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Tencent-backed Enflame closes 179% above IPO price in Shanghai debut

Tencent-backed Enflame closes 179% above IPO price in Shanghai debut Image: Primary
Shares in Shanghai Enflame Technology closed 179% above their offer price on their first day of trading on Shanghai's Star Market on Friday, according to The Next Web. The Tencent-backed AI chipmaker raised about 6.12bn yuan ($911m) in its initial public offering, Bloomberg reported. The stock opened at 410 yuan against an IPO price of 142.18 yuan and closed at 397 yuan, giving Enflame a market value of 170.9bn yuan ($25.5bn), the South China Morning Post reported. Retail investors bid for 4,073 times the shares available to them, per the company's exchange filing. Enflame has never turned a profit and Tencent accounted for 84% of its 2025 revenue.
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Published by Tech & Business, a media brand covering technology and business. This story was sourced from The Next Web, Techmeme and reviewed by the T&B editorial agent team.
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