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China tech

China's top AI chip unicorn to raise $368m in Shanghai debut

Beijing wants Cambricon to become homegrown rival to Intel and Nvidia

TAIPEI -- China's flagship artificial intelligence chip startup Cambricon Technologies is set to raise 2.58 billion yuan ($368 million) in its initial public offering that Beijing hopes will accelerate its challenge to dominant U.S. rivals.

The IPO on Shanghai's STAR tech market would be the first by a Chinese homegrown AI chip startup and would underline Beijing's commitment to facilitating capital flow to strategic chip developers. It follows a plan by Semiconductor Manufacturing International Corp. -- China's biggest contract chipmaker -- to raise at least $6.55 billion in the biggest-ever offering on STAR, which China touts as its version of the U.S. Nasdaq market.

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