Shanghai Enflame Technology Co., Ltd. (688801.SH), a leading cloud-based AI chip developer, has officially unveiled its prospectus for an initial public offering on the STAR Market. The company plans to issue 43.0352 million new shares, representing 10% of its total share capital post-listing, with no existing shareholders selling stakes in this offering.
The preliminary inquiry is scheduled for August 28, 2026, with the subscription date set for September 2, 2026. The initial strategic placement will account for 8.607 million shares, or 20% of the total issuance, with the final ratio and amount to be determined at T-2 once the pricing is locked in. Any discrepancy between the final and initial strategic placement volumes will be adjusted according to the established clawback mechanism.
Founded in March 2018, the company has pursued a vision of becoming a leader in general-purpose AI infrastructure, championing original innovation and self-developed technology to build a lasting competitive moat. Over the past eight years, it has iterated through four generations of architecture and launched five cloud AI chip models, establishing a comprehensive product ecosystem that spans AI chips, accelerators and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms.
Today, the company stands as one of China's premier cloud AI chip developers. Its long-standing collaboration with major internet firms on customized hardware and software has driven the large-scale commercial deployment of multiple product generations across diverse internet AI scenarios, powering national-level applications from traditional AI models to large language models. The market has validated the company's continuous product iteration and competitive strength, marking a pivotal transition from a closed technology-to-product loop to a closed commercial value chain.
Beyond its core business, the company is actively expanding its ecosystem with downstream partners. In addition to participating in national "East Data, West Computing" hub projects for intelligent computing centers, it is deepening ties with domestic telecom operators and exploring opportunities across various vertical industries to deliver affordable computing power that empowers AI across sectors.
To ensure sustainable growth, the company prioritizes long-term strategic partnerships across the full supply chain, including EDA/IP, wafer manufacturing, packaging and testing, and system components, safeguarding stable product development and delivery. The IPO proceeds will fund ongoing product R&D, business expansion, and supply chain security, reinforcing the company's growth trajectory, advancing domestic AI chip innovation, and supporting the high-quality development of China's AI industry.
As of the prospectus signing date, the company faces no risks of declining market share or significant asset impairment due to outdated processes, obsolete products, technological shifts, or R&D failures, nor has it encountered halted or shrinking core operations. Its financial performance has steadily improved, with main business revenue climbing from RMB 292 million in 2023 to RMB 986 million in 2025, reflecting a compound annual growth rate of 83.76%.
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