Enflame Technology shares rose as much as 234% in their Shanghai debut, creating individual paper fortunes of $2.5 billion for co-founders Zhao Lidong and Zhang Yalin. The Tencent-backed AI-chip maker raised CNY 6.12 billion ($913 million) in its IPO as investors backed Chinese suppliers pursuing alternatives to Nvidia, despite Enflame's continuing losses, supply-chain risks and reliance on a single major customer. Tencent generated nearly 84% of Enflame's CNY 990 million ($138 million) of 2025 revenue and holds a 20% stake, while the company reported a CNY 1.16 billion ($160 million) net loss after heavy research and development spending. Enflame develops alternative AI accelerators outside Nvidia's software ecosystem, a strategy that could suit Tencent and municipal data-center projects but faces challenges attracting broader developers and customers.