Shanghai-based Enflame Technology, an AI chipmaker backed by Tencent, will debut on Shanghai’s tech-focused STAR Market on September 11.

The company raised 6.1 billion yuan (US$913 million) in an initial public offering, according to an exchange filing.

The company sold 43 million new shares at 142.18 yuan (US$21) each, valuing it at about 61.2 billion yuan (US$9.12 billion).

Only 4.16% of its post-offering shares, or 17.9 million shares, will be tradable when it lists.

Enflame forecast a net loss of 700 million yuan (US$104 million) to 860 million yuan (US$128 million) for January to September, narrowing from 887.8 million yuan (US$132 million) a year earlier.

It projected revenue of 2.3 billion yuan (US$343 million) to 3 billion yuan (US$447 million) for the same period.

After the offering, Tencent will own a 17.95% stake in Enflame.

Tencent was also Enflame’s largest end customer in 2025, contributing 83.79% of the chipmaker’s revenue.

The IPO drew retail demand of 4,073x.

🔗 Source: Reuters