chip Photo:VCG
Chinese expertise firm Shanghai Enflame Technology Co (Enflame Technology) had its STAR Market IPO software authorised by the itemizing evaluation committee on Monday, paving the way in which for its closing itemizing course of.
The IPO approval of Enflame Technology, one in every of China’s “four GPU unicorns,” in strengthening domestic capital assist for the event of China’s semiconductor industry. It additionally highlights the nation’s continued backing of science and expertise innovation corporations, a Chinese analyst stated.
The prospectus exhibits that Enflame Technology was based in March 2018. Since then, it has independently developed and upgraded 4 generations of structure and 5 cloud synthetic intelligence (AI) chips, the China Securities Journal reported.
It has constructed a complete product system masking AI chips, AI acceleration playing cards and modules, clever computing techniques and clusters, in addition to AI computing and programming software program platforms, in response to the report, which famous that the corporate has turn out to be one in every of China’s main cloud AI chip corporations.
As of the tip of 2025, Enflame Technology had obtained 313 domestic invention patents, undertaken 12 nationwide and native science and expertise analysis and growth initiatives, and took part within the formulation of 58 key nationwide and industry requirements associated to AI chips and clever computing techniques, the China Securities Journal reported.
Enflame Technology achieved a compound annual income development fee of 81.32 p.c from 2023 to 2025. In 2025, its income reached 990 million yuan ($146.20 million), whereas the web loss attributable to shareholders was 1.164 billion yuan. The firm expects income of 1.06 to 1.15 billion yuan within the first half of 2026, which might be a year-on-year improve of 258.68 to 289.13 p.c, in response to the China Securities Journal.
Tencent is each the biggest buyer and largest shareholder of Enflame Technology.
The IPO approval of Enflame Technology, one in every of China’s “four GPU unicorns,” is a milestone in capital supporting the breakthrough growth of domestic semiconductor chips.
In December 2025, different GPU unicorns akin to Moore Threads and MetaX had been listed on the STAR Market of the Shanghai Stock Exchange, with each corporations’ market capitalizations approaching 300 billion yuan. In January, Biren Technology was listed on the Hong Kong Stock Exchange, with a market capitalization exceeding HK$130 billion ($16.59 billion).
The approval of Enflame Technology’s IPO isn’t solely an essential step within the firm’s capitalization course of, but additionally displays that China’s AI chip industry as an entire is coming into an accelerated section of growth, Li Chang’an, a professor on the University of International Business and Economics in Beijing, instructed the Global Times on Monday.
In the context of technological competitors, particularly within the AI area, GPUs signify a core expertise and a key frontier the place China is striving to meet up with world leaders, Li stated, noting that stronger assist for domestic GPU corporations to go public will assist slender the hole with superior worldwide ranges.
From a coverage perspective, China continues to strengthen assist for key sectors akin to built-in circuits and AI, selling steady enchancment in provide chain self-reliance and controllability, stated Li.
As extra associated corporations transfer ahead with their listings, each the capitalization and industrialization of China’s domestic GPU sector will additional speed up, Li stated.
Global Times