IPOTencent-backed 'little dragon' raises $910m; tech stocks' post-IPO slumps draw scrutinyEnflame's products are displayed during the World Artificial Intelligence Conference (WAIC) in Shanghai in July 2026. (Photo by Tomoko Wakasugi)LORRETTA CHEN and WATARU SUZUKISeptember 11, 2026 10:39 JSTUpdated on September 11, 2026 16:32 JSTHONG KONG/SHANGHAI -- Shanghai Enflame Technology, one of China's leading makers of artificial intelligence chips and the country's answer to Nvidia, rose 179% in its first day of trading on Shanghai's bourse on Friday, after the company flagged a lower valuation relative to peers.
Chinese Nvidia challenger Enflame jumps 179% in Shanghai market debut
Tencent-backed 'little dragon' raises $910m; tech stocks' post-IPO slumps draw scrutiny
TL;DRAI
Enflame, Tencent-backed Chinese Nvidia challenger, surged 179% on Shanghai IPO debut, raising $910m with below-peer valuation. For tech leaders, this marks China's strategic push into domestic AI chip sourcing, pressuring Nvidia's market position and reshaping procurement decisions.
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