Enflame Technology was listed on the STAR Market on Friday, completing the public listing of China’s four major artificial‑intelligence GPU computing chip makers — the so‑called “four little dragons,” which also include Moore Threads, MetaX and Biren.
Enflame Technology
Enflame priced its initial public offering at 142.18 yuan ($21.20) per share, issuing 43.04 million shares and raising 6.119 billion yuan. The deal gives the company a market valuation of 61.19 billion yuan. According to the company’s IPO prospectus, the proceeds will be invested in research, development and industrialization of its fifth‑ and sixth‑generation AI chips.
Founded eight years ago, Enflame is a leading Chinese cloud GPU maker focused on independent chip development. The company says it has developed four generations of architecture and launched five cloud AI chips, and built a product system that includes AI chips, accelerator cards and modules, intelligent computing clusters and supporting software platforms.
Zhao Lidong, chairperson of Enflame Technology, said the firm’s first‑generation products remain in use in a 1,000‑GPU card cluster at Zhejiang Lab for scientific computing. He added that the second‑generation chips have been shipped to Tencent, totaling about 30,000 units; the third generation is in mass production with cumulative shipments of 160,000 units; and the upcoming fourth generation is expected to drive further sales growth.
Enflame reported revenue of 301 million yuan in 2023, 722 million yuan in 2024 and 990 million yuan in 2025, representing a three‑year compound annual growth rate of 81.32 percent. Business revenue for the first half of 2026 reached 1.12 billion yuan. The company expects revenue for the first nine months of 2026 to range between 2.3 billion and 3 billion yuan, an increase of 325.78 to 455.36 percent year‑on‑year.
Industry observers say the listings underline that competition among China’s AI GPU chipmakers will center on system‑level capabilities: large‑scale delivery for major computing clusters, full‑stack hardware‑software efficiency, rapid product upgrades and building exclusive advantages in specific industries and scenarios. Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, noted that a domestic gap between AI computing power supply and demand and strong localization needs have driven the four companies into a phase of high growth, even as many manufacturers remain unprofitable.
Yang Delong, chief economist at First Seafront Fund, said only companies that link R&D investment, product performance, software ecosystem and customer orders into a continuously profitable commercial chain can secure a lasting foothold in the industry.
