Tencent-Backed Enflame Raises $912M in Shanghai AI Chip IPO

Shanghai Enflame Technology’s shares are scheduled to begin trading on the Shanghai Stock Exchange’s STAR Market on September 11 under ticker 688801, the exchange announced on September 10. The debut follows an initial public offering that raised CNY 6.12 billion, or about $912 million, placing the company’s valuation at roughly CNY 61.19 billion ($9.12 billion).

Enflame’s 688801 debut is set for September 11

The September 10 notice from the Shanghai Stock Exchange confirmed the venue, date and ticker for Enflame’s Shanghai listing, saying its RMB ordinary shares would start trading on the STAR Market on September 11.

Enflame sold 43 million shares at CNY 142.18 each, according to Reuters reporting published by MarketScreener on September 9. That produced gross proceeds of CNY 6.12 billion and an indicated valuation of about CNY 61.19 billion.

The offering is one of the larger recent listings by value on the Shanghai market, based on the reported proceeds. Trading on September 11 will make the shares available under the 688801 code.

Tencent retains 17.95% while supplying 83.79% of 2025 revenue

Tencent is expected to retain a 17.95% stake in Enflame after the offering, Reuters reported. Reuters also reported that Tencent accounted for 83.79% of Enflame’s 2025 revenue as the company’s largest end customer.

Enflame’s June 18 STAR Market prospectus identified the issuer as Shanghai Enflame Technology Co., Ltd. and documented Tencent Technology’s pre-IPO shareholding and lock-up commitments.

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