Enflame Technology Lists on STAR Market with IPO Price of 142.18 Yuan
nashnova research
Enflame Technology (燧原科技) will debut on Shanghai's STAR Market on September 11 at 142.18 yuan per share; the company guides nine-month revenue of 2.3–3.0 billion yuan, up as much as 455% year-on-year — a growth rate that will anchor the market's opening-day verdict on its valuation.
What are the basics of this listing?
Enflame announced on September 9 that its shares will begin trading on the STAR Market on September 11.
The IPO price is set at 142.18 yuan per share — that is the cost basis for incoming investors.
Enflame makes AI chips — processors designed specifically for artificial-intelligence workloads — and chose the STAR Market, Shanghai's tech-growth board.
Why is the revenue growth rate the number to watch?
The company expects January-to-September 2026 revenue of 2.3 billion to 3.0 billion yuan, a year-on-year jump of 325.78% to 455.36%.
This means → revenue has roughly quadrupled to quintupled in under a year, placing Enflame squarely in a breakout-growth phase.
In plain terms = the company just leapt from "starting to earn" to "shipping at volume." Right now, that growth rate is the hardest number backing the asking price.
What should investors keep their eyes on?
The high growth rate is the core prop under the IPO price — if subsequent quarters slow, the 142.18-yuan entry point comes under pressure.
This reflects a familiar STAR Market rhythm: new listings ride earnings expectations on day one, and the proof point lands with the first full quarterly report after listing.
Put simply = the real question is not whether the stock pops, but how many quarters this growth rate can hold.
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