Enflame plans to raise 6 billion yuan from the planned Shanghai listing to develop next-generation chips, with a goal to turn a profit by 2027

Shanghai Enflame Technology secures STAR Market IPO approval, targeting an $830M raise to fund next-gen AI chips despite $600M in cumulative losses.

Tencent-backed Enflame won approval to raise about 6 billion yuan ($888m) on Shanghai's STAR board, the last of China's four big AI chipmakers to list.