ENFLAME STOCK TRIPLES ON DAY ONE IN SHANGHAI, UP 206%

🚨 Enflame stock soared 206% on its first day of trading in Shanghai.

The retail tranche drew orders for more than 6,000 times the shares on offer before the company reallocated more stock to that group.

CNBC reports Enflame is the last of China's so-called "four little dragons" of AI chipmaking to go public. The other three all popped: MetaX nearly 700% in December, Moore Threads over 400%, Biren 76% in January. All three have stayed higher since.

The financials are thinner than the pop. Revenue was 990 million yuan ($147 million) in 2025, up from 722 million yuan the year before. The company has yet to turn a profit. Proceeds are earmarked for its fifth- and sixth-generation chips, aiming to match high-end international products.

📈 The bet is substitution. International chipmakers led by Nvidia held nearly 60% of China's AI accelerator market in 2025, per IDC data in Enflame's prospectus. US export controls and Beijing's push for self-sufficiency have squeezed Nvidia out of China's data center compute market.

Goldman Sachs expects China's semiconductor capital spending to reach $82 billion by 2030.

Tech hardware is now driving Chinese stock performance. DRAM maker CXMT rose nearly 466% on its July debut, making it the most valuable China-listed company.

Is this a real Nvidia replacement trade, or a listing-day frenzy?

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