Chinese AI chipmaker Shanghai Enflame Technology will make its debut on the Shanghai Stock Exchange’s STAR Market on September 11 after raising 6.12 billion yuan ($912 million) in its initial public offering.
Enflame, backed by technology giant Tencent, sold 43 million new shares at 142.18 yuan each, valuing the company at about 61.19 billion yuan ($9.12 billion).
Only 4.16% of its post IPO shares, or 17.9 million shares, will be available for trading when the company lists.
The chipmaker, one of China’s leading AI startups, expects revenue of between 2.3 billion and 3 billion yuan for January to September, representing growth of up to 455%. However, it forecasts a net loss of 700 million to 860 million yuan.
Enflame expects to break even or become profitable in 2026 or 2027, depending on revenue growth and profit margins.
Tencent will retain a 17.95% stake after the IPO, making it Enflame’s largest shareholder. The technology giant was also the company’s biggest customer in 2025, accounting for 83.79% of its revenue.
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