Retail orders for 6,000 times the shares available took Enflame up 206 per cent in Shanghai

Revenue of 990 million yuan in 2025 against 722 million a year earlier is growth of about 37 per cent ^[1], a decent operating result for a chip designer founded in 2018 ^[11]. The stock moved 206 per cent in the session ^[1].

No offer price, share count or market capitalisation was reported alongside those revenue figures. That leaves the debut move without a multiple to put on the 990 million yuan ^[4]. The number buyers do have is a share split. IDC data cited in Enflame's prospectus, translated by CNBC, gives foreign suppliers led by Nvidia nearly 60 per cent of China's AI accelerator market in 2025 ^[6]. Domestic designers hold a little over 40 per cent ^[3]. Working out the revenue that displacement would transfer needs a market total, and the prospectus gives percentages only ^[5]. Enflame, MetaX, Moore Threads, Biren, Huawei and Alibaba's in-house chip programme are all pointed at the same 60 per cent ^{[3][4][13][15]}.

Orders came in for more than 6,000 times the shares available. That works out to roughly one share allocated for every 6,000 asked for, about 0.017 per cent of the demand ^[2]. Enflame then moved more stock into the retail tranche ^[2]. A first-day price set on that allocation says something about the supply of shares in Shanghai. The awkward fact for that reading is that MetaX, Moore Threads and Biren have all stayed above their debut levels since listing ^[5]. By how much, CNBC leaves unsaid.

Goldman Sachs said in an August report that it expects Chinese semiconductor capital spending to reach 82 billion dollars by 2030, driven by capacity expansion in memory and advanced nodes ^[8]. That is money going into fabs. Accelerator designers book none of it as revenue.

CNBC reports that investors are betting on the ability of domestic AI chipmakers to replace Nvidia in China ^[14]. Part of that substitution is already a policy fact. US export controls and Beijing's lukewarm interest in importing advanced chips have shut Nvidia's exports into China's data centre compute market ^[7]. My read is that the debut prices the 60 per cent and leaves the 990 million yuan out of it, and the next set of share data is what would prove that wrong. If IDC's 2026 split still puts foreign suppliers near 60 per cent, these four debuts were a story about share scarcity in Shanghai. The evidence pointing the other way sits at the model level. Z.ai says its GLM-5.3-Flash model runs entirely on China-made chips, and analysts cited by CNBC said the company likely used a combination of Huawei chips with parts from Enflame and other local companies ^[13].