Shanghai Enflame Technology Co., Ltd.

What does Enflame do?

Enflame designs AI training and inference chips, computing systems, and the TopsRider software platform for Chinese cloud and data center customers.

Is Enflame publicly traded?

Yes. Enflame listed on the Shanghai Stock Exchange STAR Market under ticker 688801 on September 11, 2026.

Who founded Enflame?

Zhao Lidong and Zhang Yalin, both former AMD engineers, founded the company in Shanghai in March 2018.

Where is Enflame headquartered?

Enflame is headquartered in Shanghai, China, in the Lingang special area of the Pudong free trade zone.

Who owns Enflame?

Enflame is publicly held. Tencent is the largest shareholder at 17.95% after the IPO, alongside state semiconductor funds and venture investors.

When did Enflame IPO?

Enflame completed its IPO on September 11, 2026, pricing at 142.18 yuan and raising 6.12 billion yuan, approximately $912 million.

Zhao Lidong and Zhang Yalin, both former AMD engineers, founded the company in Shanghai in March 2018. Early backers included Tencent and ZhenFund, joined later by Meitu, Primavera Capital, CITIC Private Equity, and the state-backed China Integrated Circuit Industry Investment Fund.

The company released its first generation of AI training chips in 2019 and iterated through four architecture generations and five products over eight years. The lineup expanded from accelerators to full intelligent computing systems and a software platform, TopsRider.

Government and investor support tracked the national semiconductor push. Enflame raised multiple rounds as US export controls tightened, positioning it to capture domestic demand for AI compute that foreign suppliers could no longer serve.

Enflame priced its IPO at 142.18 yuan per share on September 11, 2026, issuing 43 million shares to raise 6.12 billion yuan, roughly $912 million. The stock closed up 179% on debut, the largest STAR Market AI chip listing of the year.

Enflame's central disclosed risk is customer concentration: 83.79% of 2025 revenue came from Tencent-related sales. The prospectus explicitly warns that dependence on a single customer could harm results if Tencent's procurement shifts. Like all Chinese AI chipmakers, it operates under the shadow of US export controls that both protect its domestic market and restrict its access to advanced manufacturing.