Shanghai Enflame Technology seeks $911M IPO backed by Tencent

Shanghai Enflame Technology, a Chinese AI chip designer backed by Tencent Holdings, is pushing forward with a massive initial public offering on the Shanghai STAR Market. The company plans to raise approximately 6.12 billion yuan, roughly $911 million, in what would mark a significant milestone for China’s domestic semiconductor ambitions. Enflame set its IPO price at 142.18 yuan per share, with plans to sell around 43 million shares. That amounts to roughly 10% of its enlarged share capital, giving the company a pre-IPO valuation of approximately $2.8 billion. The last dragon enters the arena Enflame holds a particular distinction in China’s AI chip landscape. It’s the final member of the so-called “four little dragons” of domestic AI chipmakers to reach public markets, joining Moore Threads, MetaX, and Biren Technology. The listing committee granted approval on June 15, 2026, clearing the last major regulatory hurdle. The company designs AI chips purpose-built for cloud training and inference workloads. Revenue expanded at a compound annual growth rate of about 81% from 2023 to 2025, reaching approximately 990 million yuan in 2025. The company posted a net loss of around 1.2 bill...