Enflame Technology's Shanghai STAR Market IPO Subscription Set for September 2, Aiming to Raise ~6 Billion Yuan
Nashnova编辑部
Enflame Technology (燧原科技), the last of China's four homegrown GPU champions to list, will open its STAR Market IPO subscription on September 2, targeting roughly 6 billion yuan (~$892 million) to fund fifth- and sixth-generation AI chip development — a direct test of investor appetite for domestic GPU plays amid a heated valuation debate.
What do the core numbers tell us?
Enflame plans to issue 43.04 million new shares, roughly 10% of its enlarged share capital, raising about 6 billion yuan (~$892 million).
Price inquiry begins August 28; subscription opens September 2.
This means → the implied full valuation sits at roughly 60 billion yuan — placing Enflame among the top-tier AI-chip listings on the STAR Market.
Who is buying, and how is the deal structured?
Strategic investors receive 8.61 million shares, institutional investors 27.54 million, and retail investors 6.89 million — institutions take about 64% of the offering.
CITIC Securities is lead underwriter; Guotai Haitong Securities and GF Securities serve as co-leads.
In plain terms = this is an institution-led deal with a slim retail tranche — pricing power rests with the big funds.
The last of the "Four GPU Dragons" — who is Enflame?
Founded in 2018 in Shanghai, Enflame is backed by Tencent Holdings.
Among China's "Four Homegrown GPU Dragons," Moore Threads, Metax (沐曦), and Biren Technology have already listed; Enflame is the last to go public.
Proceeds will fund R&D and commercialization of fifth- and sixth-generation AI chips, plus an AI hardware-software co-innovation program.
Is this the right time to list?
Reuters reports that STAR Market tech IPOs are on track for their strongest year since 2023, as Beijing actively pushes chip and AI companies to list amid the U.S.–China tech rivalry.
Yet humanoid-robotics firm Unitree Robotics (宇树科技) has fallen roughly 45% from its debut-day high, fueling broad concern over AI-sector valuation froth.
This reflects a market caught between policy tailwinds and bubble anxiety — whether Enflame wins full subscription will gauge real investor willingness to price the domestic GPU thesis.
Content is for reference only, not financial advice.