Enflame Technology, one of China’s leading artificial‑intelligence chip manufacturers, filed paperwork indicating that investors can begin subscribing to its shares on September 2. The company plans to raise roughly 6 billion yuan (about $892 million) on Shanghai’s tech‑focused STAR Market.

Offering details

The IPO will issue 43.04 million new shares, representing a 10 % stake in Enflame’s enlarged capital of approximately 430 million shares. Preliminary price consultations are slated to start on August 28.

Of the total allocation, 8.61 million shares are earmarked for strategic investors, while institutional investors will receive 27.54 million shares and retail investors 6.89 million shares.

Company background

Founded in 2018 and based in Shanghai, Enflame is grouped with Moore Threads, MetaX and Biren Technology as part of China’s “four little GPU dragons.” The other three firms have already gone public, riding a wave of global interest in semiconductor firms.

Use of proceeds

Enflame intends to use the IPO proceeds to develop and commercialise its fifth‑ and sixth‑generation AI chips, as well as to fund advanced AI software and hardware collaborative‑innovation projects.

Market context

China’s onshore technology IPOs are projected to have their strongest year since 2023, as Beijing seeks to bolster listings of chip and AI companies in a broader push for technological self‑reliance amid ongoing competition with the United States. However, a recent 45 % decline in the shares of Unitree, a prominent Chinese humanoid‑robot maker, has raised concerns about potential bubble risk in the sector.

Underwriters

CITIC Securities will act as the lead underwriter, with Guotai Haitong Securities and GF Securities serving as joint lead underwriters.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.