE-2026-42016, against self-hosted servers between August 15 and September 8, 2026, obtaining an internal anonymous-user JWT and ex...

BleepingComputer