Shanghai AI chipmaker Enflame lists on STAR Market, raising $912M in IPO

Shanghai Enflame Technology sold 43.04 million new shares, about 10 percent of its enlarged capital, on the tech-focused STAR Market. The 6.12 billion yuan raise equals about $912 million, and the offer price implied a market value of roughly 61.2 billion yuan. Tencent holds 17.95 percent after the offering and is the largest shareholder. Enflame is one of several Chinese chipmakers listing this year to supply AI processors as Beijing pushes home-grown alternatives. Crunchbase data cites a $25.5 billion valuation for the company after its September listing. Moore Threads, MetaX and Biren Technology are among its peers. For founders building AI hardware, the listing shows that Chinese public markets will fund chip companies at scale when domestic demand is strong. A company's place in the local accelerator supply chain now shapes its access to capital, so hardware teams should plan for that market early.