Enflame Jumps 188% on Shanghai Debut, Hits $26.3B Market Cap

Retail investors placed orders for 42.1 billion Enflame Technology shares. The AI chipmaker was offering 43.04 million, roughly a thousand times fewer. The South China Morning Post reports that the Shanghai IPO's retail tranche was "oversubscribed by 4,073 times," with "about 7 million online investors alone submitting orders for 42.1 billion shares."

On Friday, the stock opened at 410 yuan against a 142.18 yuan issue price, and finished with a "share price surge 188 per cent in its Shanghai trading debut on Friday." That put Enflame's market capitalisation at 176.4 billion yuan, or roughly US$26.3 billion. Pre-trading, the offering valued the firm at about 61 billion yuan. The market nearly tripled that in a single session.

The IPO raised about 6.12 billion yuan by selling 43.04 million shares, which SCMP calls "one of the largest tech listings in mainland China this year." The individual-investor allocation rate came in at 0.025%.

Enflame is "the last of China's 'four little dragons' in the sector to go public," alongside Moore Threads, Biren Technology and MetaX. Beijing has leaned on the group to push semiconductor self-sufficiency under US export restrictions on advanced chips. The frenzy was Enflame-specific: the Shanghai Star 50 Index fell 1.3% on the debut day and the CSI 300 dropped 0.9%. The listing lands the same week Moonshot AI began exploring a dual Hong Kong and Shanghai IPO at roughly $50 billion, part of a run of Chinese AI capital raises we have been tracking.