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腾讯投资的AI芯片制造商Enflame获上海证券交易所批准，以8.88亿美元进行首次公开募股 2026-06-16
Enflame Technology, a Tencent Holdings-backed maker of artificial intelligence chips, has had its CNY6 billion (USD888 million) initial public offering approved by the Shanghai Stock Exchange.
The exchange’s review committee gave Enflame the green light to list on the Nasdaq-style Star Market at a meeting on June 15, the SSE announced on the same day. The Shanghai-based company will be the last of “China’s four little graphics processing unit dragons" to go public, following Moore Threads, MetaX Integrated Circuits, and Biren Technology.
From the proceeds, Enflame will spend CNY1.5 billion and CNY1.2 billion on research, development, and industrialization of its fifth- and sixth-generation AI chips, respectively, according to its prospectus. The rest will go for collaborative innovation projects of advanced AI software and hardware.
Moore Threads was the first of the “four little GPU dragons" to list on the Star Market. It debuted on Dec. 5, followed by MetaX on Dec. 17. Biren Technology went public in Hong Kong on Jan. 2.
Established in 2018, Enflame has developed four generations of chip architectures, formed a product system encompassing AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, and AI computing and programming software platforms. Its net loss shrank 23 percent to CNY1.2 billion last year from 2024, while revenue surged 37 percent to CNY990.2 million (USD146.5 million).
Enflame has a close partnership with Tencent, developing chips for the internet giant's AI business since 2019, while Shenzhen-based Tencent has joined all of Enflame’s fundraisers since it was the lead investor in its pre-Series A round in August 2018.
Enflame's income from Tencent accounted for 33 percent of its total revenue in 2023, 38 percent in 2024, and 84 percent last year, its prospectus showed.
In addition, Tencent is one of Enflame's major shareholders, owning about a 20 percent stake as of June 7 when the prospectus was unveiled, behind only founders Zhao Lidong and Zhang Yalin, who, as persons acting in concert, together hold 28 percent.
Enflame also counts several state-backed institutions as shareholders, including National Integrated Circuit Industry Investment Fund Phase II, Shanghai Guofang Private Equity Fund Management, and China International Capital, which have stakes of 4.3 percent, 3.7 percent, and 2.5 percent, respectively.
Source: Yicai Global
