AI Chip EnFlame Attempts China Listing… Will it Shed 'Tencent Reliance' and Leap Forward?

EnFlame has taken its first step toward an IPO in the challenge for Chinese AI semiconductor self-sufficiency.

According to data from global market research firm IDC, China's AI accelerator card shipments in 2025 were approximately 4 million units. While NVIDIA shipped about 2.2 million units, capturing a 55% market share, EnFlame recorded sales of 66,000 units, representing a market share of approximately 1.7%.

EnFlame is currently pursuing technological advancement and customer diversification through IPO proceeds, and overcoming its dependence on Tencent—which accounts for over 80% of its revenue—has been identified as a key task for future growth.