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Enflame Technology is seeking $830 million in a STAR Market IPO that exposes China's most technically credible Nvidia alternative to public scrutiny. The company's revenue grew eightfold in two years, but Tencent accounts for 71.84% of it and cumulative losses have reached RMB 4.29 billion. The listing is a bet on China's AI chip ambition and a single mega-client holding firm.