Tencent-backed Chinese AI chipmaker Shanghai Enflame Technology (688801.SS) closed up 179% in its Shanghai STAR Market debut on Friday, after raising 6.12 billion yuan ($912 million) in its initial public offering, Reuters reported. The stock opened at 410 yuan against an offer price of 142.18 yuan, hit 475 yuan and settled at 397 yuan.
Enflame sold 43.04 million new shares, equal to 10% of its enlarged capital. It is the last of China’s four little GPU dragons to list, following Moore Threads, MetaX and Biren Technology. Tencent is the largest shareholder after the offering.
The company is not yet profitable. Revenue rose to 990.2 million yuan in 2025 while its net loss narrowed. Enflame plans to put most IPO proceeds into fifth- and sixth-generation AI chips, software and computing systems as Beijing pushes domestic AI accelerators.