This article first appeared on GuruFocus .
Enflame rose 206% on its Shanghai debut , completing the listing of all four companies China's market calls the "four little dragons" of AI chipmaking. The Tencent-backed company reported revenue of 990 million yuan ($147 million) for 2025, up from 722 million yuan, and has never turned a profit. Retail demand ran to more than 6,000 times the shares on offer before the company shifted more stock to that tranche.
The other three little dragons are MetaX, Moore Threads and Biren, which rose nearly 700%, more than 400% and 76% on their respective debuts. All three have held above their listing price. Founded in 2018, Enflame will use the proceeds to develop and commercialize fifth and sixth generation chips aimed at matching high-end international products.
Enflame is one of the Chinese chipmakers developing domestic alternatives to Nvidia Corp. ( NASDAQ:NVDA ), whose exports into China's data center compute market have been shuttered by US export controls and Beijing's push for tech self-sufficiency. Goldman Sachs expects Chinese semiconductor capital spending to reach $82 billion by 2030. In July, DRAM maker CXMT rose roughly 466% on its debut and became the most valuable China-listed company.
