Shanghai Enflame Technology closed 179% higher on its Shanghai STAR Market debut, finishing at 397 yuan a share against an IPO offer price of 142.18 yuan, according to multiple market reports covering the Sept. 11, 2026 session.
Shares opened at 410 yuan and traded as high as 475 yuan before settling at 397 yuan. That close valued the company at about 171 billion yuan, versus roughly 61 billion yuan at the offer price.
Enflame sold about 43.04 million new shares and raised about 6.12 billion yuan on the STAR Market under ticker 688801. Dollar conversions of the raise have been reported around $910 million to $912 million, depending on the exchange rate used.
The listing made Enflame the last of a group of Chinese AI chip startups known as the “four little GPU dragons” to go public, Yicai Global reported. Coverage in the South China Morning Post and Nikkei Asia has framed the Shanghai designer as part of China’s push for domestic alternatives to Nvidia while U.S. export rules constrain advanced GPU supply.
Tencent Holdings backed Enflame and is widely described as its largest institutional shareholder. Reports citing the company’s prospectus have put Tencent’s post-offering stake at about 17.95% and said sales linked to Tencent accounted for roughly 84% of Enflame’s 2025 revenue. Those prospectus figures were not independently verified in the secondary sources available for this story, and Enflame did not issue a fresh public comment in the coverage reviewed here.
Enflame remains unprofitable. Reports citing filing figures said 2025 revenue rose about 37% while the net loss narrowed, and that first-half 2026 revenue jumped while losses continued. Near-term revenue and loss guidance in some accounts also traces to prospectus citations rather than a new company release.
The debut underscores investor appetite for domestic AI silicon on the STAR Market even as customer concentration remains a risk: the same backer credited with most of Enflame’s recent sales is also reported as its top shareholder. How quickly that demand broadens beyond Tencent will matter as much as the first-day pop.