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Tencent Gains as Enflame AI Chip IPO Gets 6,109x Subscription

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Sig2.30Sen+2.40Env0.00Soc0.00Gov0.00

Tencent (TCEHY) rose to $56.19 as demand for Enflame’s IPO surged, with the online tranche subscribed 6,109 times. More than seven million accounts sought shares, while only 0.025% received an allocation. Enflame will raise 6.1 billion yuan (about $908 million) to build fifth- and sixth-generation AI processors, but it still needs to prove it can turn hype into sustainable earnings.

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