Enflame Technology debuted on the STAR Market on September 11, meaning Moore Threads, Muxi, Biren and Enflame, the four major domestic AI chip developers, have all entered public capital markets. The domestic general-purpose GPU sector has entered a new phase of large-scale commercial competition. The transition of domestic computing chip companies from early-stage R&D to product rollout and commercial delivery marks a key milestone for China’s self-reliant computing industrial chain.

In the past few years, export restrictions on high-end overseas AI chips have pushed China to speed up independent chip research. Domestic chip makers focus on large model training and AI inference scenarios, continuously upgrading hardware architecture and supporting software stacks. However, the main weakness remains the software ecosystem; operator adaptation and developer toolchains still lag behind leading overseas products.

Industry analysis says after listing, the four firms can raise capital from public markets to sustain research investment and accelerate product upgrades, driving coordinated growth among upstream and downstream suppliers of servers, high-speed interconnection and thermal management components. Downstream demand comes from intelligent computing centers, government and enterprise AI projects, industrial simulation and biomedical research. Key challenges include fierce global competition, heavy continuous R&D spending, and strict client requirements for chip stability and ecosystem maturity. Market observers will track order delivery, new chip releases and bidding results of domestic intelligent computing centers.