Shanghai Enflame Technology, the Tencent-backed Chinese AI chip designer, has priced its Shanghai STAR Market IPO at 142.18 yuan a share and aims to raise about 6.12 billion yuan ($911 million) by selling roughly 43 million shares, or about 10% of enlarged capital, with investor subscriptions opening Sept. 2. Tencent is the largest shareholder at around 20.26% and supplied approximately 84% of 2025 revenue, up from about 38% a year earlier, underscoring heavy customer concentration as Enflame becomes the last of the domestic four little dragons AI chipmakers to list after Moore Threads, MetaX and Biren Technology. Revenue grew at a compound annual rate above 80% from 2023 to 2025, reaching about 990 million yuan in 2025, when the company posted a net loss of 1.2 billion yuan, narrowed from 1.5 billion yuan in 2024; it expects a first-half loss of about 600 million yuan and first-half sales of 10.6 billion to 11.5 billion yuan. An exchange filing put the pricing at 61.8 times 2025 sales, below peers above 160 times and above Nvidia’s 25.4 times, while Enflame held an estimated 1.7% of China’s AI accelerator market against Nvidia’s roughly 55% share. Proceeds are earmarked for fifth- and sixth-generation AI chips and related projects as Beijing pushes semiconductor self-reliance under U.S. export curbs.