Enflame

Enflame (燧原科技) is a Chinese AI compute chip company founded in March 2018 by Lidong Zhao and Yalin Zhang, focused on AI training and inference hardware — chips, boards, integrated compute machines, and liquid-cooled clusters, built as a homegrown alternative to NVIDIA. ZhenFund was one of three co-leads in its seed round just one month after founding and participated in both of its earliest rounds — partner Anna Fang reportedly decided within 15 minutes of meeting the founders ; Tencent was its largest single shareholder with a 20.49% stake ahead of the IPO, at a valuation above RMB 16 billion. On September 11, 2026, Enflame listed on the STAR Market (688801), opening at 410 yuan against a 142.18 yuan offering price — a 188% pop — for a market cap of about RMB 176.4 billion.