Enflame Closes 179% Higher After a $912M Shanghai IPO

Enflame closed 179% higher in its September 11, 2026 Shanghai debut, ending at 397 yuan after raising 6.12 billion yuan ($912 million) in its initial public offering. The performance marked a sharp first-day market reception for the Tencent-backed AI-chip developer on Shanghai’s tech-focused STAR Market.

The company’s close is measured against its 142.18 yuan IPO offer price, while its 410 yuan opening price captures the first trade rather than the full-day gain. Enflame develops AI chips and related products used in AI computing, according to Reuters via MarketScreener.

Data Snapshot

MetricCurrentPreviousChangePeriodAs ofSourceShanghai debut closing performanceclosed up 179%——September 11, 20262026-09-11Reuters via MarketScreenerClosing price397 yuan——September 11, 20262026-09-11Reuters via MarketScreenerOpening price410 yuan——September 11, 20262026-09-11Reuters via MarketScreenerIPO offer price142.18 yuan——IPO announced September 20262026-09-11Reuters via MarketScreenerIPO proceeds6.12 billion yuan ($912 million)——Initial public offering2026-09-11Reuters via MarketScreenerTencent stake after offering17.95% stake——After the offering2026-09-11Reuters via MarketScreener

Enflame closes at 397 yuan after opening at 410 yuan

Enflame shares opened at 410 yuan and closed at 397 yuan on September 11, 2026, according to Reuters via MarketScreener.

The close was 179% above the IPO offer price of 142.18 yuan, even though it was below the opening trade. The percentage compares the close with the offer price, not with the opening price.

Enflame’s debut placed it among closely watched domestic developers seeking to supply AI-computing products in China.

Enflame exhibition booth at the World Artificial Intelligence Conference in Shanghai. — Source: Reuters via MarketScreener

The 6.12 billion yuan ($912 million) IPO and Tencent’s 17.95% stake

The offering raised 6.12 billion yuan ($912 million), while Tencent held a 17.95% stake after the offering and remained Enflame’s largest shareholder, Reuters reported.

Tencent had been Enflame’s largest customer before the listing, Reuters reported.

Profitability remains contingent on 2026 or 2027 growth and margins

Enflame had yet to turn a profit and expected to break even or become profitable in 2026 or 2027, depending on revenue growth and margins, Reuters reported. The conditional timetable leaves execution on sales growth and profitability as the central operating measure following the listing.

Enflame is one of China’s AI chip startups known as the “four little GPU dragons,” alongside Moore Threads, MetaX and Biren Technology. Its first-day valuation response therefore comes before the company has reached profitability, making progress toward its stated 2026 or 2027 outcome a key subsequent observation point.

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