Shanghai Enflame Technology, backed by Tencent Holdings, has received approval to list on a Shanghai stock exchange and plans to raise roughly $888 million, according to Bloomberg.
The move makes Enflame the last of China's four leading AI chipmakers to pursue a public offering. Chinese-language outlet 36 Kr, citing the milestone, described the quartet as the "Four Little Dragons" of domestic GPU development — a nod to their role as homegrown alternatives to Western chips.
Enflame's approval comes as China's AI chip sector is experiencing a broader wave of market activity, with its three domestic rivals having already moved toward public markets.
The timing is notable. U.S. export controls have restricted Chinese companies' access to advanced chips from firms like Nvidia, accelerating demand for domestic alternatives and giving companies like Enflame a tailwind heading into their public debut.
For investors and industry watchers, the completion of this IPO cohort signals that China's bet on building a self-sufficient AI chip supply chain is moving from ambition to institutional reality.