Tencent-Backed Shanghai Enflame Surges 188% in $912 Million Shanghai Debut
briefed
In one of the most explosive stock market debuts of the year, Chinese artificial intelligence chipmaker Shanghai Enflame Technology surged 188% on its first day of trading on Shanghai's STAR Market after successfully raising $912 million (6.12 billion yuan) in its IPO. Backed heavily by tech giant Tencent, the stock opened at 410 yuan against its initial offer price of 142.18 yuan, briefly pushing its market capitalization past 185 billion yuan. The massive investor frenzy reflects intense domestic backing for Chinese semiconductor firms as Beijing accelerates its strategic push to build home-grown AI processing hardware capable of replacing Nvidia amid ongoing U.S. technology export controls.