Zhong Lun, DeHeng assist Enflame’s RMB6.12bn Star Market IPO
Chinese AI chipmaker Enflame Technology has debuted on the SSE Star Market on 11 September, raising around RMB6.12 billion (USD912 million) and completing the capital-market listings of China’s so-called “four little dragons of GPUs”. Zhong Lun Law Firm and DeHeng Law Offices provided legal support for the transaction.
Enflame, Moore Threads, MetaX Integrated Circuits and Biren Technology are collectively known in China as the “four little dragons of GPUs”, a group of domestic developers of high-performance graphics processing units (GPUs). Moore Threads and MetaX listed on the Star Market in December 2025, raising RMB8 billion and RMB4.20 billion, respectively. Biren listed on the HKEX in January this year, raising HKD5.58 billion (USD712 million).
Enflame issued around 43.04 million shares at RMB142.18 each. The shares opened at RMB410 on their first trading day, around 188.37% above the issue price, taking the company’s market capitalisation above RMB170 billion.
The company attracted prominent institutional investors through the strategic placement, including the National Social Security Fund, the Basic Pension Insurance Fund, Tencent-backed Qishan Investment and ZTE. CITIC Securities acted as sponsor, with Guotai Haitong Securities and GF Securities serving as joint lead underwriters.
Zhong Lun counselled Enflame, led by partner Tang Zhoujun. DeHeng advised the underwriters, with partner Hou Huijie leading the team for the listing and partner Yang Xinwei spearheading the strategic placement work.
Shanghai-headquartered Enflame was founded in 2018 and focuses on developing cloud computing products for AI applications. Its products include AI accelerator cards, intelligent computing clusters, and integrated hardware and software solutions. The company has developed four generations of architecture and five cloud-based AI chips, which are widely used in internet AI applications.
The prospectus stated that the IPO proceeds would be used mainly for the R&D and the commercialisation of Enflame’s fifth- and sixth-generation AI chips, as well as an advanced AI hardware-software collaborative innovation project.
