Enflame Tech Raises $850M in STAR Market IPO: what are the key facts?

Enflame Technology announced its final offering results, pricing shares at 142.18 yuan each to raise a total of 6.119 billion yuan.

Enflame Tech Raises $850M in STAR Market IPO: what are the key facts?

Over 7.03 million online accounts submitted valid subscriptions, resulting in a final winning rate of just 0.02455315%.

Enflame Tech Raises $850M in STAR Market IPO: what are the key facts?

The company has invested 3.676 billion yuan cumulatively in R&D, with research personnel accounting for 76.73% of its workforce.

Enflame Tech Raises $850M in STAR Market IPO: what are the key facts?

Projected revenue for the first three quarters of 2026 is between 2.3 billion and 3.0 billion yuan, with profitability expected in either 2026 or 2027.

Physix Frontier · News Briefing Card (enbrief · Sep 8, 2026)

Enflame Tech Raises $850M in STAR Market IPO

KEY FACTS

Enflame Technology announced its final offering results, pricing shares at 142.18 yuan each to raise a total of 6.119 billion yuan.
Over 7.03 million online accounts submitted valid subscriptions, resulting in a final winning rate of just 0.02455315%.
The company has invested 3.676 billion yuan cumulatively in R&D, with research personnel accounting for 76.73% of its workforce.
Projected revenue for the first three quarters of 2026 is between 2.3 billion and 3.0 billion yuan, with profitability expected in either 2026 or 2027.

KEY DATA

142.18 yuan/shareOffering Price

6.119 billion yuanTotal Funds Raised

0.02455315%Online Winning Rate

3.676 billion yuanCumulative R&D Investment

PHYSIX OBSERVATION

Enflame's successful high-premium fundraising reflects the capital market's fervent pursuit of scarce domestic cloud AI chip stocks. Despite facing massive losses, its partnership with Tencent and rapidly expanding revenue curve validate its commercialization path. This listing is not merely a cash infusion but a critical milestone for domestic computing power seeking large-scale breakthroughs amidst giant competitors; future delivery capabilities will be the core test for realizing this valuation.

Source: enbrief original report ↗