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Enflame Stock Jumps 206% on Shanghai IPO Debut
Why is Enflame stock up today?
Enflame (688801.SS) stock surged 206% to a market cap of $27.9 billion on Friday as the Tencent-backed AI chipmaker debuted on Shanghai's STAR Market after its $911 million IPO, completing China's four-GPU-dragon listings.
Key numbers
| Debut surge | +206%opened +188% at 410 yuan; closed ~435 yuan vs 142.18 yuan IPO price |
|---|---|
| IPO proceeds | ¥6.12B ($911M)43.04M shares at 142.18 yuan; third-highest Shanghai/Shenzhen IPO price in 2026 |
| Retail oversubscription | 6,109×online book vs shares available at subscription close |
| 2025 revenue | ¥990M+37% vs ¥722M in 2024; nearly 3× 2023's ¥301M |
| 2025 net loss | ¥1.16BNarrowed from ¥1.51B in 2024 and ¥1.67B in 2023 |
| H1 2026 revenue guidance | ¥1.06B–¥1.15B+258% to +289% YoY; would exceed all of 2025 in one half-year |
What happened
Enflame (688801.SS) stock surged 206% to a market cap of $27.9 billion on Friday as the Tencent-backed AI chipmaker debuted on Shanghai's STAR Market after its $911 million IPO, completing China's four-GPU-dragon listings. Shares opened at 410 yuan — a 188% jump from the 142.18 yuan issue price — before climbing further to close up 206%, giving Enflame an end-of-day value of roughly 187 billion yuan. Retail investors had bid for 6,109 times the available shares during the subscription period, the third-highest issue price of any Shanghai or Shenzhen listing this year. Enflame, founded in 2018 by two former AMD engineers, reported 990 million yuan in 2025 revenue — nearly treble its 2023 level — while net losses narrowed to 1.16 billion yuan.
Why it matters
Enflame's listing completes China's full set of home-grown GPU challengers in public markets, a milestone in Beijing's push to cut dependence on Nvidia chips blocked by US export controls. Nvidia still commands roughly 55% of China's AI accelerator market while Enflame holds about 1.7%, but capital from all four IPOs now gives domestic rivals the funding to scale production and close that gap. For everyday investors, the story shows that markets are pricing in enormous optimism for AI chip companies — even ones still losing money.
Who this affects
- MarketbullishMedium impact
- China AI chip stocks broadly lifted on debut fever.
- CompanybullishHigh impact
- Enflame secures $911M to develop next-generation AI chips.
- CompetitorsbearishMedium impact
- Nvidia faces better-funded local rivals in China's AI market.
- IndustrybullishHigh impact
- China now has four listed domestic GPU chipmakers, all funded.
Enflame vs Cambricon, Moore Threads, Biren
| Enflame688801.SS | ¥187B ($27.9B) | +206%* | ¥990M ($148M) | No |
|---|---|---|---|---|
| Cambricon688256.SS | ¥656B ($98B) | -3.4% | ¥6.50B ($970M) | Yes (2025) |
| Moore Threads688795.SS | ¥300B ($45B) | — | — | Marginally |
| Biren Technology— | HK$90B ($12B) | — | — | No |
As of 2026-09-11
How we got here
Enflame founded in Shanghai by former AMD engineers Zhao Lidong and Zhang Yalin
Moore Threads debuts on STAR Market, first GPU dragon public, surges 425%
MetaX lists on STAR Market, second GPU dragon, surges 693% on debut
Biren Technology lists on Hong Kong Stock Exchange, third GPU dragon public
Enflame debuts +206% on STAR Market, all four GPU dragons now public
What to watch
- Enflame H1 2026 results vs ¥1.06B–¥1.15B revenue guidanceQ4 2026
- US AI chip export restriction updates and TSMC supply chain accessQ4 2026
- Revenue diversification beyond Tencent's 83.8% concentration risk2027
Educational content only. Not investment advice.
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