All four of China’s homegrown AI chip startups have now reached the public markets. Shanghai Enflame Technology completes the set with a STAR Market listing priced at 142.18 yuan per share, an offering of about 43M shares that should raise 6.12B yuan, roughly $911M.
The stock sale hands investors a 10 percent slice of the company and closes a chapter that began with Moore Threads, which jumped 425 percent on its December debut. Biren and MetaX listed in between, and the group now carries the hopes of a sector still dominated by Nvidia.
Enflame’s relationship with Tencent is unusually deep for a chip startup. The internet giant owns a fifth of the company and bought 84 percent of its 2025 output, up from about 38 percent the year before. The prospectus says Tencent’s demand for accelerator cards already exceeds what Enflame can supply.
Founded in 2018, the startup makes accelerators aimed at cloud and data-center deployments, a segment where foreign vendors still ship most of the hardware China buys.
Beijing’s push to substitute domestic silicon has created a receptive market for the listing, which follows the blockbuster CXMT IPO and adds to a wave of Chinese chip companies raising capital to expand production capacity.
