AI chipmaker Enflame sets subscription date for near $900 million Shanghai IPO

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August 24, 2026 11:05 PM EDT

FILE PHOTO: People walk past the Enflame booth during the World Artificial Intelligence Conference (WAIC) in Shanghai, China, July 17, 2026. REUTERS/Go Nakamura/File Photo

SHANGHAI, Aug 25 (Reuters) - Enflame ‌Technology, one of ​China's ​leading AI chipmakers, will open share subscriptions on September 2 for its 6 billion yuan ($892.21 million) IPO on Shanghai's ‌tech-heavy STAR Market, a regulatory filing showed late on Monday.

The ⁠chipmaker, backed by technology company Tencent Holdings, will issue 43.04 million new shares, representing ‌a 10% stake in its ‌enlarged share capital of approximately 430 million shares, with preliminary price consultations set to begin on August 28, the filing showed.

Of the ​total offering, an initial 8.61 million shares have been allocated to strategic investors, while 27.54 million and 6.89 million shares have ⁠been set aside for institutional and retail tranches, respectively.

Founded in 2018, Shanghai-based Enflame is grouped alongside ​Moore Threads, MetaX, and Biren Technology as one of China's "four little GPU dragons." The other three companies have all ​gone public over the past year, ‌riding a wave of global enthusiasm for semiconductor companies.

Enflame plans to allocate the proceeds to develop and commercialise its ⁠fifth- and sixth-generation AI chips, as well as advanced AI software and hardware collaborative innovation projects.

China's onshore technology IPOs are on track for their strongest ⁠year since 2023 as Beijing seeks to bolster listings of chip and artificial intelligence ​companies in a push for tech self-reliance amid the country's rivalry with the U.S.

But a roughly 45% slump in the shares of Unitree, China's best-known humanoid ‌robot maker, since a more than fivefold jump on its Shanghai debut has triggered concerns about bubble risk ‌and whether enthusiasm for AI and robotics has outpaced fundamentals.

CITIC Securities is ⁠acting as the lead underwriter ‌for Enflame's deal, with ​Guotai Haitong Securities and GF Securities as joint lead underwriters.

($1 = 6.7249 Chinese yuan renminbi)

(Reporting by Shanghai Newsroom; Editing by ‌Muralikumar Anantharaman)


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