Lenovo, iFlytek, Alibaba and Tuling Century-backed AI processor provider Cambricon, valued at $2.5bn in 2018, floated on Shanghai's Star Market.

China-based artificial intelligence chipmaker Cambricon Technologies has priced a RMB2.58bn ($368m) initial public offering that will achieve exits for corporates Alibaba, Lenovo, iFlytek and Tuling Century, Reuters reported on Monday.

The offering will consist of 40.1 million shares issued on the Shanghai Stock Exchange’s Star Market at a price of RMB64.39 each. The allocation makes up about 10% of Cambricon’s shares, according to the IPO prospectus.

Cambricon provides AI processors for use in mobile devices and servers. One of its…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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