Enflame Technology has set its IPO issue price at RMB 142.18 per share on the Science and Technology Innovation Board, aiming to raise over RMB 6 billion. With an anticipated market capitalization surpassing RMB 60 billion, it claims the top spot among the "Four Emerging Domestic GPU Companies." The company will commence subscription on September 2. Should the first-day surge exceed 400%, investors holding a single lot will witness a paper profit exceeding RMB 280,000. Tencent has secured approximately 1.7471 million shares through its platforms, with an investment amounting to roughly RMB 248 million. From the Pre-A round financing to the IPO, Tencent has not only been Enflame Technology's largest external shareholder but also its primary customer. By 2025, Tencent is projected to account for over 80% of Enflame Technology's sales revenue. Based on the issue market capitalization, Tencent's stake value will surpass RMB 10 billion. Furthermore, several industrial capital firms, including Xiaomi and GigaDevice, along with combinations of social security and pension funds, have also taken part in the strategic placement.

Established in 2018, Enflame Technology specializes in the cloud AI chip sector. From 2023 to 2025, the company has achieved a three-year compound annual growth rate of 81.32% in revenue, with its net loss gradually diminishing. It is anticipated to attain profitability by 2026 or 2027. As the final member of the "Four Emerging Domestic GPU Companies" to go public, Enflame Technology has garnered considerable attention. Meanwhile, Tencent is enjoying a fruitful period for IPOs, having already witnessed several companies, such as ChangXin Technology, Zhipu, and MiniMax, go public this year. At the peak market capitalization of ChangXin Technology post-listing, Tencent's paper profit exceeded RMB 50 billion. Following the listings of Zhipu and MiniMax, their stock prices skyrocketed, yielding substantial returns for Tencent.

Additionally, hard-tech companies like Xinnuowei and Cloudflare Intelligence are poised to go public soon, with Tencent holding a significant stake in each. Tencent's investment strategy has shifted from the consumer internet to the hard-tech sector, with its strategic deployments in areas such as AI computing power now concentrating on IPO realizations.