Enflame Technology to List on STAR Market September 11 as Four Domestic AI Chip Firms Converge on Capital

Enflame Technology will officially list on the STAR Market on September 11, 2026. With this, the four domestic computing chip companies—Moore Threads, MetaX, Biren Technology, and Enflame Technology—will all be present in the capital markets.

As of the close on September 10, 2026, the market values of the already-listed Moore Threads, MetaX, and Biren Technology (Hong Kong) stood at RMB 171.1 billion, RMB 197.5 billion, and HKD 97.1 billion, respectively. All three companies saw valuations surge rapidly in the early post-listing period before retreating roughly 40% to 50% from their intra-year highs.

Data from the China Academy of Information and Communications Technology show that in the first quarter of 2026, domestic AI computing demand grew 417% year on year, while effective supply grew 128%. In the first half of 2026, Moore Threads reported operating revenue of RMB 1.736 billion, up 147.42% year on year; MetaX reported operating revenue of RMB 1.324 billion, up 44.67%; Biren Technology reported operating revenue of RMB 1.2355 billion, up 1,997.6%; and Enflame Technology reported operating revenue of RMB 1.12 billion, up 279%.

On losses, Moore Threads recorded a non-GAAP net loss attributable to shareholders of RMB 151 million in the first half of 2026, compared with a loss of RMB 317 million in the same period of 2025. MetaX recorded a non-GAAP net loss attributable to shareholders of RMB 49 million in the first half of 2026, narrowing its loss by 75.83% year on year; in the second quarter, its non-GAAP net profit attributable to shareholders was RMB 54 million, achieving a quarterly non-GAAP profit.

On technology routes, Moore Threads, MetaX, and Biren Technology adopt the GPGPU approach and are compatible with Nvidia's CUDA ecosystem. Moore Threads' self-developed MUSA architecture ecosystem has surpassed 800,000 developers. Enflame Technology adopts the DSA route and its self-developed TopsRider software platform, which is not compatible with CUDA.

Enflame Technology's AI chip products are mainly deployed at scale in inference scenarios. In 2025, revenue from AI accelerator cards and modules sold directly or indirectly to Tencent Technology accounted for 83.79% of the company's revenue.

IDC data show that in 2025, total AI accelerator card shipments in the Chinese market were about 4 million units, of which Nvidia accounted for 55% and Chinese vendors together shipped 1.65 million units, accounting for 41%. The top two domestic vendors by shipments were Huawei Ascend and Alibaba T-Head, with 812,000 units and 265,000 units, respectively. Baidu Kunlunxin and Cambricon tied for third, each accounting for 7% of domestic shipments.

On September 8, 2026, Cambricon announced that it had officially joined the PyTorch Foundation as a platinum member, its highest tier. The foundation is a vendor-neutral open-source community platform that supports model training, optimization, model serving, orchestration, and operation.