AI chip designer surges in STAR Market debut
Cambricon Technologies Co, a chip designer specializing in artificial intelligence technologies, surged 230 percent in its first trading day on the Shanghai STAR Market on Monday.
The placement makes Cambricon the first publicly listed AI chip designer in China. Its market value has reached 85 billion yuan (US$12.1 billion), ranking No. 7 on the tech-heavy board.
Cambricon's shares closed at 212.4 yuan on Monday, after hitting an intraday high of 295 yuan, compared with its initial public offering price of 64.39 yuan. In total, it raised 2.58 billion yuan in the IPO.
Founded in 2016, Beijing-based Cambricon offers artificial intelligence technologies and chips. It has invested heavily to build a facility in the Lingang New Area of the China (Shanghai) Pilot Free Trade Zone.
By 2019, the company had 680 researchers, accounting for 79 percent of its total staff.
Firms including Alibaba, iFlytek and Lenovo are investors in Cambricon.