Enflame Technology Jumps 188.37% in Trading Debut

The scale of the debut pop says less about Enflame specifically than about how scarce listed pure-plays in China's AI silicon space still are, with domestic substitution narratives absorbing a lot of that demand. For the broader RWA and tokenization conversation, this is a reminder that the deepest pools of capital for AI compute exposure remain in traditional equity markets, not on-chain. Whether the premium holds once the first-day flow fades, and whether more domestic AI chip names follow, is the open question.