Shanghai Enflame Technology Raises 6.12 Billion Yuan in IPO

Shanghai Enflame Technology Co. launched its initial public offering on the STAR Market in Shanghai, raising approximately 6.12 billion yuan through the sale of 43 million shares priced at 142.18 yuan each. The offering experienced extreme retail demand, with the retail portion subscribed 4,073 times and individual investors submitting orders totaling roughly 5.98 trillion yuan.

Enflame is the final company among China's four little dragons of AI chipmakers to go public. Despite the successful listing, the company faces financial challenges, reporting a net loss of 1.2 billion yuan in 2025 and forecasting a loss of 600 million yuan for the first half of 2026. However, the firm has maintained rapid revenue growth.

The company remains heavily dependent on Tencent Holdings Ltd., which holds a 20% stake in the business. In 2025, Tencent accounted for 84% of Enflame's total revenue.