(Yicai Global) July 17 -- Cambricon Technologies, a Chinese designer and maker of artificial intelligence chips, will go public on Shanghai’s Star Market on July 20, planning to raise CNY2.6 billion (USD371.3 million).

The shares will be priced at CNY64.40 (USD9.20), the Beijing-based company said in a statement yesterday. It opened for subscription on the one-year-old tech and science bord on July 8.

Cambricon plans to sell 40.1 million shares, or 10 percent of its total equity, to support the firm's core business, including cloud training, inference, and edge-end artificial intelligence, according to its earlier filing.

Brothers Chen Tianshi and Chen Yunji co-founded Cambricon in 2016 to make semiconductors that help smart servers and other devices better understand human behavior. The firm, which counts Alibaba Capital Partners, China Reform Holdings, and iFlytek as some of its investors, is one of the few Chinese companies whose AI chips are widely used, it deemed.

Since the firm is quite newly established, its future development prospects are uncertain, Cambricon warned possible investors.

The chipmaker expects a net loss of between CNY400 million and CNY650 million (up to USD92.8 million) this year, according to its filing from earlier this month. Last year, it lost CNY1.2 billion on revenue of CNY444 million. Its R&D spending was more than double its operating income.

Editor: Emmi Laine