Domestic AI Chip Company Enflame Technology Listed on STAR Market
On September 11, Enflame Technology, referred to by the media as the Chinese version of Nvidia, was listed on the STAR Market, closing 179.22% higher than the issuance price with a market value exceeding 170 billion. Prospectus materials show its 2025 revenue was 990 million yuan, with a net loss of 1.16 billion yuan, and the largest shareholder Tencent contributed 83.79% of the total revenue. Analysis suggests the surge was primarily driven by short-term IPO subscription funds.