Shanghai Enflame triples in value after 200% surge on debut listing
Tencent-backed AI chipmaker raised $912 million before stock hit four times its offering price.
Shanghai Enflame Technology raised US$912 million during its initial public offering on the Shanghai STAR Market, resulting in a post-debut market valuation roughly 185 billion yuan. Shares opened at 410 yuan against an offer price of 142.18 yuan and peaked near 475 yuan before settling around 430 yuan. The company sold 43.04 million new shares, representing 10% of its enlarged share capital. Despite the strong performance in a market that had previously lost more than 2%, Enflame remains loss-making. Financial data indicates Tencent accounted for 83.79% of 2025 revenue for the firm. Shenzhen-based analyst Shen Meng stated GPU businesses offered clearer growth prospects than concept stocks. Industry observers note Enflame is part of a group of domestic AI chip startups competing to replace US suppliers.
