AI TRENDS | Enflame Prices Shanghai STAR IPO At RMB 142.18 A Share

Enflame Technology (688801) has priced its Shanghai STAR Market IPO at RMB 142.18 a share, with 43.035173 million shares on offer, according to ETNet. The company expects to raise RMB 6.119 billion in gross proceeds and about RMB 5.81 billion net after fees. It plans to use the funds for research, development and industrialisation of its fifth- and sixth-generation AI chip product lines, as well as an advanced AI hardware-software co-innovation project. Enflame said it is still unprofitable and used price-to-sales as its valuation benchmark. Based on 2025 revenue of RMB 990 million, the post-listing price-to-sales ratio is about 61.8 times, below the average of comparable peers. Online and offline subscription will start on September 2, with payment due on September 4. With the pricing completed, Enflame becomes the last of China's four major domestic GPU developers to enter the capital market, alongside Cambricon, Moore Threads and MetaX.