Shanghai AI Chipmaker Enflame Technology Completes IPO Tutoring as Tencent Emerges as Largest Shareholder
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Shanghai-based AI chip leader Enflame Technology has moved a step closer to going public after completing its IPO tutoring process, with Tencent standing as its largest shareholder.
On January 1, 2026, China’s securities regulator disclosed that Enflame Technology, a Shanghai-based AI chip company, has completed its IPO tutoring process, with CITIC Securities serving as the tutoring institution—marking a new phase in its listing journey.
Founded in March 2018, Enflame Technology has a registered capital of $55.26 million and focuses on cloud-based AI computing products. In 2024, the company delivered over 30,000 units of its second-generation chips and 50,000 units of its third-generation products. Its third-generation AI inference accelerator, the Enflame S60, has been deployed in domestic 10,000-card inference clusters and rolled out across multiple intelligent computing centers in China.
In terms of shareholding, Tencent is Enflame’s largest shareholder, holding 19.9493% of the company and having participated in multiple funding rounds. Co-founders Zhao Lidong and Zhang Yalin collectively control 28.14% of voting rights, making them the joint de facto controllers. China’s National Integrated Circuit Industry Investment Fund (Phase II) holds 4.3219%, while Meitu ranks as the company’s 14th-largest shareholder.
Enflame has raised more than $729 million in disclosed funding to date. According to the 2025 Hurun Global Unicorn List, the company is valued at $2.932 billion. Both Zhao and Zhang previously worked at AMD, underscoring the team’s strong technical pedigree.
