Shanghai Enflame Technology Co., one of China’s homegrown AI chip contenders, has secured approval for its initial public offering on the Shanghai Stock Exchange’s STAR Market. The company is targeting a raise of approximately RMB 6 billion, roughly $830 million, to fund the development and mass production of its next-generation AI semiconductors.
The IPO application was accepted on January 22, 2026, with the listing committee review set for June 15, 2026. If all goes according to plan, this would mark one of the largest AI chip listings on the STAR Market, a board specifically designed to nurture China’s most ambitious tech companies.
A Tencent-backed chip play with big ambitions
Enflame was founded in 2018 in Shanghai and has roughly 860 employees. The company develops cloud deep-learning chips under its Yunsui series, along with full-stack AI acceleration products.
Its biggest backer is Tencent, which holds approximately 20.26% equity in the company. That kind of strategic shareholder tends to double as a major customer, which is worth noting when evaluating revenue quality.
