Enflame Technology lists on Shanghai STAR Market at a ~RMB 170.9B (~$24B) close, capping China's Four GPU Dragons IPOs.
The AMW Read
Completes the Four GPU Dragons STAR cohort with hard IPO pricing and DSA/inference economics; segment-level for CN AI silicon capital and player-map update.
Enflame Technology lists on Shanghai STAR Market at a ~RMB 170.9B (~$24B) close, capping China's Four GPU Dragons IPOs.
On September 11, 2026, Enflame Technology (燧原科技) debuted on the A-share STAR Market, opening at RMB 410 and closing at RMB 397 — roughly 2–3x its RMB 142.18 issue price — for a closing market capitalization of about RMB 170.85 billion. Online demand triggered a clawback that lifted the online allotment to 10.33 million shares, with a final hit rate of 0.0246%. Founded in 2018 by AMD veterans Zhao Lidong and Zhang Yalin, Enflame is the last of China's so-called Four GPU Dragons to complete a STAR listing, after Cambricon, Moore Threads, and MetaX. Per the AI Market Watch index, the company has raised about $746M in total funding across its private rounds (index coverage, not a census).
The listing crystallizes a China-specific AI silicon path: Enflame alone among the Four Dragons uses a domain-specific architecture (DSA) trimmed for tensor/matrix compute rather than CUDA-compatible GPGPU, trading ecosystem breadth for efficiency. Prospectus figures show 2023–2025 revenue of RMB 301M, RMB 722M, and RMB 990M (81% CAGR), with H1 2026 already at RMB 1.12B — ahead of full-year 2025 — and more than 80% of AI accelerator revenue from inference. Tencent supplied about 80% of 2025 sales, including WeChat speech-to-text and other internal workloads. Gross margin rose from 22.6% to 31.8% over three years, but R&D still exceeded revenue and the firm remains unprofitable — a PS multiple near 94x prices growth and domestic-substitute optionality more than current earnings.
For builders and investors, the open questions are training-chip delivery and customer concentration. Fourth-generation train-and-infer L600, announced in July 2025, is still not in mass production; schedule slip would delay any move beyond inference. DSA forces customers through compiler and operator migration, so Enflame must turn its Tencent co-adaptation into repeatable multi-customer wins while peers lock model labs into large Ascend, Moore Threads, and Cambricon purchases. The IPO funds Gen-5/Gen-6 R&D and full-stack software — the test is whether public capital converts a single-hyperscaler DSA bet into broader share beyond the cited ~1.7% domestic footprint.
