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Tencent-backed Enflame prices STAR Market IPO to raise about $911 million
The offering will sell about 43 million shares, or 10% of Enflame’s enlarged share capital, after pricing at 142.18 yuan per share.
Tencent Holdings-backed Shanghai Enflame Technology is moving to the public markets with an initial public offering on Shanghai’s technology-focused STAR Market, aiming to raise about 6.12 billion yuan, or roughly $911 million, according to LiveMint Markets. The company priced its IPO at 142.18 yuan per share, the exchange filing said. The deal will involve around 43 million shares, representing 10% of Enflame’s enlarged share capital following the listing.
Enflame, founded in 2018, develops AI accelerators for cloud computing and data center applications. LiveMint Markets said the listing comes as China’s AI investment increasingly flows into capital markets, with more chip and hardware-related firms seeking funding to expand production capacity and speed product development.
Tencent’s role is a key differentiator. LiveMint Markets reported that Tencent owns a 20% stake in Enflame and accounted for 84% of Enflame’s total sales in 2025, up from about 38% a year earlier, while Nvidia remained the dominant supplier for AI accelerator shipments in China in 2025.