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Shanghai Enflame Technology shares soared roughly 200% during their Shanghai market debut on Friday, highlighting strong investor demand for Chinese AI chipmakers as Beijing accelerates efforts to reduce dependence on Nvidia and other U.S. semiconductor suppliers.
The Tencent-backed AI chip company opened at 410 yuan per share, nearly triple its initial public offering price of 142.18 yuan. Enflame shares climbed as high as 475 yuan before trading near 430 yuan, giving the company a market valuation of approximately 185 billion yuan ($27.6 billion).
Enflame raised 6.12 billion yuan ($912 million) through the sale of 43 million new shares. The IPO initially valued the company at around 61.2 billion yuan. Only 4.16% of its post-IPO shares were available for trading on its debut, creating a limited float amid exceptionally strong demand.
Investor appetite was already evident during the offering. Enflame's online IPO attracted orders exceeding the available shares by more than 6,000 times, while over 7 million investor accounts participated.
The company is considered one of China's "four little GPU dragons," alongside Moore Threads, MetaX and Biren Technology. Enflame develops processors and computing systems designed for artificial intelligence workloads, putting it among the domestic semiconductor companies benefiting from U.S. restrictions on exports of advanced Nvidia chips and related technology to China.
Tencent remains Enflame's largest shareholder following the listing, holding a 17.95% stake. The technology giant was also Enflame's biggest customer in 2025, generating 83.79% of the chipmaker's revenue.
Despite rapid sales growth, Enflame remains unprofitable. Revenue increased 37% to 990.2 million yuan in 2025, while the company recorded a net loss of 1.16 billion yuan.
Enflame plans to use the IPO proceeds to develop next-generation AI processors and large-scale computing systems as it seeks a bigger position in China's rapidly expanding domestic AI computing market.
