Shanghai Enflame Technology

Semiconductors · AI Chips · China Tech

IPO

Tencent-backed Enflame surges 188% in $912M Shanghai IPO debut

Investors are betting Chinese chipmakers can replace Nvidia as U.S. export controls squeeze access to advanced GPUs.

• Shanghai Enflame Technology's shares surged as much as 188% in their Shanghai STAR Market debut on Sept. 11, 2026, after the company raised 6.12 billion yuan ($912 million) in its IPO.
• Enflame designs AI training and inference chips marketed as domestic alternatives to Nvidia GPUs, part of Beijing's push for chip self-sufficiency.
• Tencent, Enflame's largest customer, held a 17.95% stake after the offering and accounted for nearly 84% of Enflame's 2025 revenue.
• Shares priced at 142.18 yuan valued Enflame at about 61.2 billion yuan; the stock hit 475 yuan intraday, pushing market value to roughly 185 billion yuan (about $27.6 billion).
• Enflame is the last of China's 'four little dragons' of AI chipmaking to go public, following MetaX, Moore Threads and Biren, all of which also surged on their debuts.
• Enflame's net loss narrowed to 1.16 billion yuan in 2025 on revenue of 990.2 million yuan, and it forecasts breakeven or profitability in 2026 or 2027.
• The blockbuster debut signals investor conviction that homegrown chipmakers can capture share from Nvidia as U.S. export curbs and China's self-sufficiency drive reshape its AI compute market.