Physix Frontier · News Briefing Card (Leiphone · Sep 7, 2026)

Enflame Tech raises $850M in STAR Market IPO

KEY FACTS

Enflame Technology announced its final issuance 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 applications, resulting in an extremely low final allotment rate of 0.02455315%.
The company has invested a cumulative 3.676 billion yuan 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 by 2026 or 2027.

KEY DATA

142.18 yuan/shareIssue Price

6.119 billion yuanTotal Funds Raised

0.02455315%Online Allotment Rate

3.676 billion yuanCumulative R&D Investment

PHYSIX OBSERVATION

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

Source: Leiphone report