Enflame Technology Debuts on STAR Market, Shares Surge 193.99%

Chinese cloud AI chip manufacturer Enflame Technology (燧原科技) listed on the Shanghai Stock Exchange's STAR Market on September 11 with an IPO price of 142.18 yuan per share. The stock rose 193.99% to 418 yuan, reaching a market capitalization of 179.89 billion yuan. Founded in 2018, the company specializes in self-developed DSA architecture and has released five cloud AI chips across four generations. Tencent (腾讯) remains its largest external shareholder and primary customer, accounting for 83.79% of 2025 revenue.