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The company saw
The other three all surged on listing, and have remained higher since. In December, MetaX soared nearly 700% on its first day of trading, while Moore Threads gained over 400% on its trading debut. Biren jumped 76% on its IPO in January. Investors are betting on the ability of domestic AI chipmakers to replace Nvidia in China. International chipmakers led by Nvidia accounted for nearly 60% of China's AI accelerator market in 2025, according to IDC data cited in Enflame's Revenue surges
Enflame said it plans to use proceeds from the listing to develop and commercialize its fifth- and sixth-generation AI chips, as it seeks to match the performance of high-end products from international rivals.
The company reported revenue of 990 million yuan ($147 million) in 2025, up from 722 million yuan a year earlier, but has yet to turn a profit.
Tech hardware has become a key driver of Chinese stock performance in recent months.
In July, shares of chipmaker CXMT, which makes dynamic random-access memory (DRAM) chips, a key feature of some AI systems, in their debut on Shanghai's tech-heavy STAR Market, making CXMT the most valuable China-listed company.
