Enflame Jumps 206% on Shanghai Debut, Completing China's AI Chip 'Four Little Dragons' Listings

Price ActionProduct / TechGeopolitics Impact 4
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Summary · why it matters

Enflame rose 206% on its Shanghai debut, completing the listing of all four companies China's market calls the "four little dragons" of AI chipmaking. The Tencent-backed company reported revenue of 990 million yuan ($147 million) for 2025, up from 722 million yuan, and has never turned a profit. Retail demand ran to more than 6,000 times the shares on offer before the company shifted more stock to that tranche. The other three little dragons are MetaX, Moore Threads and Biren, which rose nearly 700%, more than 400% and 76% on their respective debuts, and all three have held above their listing price. Founded in 2018, Enflame will use the proceeds to develop and commercialize fifth and sixth generation chips aimed at matching high-end international products, positioning itself among Chinese chipmakers building domestic alternatives to Nvidia, whose exports into China's data center compute market have been shuttered by US export controls and Beijing's push for tech self-sufficiency. Goldman Sachs expects Chinese semiconductor capital spending to reach $82 billion by 2030, and in July DRAM maker CXMT rose roughly 466% on its debut to become the most valuable China-listed company.

Impact on stocks 7

Artificial Intelligence▲ · 2 stocks
Digital Finance & Tokenization▲ · 1 stocks
Financials▲ · 1 stocks
Others▲ · 3 stocks
摩尔线程
688795
± Mixedrelevance

Mentioned only as one of the 'four little dragons' whose debut rose over 400%; no company-specific development.

Off-coverage companies 1

上海燧原科技Private▲ Positive
Capitalrelevance

Enflame's Shanghai IPO debut jumped 206%, raising proceeds to develop and commercialize its next-gen AI chips.

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