Chinese AI chipmaker Enflame aims to raise $908 million after setting Shanghai IPO price

Shanghai Enflame Technology Co, a Chinese AI chipmaker backed by Tencent, said on Monday it expects to raise 6.1 billion yuan ($907.78 million) in its Shanghai initial public offering after setting its IPO price at 142.18 yuan a share.

Enflame is China's ‌latest AI ⁠chipmaker ⁠to go public as Beijing steps up its tech self-sufficiency drive, with the United States banning exports of high-end chips and advanced chip-making technologies to China to curb the country's AI ambitions.

Domestic rivals Moore Threads Technology, MetaX Integrated Circuits and Shanghai Biren Technology have already ​sold shares publicly over the past ⁠year.


Enflame's IPO ‌pricing values the company, which is yet ​to make ​a profit, at 61.8 times its 2025 ⁠sales, it said in an exchange filing.

That compares with ​a multiple of over 160 for listed ​Chinese rivals Moore Threads and MetaX, according to the company. U.S. AI chip giant Nvidia trades at 25.4 times 2025 sales, the filing showed.

Enflame plans to sell 43 million shares and list on the tech-focused STAR Market, to raise slightly ‌more than its original fundraising target of 6 billion yuan.

The eight-year-old startup, which aims to help China break Nvidia's monopoly in ⁠the AI chip market, has said it would use the proceeds to fund the production of its fifth- and sixth-generation AI chips and for advanced AI software and hardware projects.

Enflame, which counts Chinese tech giant Tencent both as a major shareholder and its biggest customer, will take investor subscriptions on Wednesday.