Enflame Technology, a Tencent-backed Chinese AI chipmaker, saw its shares surge as much as 234% in their September 11 Shanghai trading debut amid strong investor demand for domestic Nvidia alternatives. The IPO’s retail tranche was oversubscribed roughly 4,073 times, and the company raised about 6.12 billion yuan ($913 million). Enflame, one of China’s ‘four little dragons’ of AI chipmaking, posted 2025 revenue of 990 million yuan but is not yet profitable, and plans to use the proceeds for its fifth- and sixth-generation AI chips.
