Enflame Technology Goes Public on Shanghai Stock Exchange

Chinese artificial intelligence chip maker Enflame Technology is testing market appetite by launching an initial public offering worth 6.12 billion yuan on the Shanghai Star Market.

IPO Details and Shares

The Shanghai-based startup announced that it will issue 43.04 million shares at a price of 142.18 yuan per share. Online and offline subscriptions are expected to begin on Wednesday.

The Four Little Dragons Wave

This initial public offering represents the peak of a public fundraising wave by firms known as the "four little dragons" in China's artificial intelligence chip sector. Other players in the industry had previously taken similar steps.

Domain-Specific Architecture Preference

Instead of general-purpose graphics processing units, Enflame focuses on a domain-specific architecture strategy to increase efficiency in targeted tasks such as artificial intelligence inference.

Tencent Dependency and Competition

Tencent, the company's largest shareholder with a 20 percent stake, accounted for 84 percent of its revenue in 2025. The company also faces fierce competition from Huawei and other domestic rivals.