Tencent-backed Enflame triples in Shanghai debut as China AI chip bets surge

Enflame sold 43.04 million new shares, equal to 10% of its enlarged share capital, on Shanghai's tech-focused STAR Market.

Its offer price gave it a market value of about 61.2 billion yuan, according to its filing on Wednesday.

At around 430 yuan on Friday, Enflame's market value had jumped to roughly 185 billion yuan, more than triple the valuation at the IPO price.

Tencent 0700.HK is Enflame's largest shareholder, with a 17.95% stake after the offering, and was also the company's largest customer before the listing.

Sales linked to Tencent accounted for 83.79% of Enflame's 2025 revenue, its prospectus showed.

Enflame has yet to turn a profit. Its net loss narrowed to 1.16 billion yuan in 2025 from 1.51 billion yuan a year earlier, while revenue rose 37% to 990.2 million yuan, the prospectus showed.