China’s domestic AI chip maker Suiyuan Technology is moving toward an IPO on Shanghai’s STAR Market.
The company plans to issue 43 million shares, representing 10% of its post-IPO total shares. The IPO will include strategic placement, institutional allocation, and online subscription. The initial inquiry will begin on August 28, with subscriptions opening on September 2.
Suiyuan, commercially known as Enflame, founded in 2018, is one of China’s “GPU Four Tigers” alongside Moore Threads, MetaX, and Biren Technology. The company plans to raise around CNY 6 billion (USD840 million), with the proceeds going toward its fifth- and sixth-generation AI chip development, commercialization, and AI hardware-software integration projects.
Suiyuan is still loss-making, highlighting how expensive the AI chip race has become.