Tencent-backed chipmaker Enflame nearly triples in its Shanghai debut

Enflame Technology’s Shanghai Star Market debut surged 179% above its IPO price, closing at 397 yuan after peaking at 475 yuan, giving the company a market value of roughly 170.9 billion yuan. The Tencent-backed AI chipmaker raised about 6.12 billion yuan, sold 43 million shares, and plans to use the proceeds to develop fifth- and sixth-generation chips while targeting break-even in 2026 or 2027.