Chinese AI start-up raises $367.7m through IPO On Shanghai’s star market

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Cambricon, one of China’s most valuable AI chip start-ups, has set a listing price of 64.39 yuan per share on Shanghai’s Star Market It is offering 40.1 million new shares through the listing, or about 10 per cent of its total shares after the IPO.

The company is offering 40.1 million new shares through its listing on Shanghai’s star market, according to its prospectus released on Tuesday. This will make up about 10 per cent of its total shares after the IPO, the prospectus added.

Cambricon’s IPO values the company at 25.7 billion yuan, or 58.03 times its 2019 earnings, above the average price-to-sales ratio of 34.54 for five of its China-listed peers, according to the prospectus.

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