Enflame Surges 200% in Shanghai Debut, Completing Quadfecta of China AI Chip Listings

Shares of Enflame Technologies advanced by over 200% during their first day of trading in Shanghai on Friday. The stock market debut concludes the listing wave of China's four major homegrown artificial intelligence chip companies.

The business, supported by Tencent, develops processors meant to compete with those from Nvidia. It has not yet achieved profitability.

Enflame Shares Gain 200% as AI Chip Firm Goes Public in China

Enflame priced its initial offering at 142.18 yuan. The stock opened at 410 yuan, representing a gain of 188%, according to SCMP. From there it advanced to a high of 475 yuan, or 234% above the issue price.

The retail portion of the offering was heavily oversubscribed, attracting bids for more than 6,000 times the available shares. As a result, Enflame increased the number of shares allocated to retail investors.

All three of its domestic rivals also jumped on their first day. MetaX climbed nearly 700% in December, Moore Threads gained more than 400% and Biren rose 76% in January. Memory maker CXMT likewise saw a strong response when it listed on the same exchange in July.

However, those initial peaks have not been sustained. Moore Threads now trades roughly 42% below its debut price, while MetaX is about 35% lower, based on Google Finance figures.

Nvidia Dominates the Segment Enflame Targets

International chip producers, led by Nvidia, accounted for almost 60% of China's AI accelerator market in 2025, according to IDC data cited by CNBC.

U.S. export restrictions have limited Nvidia's shipments to China's computing market. Beijing has also shown little willingness to purchase advanced foreign semiconductors.

Domestic chips are beginning to handle actual workloads. Z.ai stated that its GLM-5.3-Flash model runs entirely on processors made in China. Analysts think the company used a combination of Huawei chips alongside components from Enflame and other local providers.

Meanwhile, Enflame posted revenue of 990 million yuan, roughly $147 million, for 2025. That compared with 722 million yuan a year earlier.

The proceeds from the listing will be used to develop its fifth- and sixth-generation processors. The company aims for those products to compete with high-end offerings from foreign rivals. Goldman Sachs forecasts that China's semiconductor capital spending will hit $82 billion by 2030.