Shanghai Enflame shares surge 188% on Friday debut after $912 million IPO

Shanghai Enflame Technology shares opened 188 per cent higher on Friday during their listing on the Shanghai Stock Exchange. The company listed at 410 yuan and climbed to a peak of 475 yuan before closing the session. Earlier this month, the Tencent-backed firm sold stock raising 6.12 billion yuan, equivalent to $912 million. This transaction occurred at an offer price of 142.18 yuan. Industry analysts note that Enflame is part of a group known as the four little GPU dragons, which includes Moore Threads, MetaX, and Biren Technology. These startups are developing domestic alternatives to U.S. competitors like Nvidia amid export controls and Beijing's push for technology self-sufficiency. The company represents the final member of this group to go public in 2026. Other members have already achieved significant gains since listing. MetaX gained nearly 700 per cent, Moore Threads over 400 per cent, and Biren jumped 76 per cent in early listings. Investment data indicates international chipmakers accounted for approximately 60 per cent of China's AI accelerator market in 2025. Enflame faces competition within a domestic market seeking to reduce reliance on foreign supply chains.