Chinese cloud AI chipmaker Enflame Technology officially began trading on the STAR Market of the Shanghai Stock Exchange on Sept. 11, with an IPO price of ¥142.18 per share. At press time, the stock was quoted at ¥418, up 193.99% from the offering price. Turnover reached ¥3.404 billion, turnover rate stood at 44.82%, amplitude was 47.83%, and the intraday range ran from ¥407 to ¥475. The company’s total market capitalization was ¥179.887 billion.
Founded in March 2018, Enflame uses a self-developed DSA architecture and has rolled out five cloud AI chips across four architecture generations. Its product lineup covers AI chips, accelerator cards and modules, as well as intelligent computing systems and clusters. The company said cumulative shipments of its third-generation S60 product reached 160,000 units.
Revenue came in at ¥301 million in 2023, ¥722 million in 2024, and ¥990 million in 2025. In the first half of 2026, revenue reached ¥1.12 billion, up 279.08% year over year. Tencent-affiliated entities are Enflame’s largest external shareholder, holding 20.26% together with persons acting in concert, and also its largest customer, accounting for 83.79% of 2025 sales revenue. The company issued 43.0352 million shares in the offering, raising about ¥6.119 billion for fifth- and sixth-generation AI chip R&D and commercialization.
According to ChainCatcher, Chinese cloud AI chipmaker Enflame Technology officially listed on the STAR Market of the Shanghai Stock Exchange on Sept. 11 at an offering price of ¥142.18 per share.
At press time, the stock was trading at ¥418, up 193.99% from the IPO price. Turnover reached ¥3.404 billion, the turnover rate was 44.82%, and amplitude was 47.83%. The stock touched an intraday high of ¥475 and a low of ¥407, giving the company a total market capitalization of ¥179.887 billion.
Products and architecture
Enflame Technology was founded in March 2018. The company uses a self-developed DSA architecture and has iterated through four architecture generations and launched five cloud AI chips. Its offerings cover AI chips, accelerator cards and modules, as well as intelligent computing systems and clusters. Cumulative shipments of its third-generation S60 product reached 160,000 units.
Revenue and shareholder structure
Revenue was ¥301 million in 2023, ¥722 million in 2024, and ¥990 million in 2025. In the first half of 2026, the company posted revenue of ¥1.12 billion, up 279.08% year over year.
Tencent-affiliated entities are Enflame’s largest external shareholder. Together with persons acting in concert, they hold 20.26% of the company. They are also its largest customer, with sales to Tencent accounting for 83.79% of total revenue in 2025.
Offering size and use of proceeds
Enflame sold 43.0352 million shares in the public offering, raising about ¥6.119 billion. The proceeds are mainly set to fund R&D and commercialization projects for the company’s fifth- and sixth-generation AI chips.
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