Enflame Technology, a leading Chinese artificial intelligence chipmaker backed by Tencent Holdings, announced plans for a 6 billion yuan IPO on Shanghai’s STAR Market. The company will issue 43.04 million new shares representing a 10% stake in its enlarged share capital of approximately 430 million shares, according to a regulatory filing released late on August 25.
The subscription process for the offering will commence on September 2, with preliminary price consultations beginning on August 28. Of the total shares being offered, 8.61 million have been allocated to strategic investors, while 27.54 million and 6.89 million shares have been designated for institutional and retail investors respectively. CITIC Securities is leading the underwriting effort, joined by Guotai Haitong Securities and GF Securities as joint lead underwriters.
Founded in 2018 and headquartered in Shanghai, Enflame operates as one of China’s four major GPU developers alongside Moore Threads, MetaX, and Biren Technology. The company intends to use IPO proceeds to advance development and commercialization of its fifth- and sixth-generation artificial intelligence chips, as well as support collaborative innovation initiatives in advanced AI software and hardware.
The IPO reflects broader momentum in China’s onshore technology listings, which are tracking toward their strongest year since 2023. Chinese policymakers have prioritized listings of semiconductor and artificial intelligence companies as part of efforts to strengthen technological self-reliance amid competitive tensions with the United States. However, concerns about valuation excesses have emerged following the substantial post-debut decline in shares of Unitree, a humanoid robot manufacturer, which experienced a significant pullback after surging on its Shanghai market debut.
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