Enflame Technology · 上海燧原科技股份有限公司

Fabless

Founded March 2018 by two former AMD engineers, with Tencent among its backers; completed its Shanghai STAR Market IPO on September 11, 2026 — priced 31 Au…
Published

October 11, 2026

Chinese name: 上海燧原科技股份有限公司 (Shànghǎi Suìyuán Kējì Gǔfèn Yǒuxiàn Gōngsī)

TipWhy This Matters

Founded March 2018 by two former AMD engineers, with Tencent among its backers; completed its Shanghai STAR Market IPO on September 11, 2026 — priced 31 August at ¥142.18/share for ¥6.119 billion gross ($912M), the stock closed up 179% on debut at ¥397, pushing market capitalization past ¥170 billion. The concentration caveat that defined its prospectus carried into listing: Tencent (a ~20% shareholder through affiliated vehicles) accounted for 83.79% of FY2025 revenue, and the top five customers 96.89%; long-term strategic allotments included GigaDevice, Xiaomi, Tongfu Microelectronics and Hua Hong subsidiaries (Tencent’s vehicle 上海启善 locked up for 36 months). H1 2026 revenue was ¥1.12 billion (+279% YoY) against a ¥632 million net loss, with January–September revenue guided at ¥2.3–3.0 billion; chairman Zhao Lidong said signed orders are executable into 2027 and the Gen4 product has passed multiple customers’ hardware and model tests, with small-volume delivery expected within 2026.

What does this firm design?

AI training and inference accelerators (branded GCUs) for cloud compute, with an accompanying software stack.

Key Facts

Category Fabless
Founded 2018
Location Shanghai, Shanghai Municipality
Product Focus AI training and inference accelerators (GCU — general-purpose compute units)
Node Sophistication Not disclosed
Entity List No
Last Verified Newest source dated 28 Sep 2026 (3 sources)

Design Score

4/5

Sources

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