Evaluation Framework for Technology Migration Success Rate of Enflame Technology

Based on public information, Enflame Technology, one of the "Four Little Dragons of Domestic GPU", has completed STAR Market IPO counseling, with Tencent as its largest shareholder and the National Integrated Circuit Industry Investment Fund Phase II participating in investment. Regarding the founding team’s AMD background and technology migration success rate, I provide the following assessment framework:

• Depth of architectural understanding
  : AMD GPU architectures (such as RDNA, CDNA) design concepts and optimization experience can be migrated
• Ecosystem compatibility
  : Familiarity with software stacks like ROCm and OpenCL reduces adaptation costs
• Talent siphon effect
  : Facilitates attracting Chinese engineers with international big factory experience

• Intellectual property compliance needs strict review
• Technical roadmap needs independent evolution to avoid patent infringement

Evaluation Dimension	Key Indicator	Industry Benchmark
Architectural Independence	Self-developed IP Ratio	>60% is preferred
Software Ecosystem	CUDA Compatibility, Framework Support	Mainstream AI framework support rate
Performance Catch-up	Gap with International Advanced Processes	Acceptable within 2-3 generations
Yield Capacity	Access to Advanced Processes	Within 14nm

• Tencent as the largest shareholder provides capital and scenario support
• STAR Market IPO expectations bring sustained R&D investment
• Domestic substitution policy dividends are clear

• Complete technology migration from AMD requires overcoming architectural reconstruction challenges
• Restrictions on access to high-end manufacturing processes affect product competitiveness
• Long cycle and large investment in software ecosystem construction

Technology migration success rate is difficult to quantify accurately, but

are decisive factors. It is recommended to pay attention to specific indicators such as the self-developed IP ratio and the progress of top customer introduction disclosed by the company in the future.

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[1] Yahoo Finance - Enflame Technology Completes IPO Counseling (https://hk.finance.yahoo.com/news/國產gpu四小龍-之-燧原科技完成科創板上市輔導-235344765.html)
[2] Yahoo Finance - Enflame Technology IPO Progress (https://hk.finance.yahoo.com/news/新股-國產gpu四小龍-燧原科技完成ipo輔導-料將申報科創板ipo-234619024.html)