Tencent-Backed Enflame Wins Approval for $888M Shanghai IPO, Plans to Raise 6 Billion Yuan

TENCENT-1.69%
According to Bloomberg, Enflame Technology, a Shanghai-based AI chip developer backed by Tencent, won approval for an initial public offering on Shanghai's STAR Market on June 15. The company plans to raise 6 billion yuan ($888 million) by selling 10% to 15% of its shares. Tencent holds a 20% stake in Enflame and accounted for 84% of the chipmaker's 2025 revenue, up from 38% in 2024. Enflame's 2025 net loss narrowed to 1.2 billion yuan ($178 million) from 1.5 billion yuan ($222 million) a year earlier, while first-half revenue is expected to exceed 10.6 billion yuan ($1.57 billion).
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