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Jun 16, 20262
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Enflame Technology Wins Shanghai IPO Approval as Last of China's 'Four Little GPU Dragons' to Go Public
Enflame Technology, a Tencent-backed AI chipmaker, has secured Shanghai Stock Exchange approval to list on the STAR Market with a planned 6 billion yuan ($888 million) IPO, becoming the final member of China's 'four little GPU dragons' to go public. The company will use proceeds to develop fifth- and sixth-generation AI chips and advance software-hardware integration projects, targeting profitability by 2027.
Quick Facts
Who
Enflame Technology
What
IPO approval received on Shanghai STAR Market
When
2026-06-16
Where
Shanghai
- IPO approval received on Shanghai STAR Market
- Plans to raise 6 billion yuan
- Developing fifth- and sixth-generation AI chips
- Advancing software-hardware integration projects
- Net loss decreased 23 percent
Enflame Technology, a Shanghai-based AI chipmaker backed by Tencent Holdings, has received approval from the Shanghai Stock Exchange to list on the STAR Market, with plans to raise 6 billion yuan ($888 million). The company, established in 2018, will become the last of China's 'four little graphics processing unit dragons' to go public, following Moore Threads (December 5, 2025), MetaX Integrated Circuits (December 17, 2025), and Biren Technology (January 2, 2026).
Enflame plans to allocate 1.5 billion yuan and 1.2 billion yuan toward research, development, and industrialization of its fifth- and sixth-generation AI chips, respectively, with the remainder directed toward collaborative innovation projects for advanced AI software and hardware integration. The company has achieved significant financial progress, with net losses shrinking by 23 percent to 1.2 billion yuan in 2025 while revenue surged 37 percent to 990.2 million yuan (approximately $146.5 million). The company targets profitability by 2027.
Enflame has developed four generations of chip architectures and offers a comprehensive product ecosystem including AI chips, accelerator cards, modules, intelligent computing systems, and AI computing software platforms. Since its founding, the company has maintained a close partnership with Tencent, developing chips for the internet giant's AI operations since 2019. Tencent serves as a major shareholder with approximately 20 percent ownership, behind only co-founders Zhao Lidong and Zhang Yalin, who collectively hold 28 percent. Tencent has participated in all of Enflame's fundraising rounds since leading the pre-Series A investment in August 2018.
Enflame's revenue dependency on Tencent has grown significantly, accounting for 33 percent of total revenue in 2023, 38 percent in 2024, and 84 percent in 2025. Beyond Tencent, the company counts several state-backed institutions as shareholders, including the National Integrated Circuit Industry Investment Fund Phase II (4.3 percent stake), Shanghai Guofang Private Equity Fund Management (3.7 percent), and China International Capital (2.5 percent), reflecting strong government support for domestic AI chip development.
Why This Matters
Enflame's IPO completion marks a significant milestone for China's domestic AI chip industry, consolidating the country's strategic push for semiconductor self-sufficiency. As the final member of the 'four little GPU dragons' to go public, it signals sustained investor confidence in Chinese AI chip makers despite global competition. The company's growing revenue dependency on Tencent and backing from state institutions underscore how government policy and tech giants are actively shaping China's AI infrastructure, while its path to profitability by 2027 demonstrates the industry's maturation trajectory—directly impacting China's AI competitiveness and supply chain resilience.
Timeline & Sources
Jan 1, 2019
WireEnflame begins developing AI chips for Tencent
Dec 5, 2025
WireMoore Threads lists on Shanghai STAR Market (first of 'four little GPU dragons')
Dec 17, 2025
WireMetaX Integrated Circuits lists on Shanghai STAR Market
Jan 2, 2026
WireBiren Technology lists on Hong Kong exchange
Jun 16, 2026
WireShanghai Stock Exchange approves Enflame's IPO on STAR Market
Jan 1, 2027
WireEnflame targets achieving profitability