Chinese artificial intelligence chip pioneer Cambricon Technology will go public on China's Nasdaq-style sci-tech innovation board known as the STAR market.

Cambricon said in its prospectus that it aims to raise no more than 2.8 billion yuan ($396 million).

On December 5, 2019, Cambricon and CITIC Securities signed an A-share listing guidance agreement, paving way for Cambricon to be listed on the STAR market.

The company said in a filing that it recorded 444 million yuan in revenue in 2019, and posted a net loss of about 1.179 billion yuan that year.

Founded in March 2016 by two brothers – Chen Tianshi and Chen Yunji – with a background in computer science, Cambricon has quickly grown into a major force in the booming Chinese semiconductor industry.

Cambricon's AI chip intellectual property products have powered smartphones and data servers including those made by Huawei Technologies Co and Alibaba Group