TENCENT-BACKED CHINESE AI CHIPMAKER ENFLAME JUMPS 179% IN SHANGHAI DEBUT Enflame raised about $911M in its IPO and briefly surged as much as 234%, highlighting continued investor demand for China’s domestic AI chip sector. The company is the last of China’s “four little dragons” of AI chipmakers to go public and plans to use the proceeds to develop and commercialize its 5th- and 6th-generation AI chips. Tencent owns about 20% of Enflame and accounted for 84% of its 2025 revenue. Enflame generated roughly $147M in revenue last year but remains unprofitable. China’s broader AI infrastructure buildout continues to accelerate, with spending expanding across AI chips, foundries, memory and advanced packaging. Source: Bloomberg