Company
Shanghai-based fabless designer of AI training and inference accelerators for Chinese data centers.
The AI chipmaker's shares closed 179 percent above the offer price on Shanghai's Star Market, and the revenue behind that valuation came almost entirely from Tencent, which owns 20 percent of the company and buys most of its chips.
Reality
The KOSPI closed at 6,909.91 on the 11th, back below 7,000 but still up 3.33% for the week, and the memory names that led the advance fell again in New York on a day Brent dropped 2.81%.
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Enflame, which lost money last year, raised 6.12 billion yuan on Shanghai's STAR Market on September 11 and closed near triple its offer price, on retail demand reported at 6,109 times the shares available.
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Investors bid the last of China's four little dragons of AI chipmaking up 206 per cent on its Shanghai debut, chasing the nearly 60 per cent of the domestic AI accelerator market that foreign suppliers held in 2025.
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Prosecutors opened in Brooklyn calling Huawei a criminal enterprise, but Epoch AI's numbers put the ceiling on China's AI-chip stack in high-bandwidth memory, which could hold Huawei near 1% of Nvidia's output through 2028.
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