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Enflame is China's latest AI chipmaker to go public as Beijing steps up its tech self-sufficiency drive, with the United States banning exports of high-end chips and advanced chip-making technologies to China to curb the country's AI ambitions. Domestic rivals Moore Threads Technology, MetaX Integrated Circuits and Shanghai Biren Technology have already sold shares publicly over the past year. Enflame's IPO pricing values the company, which is yet to make a profit, at 61.8 times its 2025 sales, it said in an exchange filing. That compares with a multiple of over 160 for listed Chinese rivals Moore Threads and MetaX, according to the company. U.S. AI chip giant Nvidia trades at 25.4 times 2025 sales, the filing showed. Enflame plans to sell 43 million shares and list on the tech-focused STAR Market, to raise slightly more than its original fundraising target of 6 billion yuan. The eight-year-old startup, which aims to help China break Nvidia's monopoly in the AI chip market, has said it would use the proceeds to fund the production of its fifth- and sixth-generation AI chips and for advanced AI software and hardware projects. Enflame, which counts Chinese tech giant Tencent both as a major shareholder and its biggest customer, will take investor subscriptions on Wednesday. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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