Enflame Announces 0.0245% Winning Rate for 6.12B Yuan STAR Market IPO
Chinese AI chipmaker Enflame announced an online subscription winning rate of 0.02455315% for its Shanghai STAR Market IPO after heavy investor demand triggered a clawback mechanism. The company issued 43.04 million shares at 142.18 RMB per share to raise 6.119 billion RMB (approximately $910 million). The strong investor interest underscores high market demand for domestic Chinese semiconductor firms as US export controls accelerate China's push for chip self-reliance. The raised capital will help Enflame advance its next-generation hardware and compete against both domestic rivals and international giants. Enflame plans to spend 1.503 billion RMB on 5th-generation AI chips, 1.197 billion RMB on 6th-generation chips, and 3.3 billion RMB on hardware-software co-design innovation. Over 7 million valid online accounts subscribed for shares, oversubscribing the retail portion by more than 100 times.
## BACKGROUND
Founded in 2018 by former AMD engineers and backed by tech giant Tencent, Enflame specializes in general-purpose AI accelerator chips for data centers. Alongside Moore Threads, Biren Technology, and MetaX, Enflame is recognized as one of China's 'four little dragons' in the AI chip sector. The STAR Market is Shanghai's tech-focused stock exchange designed to provide flexible listing rules for innovative technology enterprises.