Enflame Technology Lists on Shanghai STAR Market After First-Half Revenue Surges 279.08%

Enflame Technology listed on the STAR Market on September 11, 2026, under the securities code 688801. SH. No new subscriptions were offered that day, and Enflame was the sole new listing on the board. The company's main businesses include AI accelerator cards and modules, intelligent computing systems and clusters, and IP licensing. Its products have achieved commercial deployment in internet applications, with customers including Tencent and other internet companies. Enflame is grouped with Moore Threads, MetaX and Biren Technology as China's "four little dragons" of domestic GPUs; with Enflame's STAR Market debut, all four have now gathered in the capital markets. Moore Threads and MetaX closed 425.46% and 692.95% higher, respectively, on their first trading day on the STAR Market.

Shanghai is already home to a number of listed AI chip companies and hosts more than 1,200 integrated circuit enterprises, gathering roughly 40% of the country's industry talent and nearly 50% of its industrial innovation resources. Data from the Shanghai Municipal Commission of Economy and Informatization show that the city's integrated circuit industry reached a scale of about RMB 580 billion in 2025, up 15.5% year on year, more than doubling over five years and exceeding its 14th Five-Year Plan target. In the World Semiconductor Council's latest ranking of the world's top 100 cities for comprehensive integrated circuit industry competitiveness, Shanghai placed fourth globally and first in China. Shanghai has cultivated a group of leading enterprises across chip design, manufacturing, packaging and testing, equipment and materials, and EDA/IP, including 36 STAR Market-listed companies, the most in China.

Founded in May 2018, Enflame received investment from Tencent at inception, with Tencent's cumulative investment exceeding RMB 2 billion. Its third-generation product, the Enflame S60, has shipped in large volumes to internet customers and intelligent computing centers in various regions, with cumulative shipments of 160,000 units. It supports more than 300 application scenarios, serves pan-internet commercial partners including Tencent and Meitu, and covers a terminal user base of more than 1 billion. Enflame chose a DSA architecture rather than GPGPU; the DSA architecture allows optimized customization of operators required by specific models and offers generality in the field of AI parallel computing. Co-founder Zhao Lidong previously served as an executive at AMD's China R&D center, co-founder Zhang Yalin has a background in microelectronics at Fudan University, and veteran industry practitioners from GigaDevice and other companies participated in early investment.

Disclosures by Enflame show that from 2023 to 2025, the company's operating revenue was RMB 301 million, RMB 722 million and RMB 990 million, respectively, a compound growth rate of 81.32%; net profit after deducting non-recurring items was negative RMB 1.567 billion, negative RMB 1.503 billion and negative RMB 1.197 billion, respectively. In the first half of 2026, the company recorded operating revenue of RMB 1.12 billion, up 279.08% year on year. In 2025, revenue from AI accelerator cards and modules reached RMB 856 million, accounting for 86.83% of main business revenue; full-year sales volume reached 64,900 units, up 197.81% year on year.

At its founding, Enflame was one of 13 representative enterprises in the Lin-gang Special Area, and it received support from Shanghai in projects, financing, talent guarantees and customs facilitation in its early days. As a chip design company in Shanghai, a major integrated circuit hub, Enflame has found partners across the full industrial chain, covering chip manufacturing, packaging and testing, and IP development. On March 26, 2018, Shanghai Sci-Tech completed seed-round funding for Enflame. At the end of December 2024, the Shanghai Integrated Circuit Industry Investment Fund under Shanghai International Group and Tencent Technology jointly led Enflame's Series E (Pre-IPO) financing; the second phase of the SDIC IC Fund contributed RMB 300 million, and total financing in the round exceeded RMB 2.7 billion.