11 Sep 2026
Tencent-backed Enflame nearly triples on its Shanghai debut
11 Sep 2026: the Chinese AI-chip maker raised 6.12 billion yuan. It is still unprofitable. Treat the first-day print as a tape, not a product review.
11 Sep 2026: Reuters reported Shanghai Enflame Technology (688801.SS) closed up 179% on its STAR Market debut after raising 6.12 billion yuan ($912 million) in its IPO.
Reuters: Enflame sold 43.04 million new shares, 10% of enlarged capital. The offer price implied about 61.2 billion yuan of market value; the 397-yuan close implied about 171 billion yuan.
The same Reuters dispatch said China’s STAR 50 fell 1% and the CSI 300 dropped 0.84% that session — the pop was the stock, not the tape.
CNBC, same cycle: Enflame is the last of China’s “four little dragons” of AI chipmaking to list, plans to spend proceeds on next-generation chips, and reported 990 million yuan of 2025 revenue while still unprofitable.
A confirmed China-chip listing on a down day. The close is a print. Whether the silicon substitutes for restricted GPUs is a separate, unproven claim.
Sources
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