Domestic GPU enterprise Enflame Technology will be listed tomorrow, raising 6.1 billion yuan. Tencent becomes the biggest winner and still holds 17% of the shares after the IPO.

Shanghai Enflame Technology Co., Ltd. (abbreviation: "Enflame Technology", stock code: "688801") will be listed on the Sci-Tech Innovation Board tomorrow.

The issue price of Enflame Technology is 142.18 yuan per share, with 43.035 million shares offered, and the total fundraising amount is 6.14 billion yuan.

Among them, the strategic placement investors of Enflame Technology are respectively China Securities Investment, Enflame Technology Employee Asset Management Plan, Shanghai Qishan Investment Co., Ltd., Shenzhen Bund Technology Development Co., Ltd., Wuhan 1810 Enterprise Management Co., Ltd., Tongfu Microelectronics Co., Ltd., ZTE Corporation, Shanghai Xinzhi Times Enterprise Management Co., Ltd., Shanghai Edixi Technology Service Co., Ltd., and the National Council for Social Security Fund. The strategic placement investors are allocated 20% of the total issued shares.

Among them, China Securities Investment subscribed 122 million yuan, Enflame Technology Employee Asset Management Plan subscribed 337 million yuan, Shanghai Qishan Investment Co., Ltd. subscribed 248 million yuan, Wuhan 1810 Enterprise Management Co., Ltd. and Tongfu Microelectronics Co., Ltd. respectively subscribed 70 million yuan;

Tongfu Microelectronics Co., Ltd. and ZTE Corporation respectively subscribed 80 million yuan, Shanghai Xinzhi Times Enterprise Management Co., Ltd. and Shanghai Edixi Technology Service Co., Ltd. respectively subscribed 73.13 million yuan, and the National Council for Social Security Fund subscribed 70 million yuan.

According to the prospectus, Enflame Technology's operating revenue in 2023, 2024 and 2025 was 300 million yuan, 722 million yuan and 990 million yuan respectively; the net loss was 1.665 billion yuan, 1.51 billion yuan and 1.164 billion yuan respectively; the net loss after non-recurring gains and deductions was 1.567 billion yuan, 1.5 billion yuan and 1.197 billion yuan respectively.

In the first half of 2026, Enflame Technology's operating revenue reached 1.12 billion yuan, up 279% from 300 million yuan in the same period of the previous year; the net loss was 630 million yuan, compared with the net loss of 610 million yuan in the same period of the previous year; the net loss after non-recurring gains and deductions was 634 million yuan, compared with 624 million yuan in the same period of the previous year.

Among them, Enflame Technology's operating revenue in the second quarter of 2026 was 830 million yuan, up 200.5% from 277 million yuan in the same period of the previous year; the net loss was 188 million yuan, narrowing 35% from the net loss of 289 million yuan in the same period of the previous year; the net loss after non-recurring gains and deductions was 185 million yuan, compared with 300 million yuan in the same period of the previous year.

Enflame Technology expects its operating revenue in the first 9 months of 2026 to be between 2.3 billion yuan and 3 billion yuan, representing a year-on-year increase of 325.78% to 455.36% compared with 540 million yuan in the same period of the previous year; the expected net loss is 700 million yuan to 860 million yuan, compared with the net loss of 888 million yuan in the same period of the previous year; the expected net loss after non-recurring gains and deductions is 700 million yuan to 860 million yuan, compared with 910 million yuan in the same period of the previous year.

Tencent is the major shareholder of Enflame Technology. During each period of the reporting period, the combined revenue of Enflame Technology from direct sales to Tencent Technology (Shenzhen) and corresponding AVAP model sales was 100 million yuan, 270 million yuan and 830 million yuan respectively, accounting for 33.34%, 37.77% and 83.79% of the operating revenue in the same period respectively.

Enflame Technology is another domestic GPU enterprise that has been listed. Since its establishment, Enflame Technology has obtained multiple rounds of financing, with a total accumulated fundraising of more than 5 billion yuan.

Among them, it obtained 340 million yuan of Pre-A round financing in July 2018, led by Tencent; it obtained 300 million yuan of financing in May 2019, led by Redpoint; it obtained 700 million yuan of Series B financing in May 2020, led by Wuyuefeng;

In January 2021, it completed 1.8 billion yuan of Series C financing, led by CITIC Industrial Fund, funds under CICC Capital and Chunhua Capital; it completed Series C+ financing in 2022, invested by the National Integrated Circuit Industry Investment Fund; it completed 2 billion yuan of Series D financing in September 2023, led by Guofang Innovation;

After IPO, ZHAO LIDONG and ZHANG Yalin hold 7.6197% of the shares respectively, Enflame Huizhi holds 7.3607%, Enflame Chongying holds 1.3153%, Tencent Technology holds 16.9569%, Phase II Fund holds 3.6736%, Guofang Jinpu holds 3.01%, Wuyuefeng Phase II holds 2.6016%, Dalian Yuntai holds 1.7185%, Beijing Suiqing holds 1.5075%, Wuyuefeng Phase III holds 1.5066%;

Shanghai Industrial Investment holds 1.2611%, Meitu Technology holds 1.1121%, Yangzhou Guojun holds 1.0586%, Huaian Tierong holds 1.0065%, Redpoint Ventures holds 0.9280%, Derun Jinchi holds 0.8657%, SDIC Juli holds 0.8408%, CICC Gongying and Qilu Xiamen hold 0.7872% respectively, Yunchuang No.1 holds 0.7863%, Shanghai Xinji holds 0.7437%, and Hongdian Chicheng holds 0.7115%.

This article is from the WeChat official account , author: Lei Jianping, published with authorization from 36Kr.