chip Photo:VCG

Chinese technology company Shanghai Enflame Technology Co (Enflame Technology) had its STAR Market IPO application approved by the listing review committee on Monday, paving the way for its final listing process.

The IPO approval of Enflame Technology, one of China's "four GPU unicorns," in strengthening domestic capital support for the development of China's semiconductor industry. It also highlights the country's continued backing of science and technology innovation firms, a Chinese analyst said.

The prospectus shows that Enflame Technology was founded in March 2018. Since then, it has independently developed and upgraded four generations of architecture and five cloud artificial intelligence (AI) chips, the China Securities Journal reported.

It has built a comprehensive product system covering AI chips, AI acceleration cards and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms, according to the report, which noted that the company has become one of China's leading cloud AI chip firms.

As of the end of 2025, Enflame Technology had obtained 313 domestic invention patents, undertaken 12 national and local science and technology research and development projects, and participated in the formulation of 58 key national and industry standards related to AI chips and intelligent computing systems, the China Securities Journal reported.

Enflame Technology achieved a compound annual revenue growth rate of 81.32 percent from 2023 to 2025. In 2025, its revenue reached 990 million yuan ($146.20 million), while the net loss attributable to shareholders was 1.164 billion yuan. The company expects revenue of 1.06 to 1.15 billion yuan in the first half of 2026, which would be a year-on-year increase of 258.68 to 289.13 percent, according to the China Securities Journal.

Tencent is both the largest customer and largest shareholder of Enflame Technology.

The IPO approval of Enflame Technology, one of China's "four GPU unicorns," is a milestone in capital supporting the breakthrough development of domestic semiconductor chips.

In December 2025, other GPU unicorns such as Moore Threads and MetaX were listed on the STAR Market of the Shanghai Stock Exchange, with both companies' market capitalizations approaching 300 billion yuan. In January, Biren Technology was listed on the Hong Kong Stock Exchange, with a market capitalization exceeding HK$130 billion ($16.59 billion).

The approval of Enflame Technology's IPO is not only an important step in the company's capitalization process, but also reflects that China's AI chip industry as a whole is entering an accelerated phase of development, Li Chang'an, a professor at the University of International Business and Economics in Beijing, told the Global Times on Monday.

In the context of technological competition, especially in the AI field, GPUs represent a core technology and a key frontier where China is striving to catch up with global leaders, Li said, noting that stronger support for domestic GPU companies to go public will help narrow the gap with advanced international levels.

From a policy perspective, China continues to strengthen support for key sectors such as integrated circuits and AI, promoting continuous improvement in supply chain self-reliance and controllability, said Li.

As more related companies move forward with their listings, both the capitalization and industrialization of China's domestic GPU sector will further accelerate, Li said.

Global Times