Enflame Technology의 IPO 청약 결과 당첨률은 0.02455%로, 투자자들이 거의 16,900주를 포기한 것으로 나타났다.

On the evening of September 7, Enflame Technology (688801.SH) released its announcement regarding the issuance results of its initial public offering on the STAR Market, marking another step toward the domestic cloud AI chip leader’s formal listing on the capital markets.

According to the announcement, the issue price was set at 142.18 RMB per share, with a total issuance volume of 43.035173 million shares, all consisting of newly issued shares.

Online subscription multiples exceeded 6,100 times. Market enthusiasm for Enflame Technology’s shares proved exceptionally strong. The announcement indicated that the preliminary effective online subscription multiple reached approximately 6,109.34 times, significantly surpassing the 100-time threshold. Consequently, the issuer and its joint lead underwriters—CITIC Securities, Guotai Huatai, and GF Securities—activated the rollover mechanism, transferring 3.4430 million shares from the offline placement to the online market. Following the rollover, the final online issuance volume stood at 10.3285 million shares, resulting in a final winning rate of just 0.02455315%.

In terms of subscription outcomes, online investors paid for 10.311626 million shares, totaling approximately 1.466 billion RMB, while abandoning 16,874 shares. Offline investors subscribed to 24.099639 million shares, amounting to roughly 3.426 billion RMB, with zero abandoned shares. The 16,874 shares abandoned by online investors were fully underwritten by the sponsor (joint lead underwriter), covering an approximate value of 2.3991 million RMB.

The strategic placement featured a notably impressive lineup of participants. China Securities Investment Co., Ltd. was allocated 860,700 shares (accounting for 2% of the total issuance), while Enflame Technology’s employee asset management plan secured 2.3681 million shares (5.5%). Additionally, two portfolios managed by the National Social Security Fund Council received allocations of 492,300 shares. Industry players including ZTE Corp. (000063.SZ) and Tongfu Microelectronics (002152.SZ) also participated in the strategic placement.

Total issuance costs amounted to approximately 309 million RMB. The gross proceeds totaled around 6.119 billion RMB, yielding net proceeds of roughly 5.810 billion RMB after deducting issuance expenses.

Tencent Technologies (Shanghai) Co., Ltd. ranks among the top ten shareholders. As disclosed in the prospectus, Enflame Technology was established in 2018 and has emerged as a leading enterprise in China’s cloud AI chip sector. Operating under a fabless model, the company focuses exclusively on AI chip design and sales, outsourcing wafer fabrication, packaging, and testing to third-party partners.

The company’s core product portfolio encompasses cloud AI chips, AI acceleration cards and modules, intelligent computing systems and clusters, and an AI computing and programming software platform.

Financial data reveals rapid revenue growth for Enflame Technology in recent years. The company reported revenues of 301 million RMB in 2023, 722 million RMB in 2024, and 990 million RMB in 2025. In the first half of 2026, revenue surged to 1.12 billion RMB, representing a year-on-year increase of 279.08%, already surpassing its full-year 2025 total.

However, the company remains unprofitable. Net profit attributable to the parent company recorded losses of 1.665 billion RMB in 2023, 1.510 billion RMB in 2024, and 1.164 billion RMB in 2025, with losses narrowing annually. The net loss for the first half of 2026 stood at 632 million RMB.

The IPO proceeds are earmarked for three primary initiatives: the research, development, and industrialization of the fifth-generation AI chip series (projected investment: 1.503 billion RMB); the research, development, and industrialization of the sixth-generation AI chip series (projected investment: 1.197 billion RMB); and an advanced artificial intelligence hardware-software collaborative innovation project (projected investment: 3.300 billion RMB).

Regarding equity structure, the prospectus identifies Tencent Technologies (Shanghai) Co., Ltd. as the largest shareholder, with Zhao Lidong and Zhang Yalin serving as the actual controllers. Other notable entities within the top ten shareholders include China Integrated Circuit Industry Investment Fund Phase II Co., Ltd. and Shanghai Wuyuefeng Phase II Integrated Circuit Equity Investment Partnership.

Recognized as one of the “Domestic GPU Four Little Dragons,” Enflame Technology joins Moore Threads (688795.SH), MetaX (688802.SH), and Biren Technology (06082.HK) as a pivotal force in China’s domestic AI chip landscape.