On June 9, the SSE STAR Market review committee scheduled a June 15 hearing for Enflame Technology’s IPO. Enflame is one of the “four dragons” of China’s domestic GPU industry, alongside Moore Threads, M-Xuan Technology, and Biren Technology.

The company plans to raise RMB 6 billion ($825M) for its fifth‑ and sixth‑generation AI chip R&D and industrialization, as well as an AI software/hardware co‑innovation project. Enflame’s revenue from 2022 to 2024 and the first three quarters of 2025 was RMB 90.1M, RMB 301M, RMB 722M, and RMB 540M respectively. Net losses over the same periods were RMB (1.12B), (1.67B), (1.51B), and (888M) due to heavy R&D investment.

ICgoodFind: Enflame’s STAR Market listing will inject fresh capital into next‑gen AI chips, accelerating China’s GPU self‑reliance push.