TencentTencent shares fell about 1.9% as Enflame, a loss-making AI-chip developer backed by Tencent, priced its Shanghai IPO at 142.18 yuan and aimed to raise 6.1 billion yuan (~$908 million). The listing values Enflame at 61.8 times 2025 sales, higher than several China peers, with Tencent a major shareholder and Enflame’s biggest customer.
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