Nvidia rival Enflame jumps 206% on Shanghai stock exchange debut.

Enflame completed the listing of China's "four little dragons" of AI chipmaking with a 206% surge on its Shanghai debut. The Tencent-backed chipmaker reported 2025 revenue of 990 million yuan ($147 million), up from 722 million yuan the prior year, though the company has not yet turned a profit. Retail investors showed exceptional appetite for the offering, with demand reaching more than 6,000 times the initial share allocation before the company expanded the retail tranche.

Enflame joins three predecessors in the cohort: MetaX, which rose nearly 700% on its debut; Moore Threads, which gained more than 400%; and Biren, which climbed 76%. All three have remained above their listing prices. Founded in 2018, Enflame plans to deploy capital toward developing and commercializing fifth and sixth generation chips designed to compete with high-end international products.

The company is among several Chinese chipmakers pursuing domestic alternatives to Nvidia, whose data center processors have faced export restrictions into mainland China under US controls and as Beijing pursues technological self-sufficiency. Goldman Sachs projects Chinese semiconductor capital spending will reach $82 billion by 2030. The broader IPO cycle reflected strong momentum: in July, DRAM manufacturer CXMT jumped roughly 466% on debut to become China's most valuable publicly listed company.