Shanghai Enflame Technology, a Tencent-backed Chinese AI chipmaker also known as Suiyuan Technology, has completed an IPO on Shanghai's STAR Market, raising about 6.1 billion yuan (roughly $910 million) by selling 43 million shares at 142.18 yuan each. Retail investors oversubscribed the online portion by as many as 6,109 times, placing more than 7 million orders, after the company shifted additional shares from the offline tranche to meet demand. Founded in March 2018 by former AMD engineers Zhao Lidong and Zhang Yalin, Enflame ranks among China's leading domestic AI chip developers alongside Moore Threads, MetaX, and Biren Technology, a group sometimes called the "four little GPU dragons." The company is not yet profitable, posting a 1.2 billion yuan net loss in 2025 even as projected sales of 990 million yuan reflected compound annual growth above 81% since 2023. Tencent holds about 20% of Enflame and accounted for 84% of 2025 revenue. Proceeds are earmarked for next-generation AI chips and related software and hardware, with new products expected in 2027 and 2029, as Beijing pushes domestic alternatives to U.S. suppliers such as Nvidia.