TECH

AI Chipmaker Enflame Wins Approval for $883 Million STAR Market IPO

Published: Jul. 10, 2026 12:41 a.m. GMT+8

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Enflame has narrowed its losses in recent years as revenue expanded. Photo: IC

China’s securities regulator has approved Tencent-backed AI chip startup Shanghai Enflame Technology Co. Ltd.’s application for an initial public offering on Shanghai’s STAR Market, where the company plans to raise 6 billion yuan ($883 million).

The listing marks another step in the commercialization of China’s homegrown AI chip sector, as domestic suppliers move to capture demand created by restrictions on advanced foreign processors.

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China approved Enflame's IPO on STAR Market to raise 6 billion yuan ($883 million).
Tencent holds a 20.3% stake and was Enflame's largest customer, contributing 83.8% of 2025 revenue.
Enflame narrowed losses, with revenue rising to 990 million yuan in 2025, and expects profitability in 2026-2027.

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Who’s Who

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What Happened When

2018：: Shanghai Enflame Technology Co. Ltd. was founded.

2023：: Enflame posted a net loss of 1.6 billion yuan with revenue of 301 million yuan.

2024：: Enflame posted a net loss of 1.5 billion yuan.

2025：: Enflame generated 83.8% of its revenue from Tencent, posted a net loss of 1.2 billion yuan with revenue of 990 million yuan, released its fourth-generation chip and acceleration module, and had accumulated losses of 4.4 billion yuan as of the end of the year.

First quarter of 2026：: Enflame's revenue jumped 1,475% year-on-year to 287 million yuan, and its net loss narrowed 38% to 444 million yuan.

July 9-10, 2026：: News of Enflame's IPO approval emerged.

July 10, 2026：: The STAR 50 Index rose 8.4%, fueled by Enflame's IPO approval and other news.

By 2026：: Enflame's prospectus was issued, stating expectations to turn profitable in 2026 or 2027. Tencent and its affiliates held a 20.3% stake in the company. Enflame's listing on Shanghai's STAR Market was approved, with plans to raise 6 billion yuan. Its 2026 shipments were projected at 66,000 units, a market share of about 1.7%.

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