Enflame Technologies plans Shanghai IPO to raise 770 million euros

Enflame Technologies, a Chinese semiconductor startup specializing in artificial intelligence chips, plans to launch an initial public offering (IPO) on the Shanghai Stock Exchange. The company intends to issue approximately 43 million new shares, representing 10% of its social capital, with the subscription period scheduled to open on September 2.

The IPO aims to raise approximately 6 billion yuan, which is roughly 765 to 770 million euros. The proceeds are earmarked for research and development, specifically the commercialization of fifth and sixth-generation semiconductors, expanding business operations, and strengthening supply chain security to foster independent innovation.

Enflame is recognized as one of China’s ‘four small dragons’ of GPU technology, alongside Moore Threads, MetaX, and Biren Technology. The company is backed by Tencent, which holds a significant stake and is a major client. This move comes amid ongoing technological trade tensions and export restrictions on advanced semiconductors from the United States.