Enflame Technology will list on the Shanghai Stock Exchange's STAR Market on Sept. 11, 2026, after offering 43.0352 million new shares at 142.18 yuan each. The transaction values the Chinese fabless AI chipmaker at about 61.19 billion yuan, while its prospectus targets 6 billion yuan for next-generation chip development and software-hardware projects. Enflame's revenue rose from 301 million yuan in 2023 to 990 million yuan in 2025, but it accumulated losses exceeding 4.3 billion yuan over the period as research-and-development spending reached 3.676 billion yuan. Chairman Zhao Lidong said the company expects consolidated profitability in 2026 or 2027 and projected January-to-September 2026 revenue of 2.3 billion yuan to 3 billion yuan. Tencent-related sales accounted for 83.79% of 2025 revenue, underscoring Enflame's reliance on its largest customer. The stock's limited initial free float, high valuation and first-week absence of price limits on the STAR Market leave investors focused on delivery execution, gross-margin improvement and the timing of a sustainable profit turnaround.