---
title: "Enflame’s $912M STAR IPO Closed +179% — Tencent Is 84% of 2025 Sales"
description: "Reuters said Shanghai Enflame Technology (688801.SS) raised 6.12 billion yuan ($912 million) on September 11, 2026, and closed up 179%. Tencent is the largest shareholder and accounted for 83.79% of 2025 revenue. The company lost 1.16 billion yuan on 990.2 million yuan of sales. First-day cap is not a diligence mark."
date: 2026-09-11T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-enflame-912m-star-market-ipo-tencent
---

# Enflame’s $912M STAR IPO Closed +179% — Tencent Is 84% of 2025 Sales

> Reuters said Shanghai Enflame Technology (688801.SS) raised 6.12 billion yuan ($912 million) on September 11, 2026, and closed up 179%. Tencent is the largest shareholder and accounted for 83.79% of 2025 revenue. The company lost 1.16 billion yuan on 990.2 million yuan of sales. First-day cap is not a diligence mark.

**Enflame listed.** Shanghai Enflame Technology started trading on Shanghai’s **STAR Market** on **September 11, 2026**, as **688801.SS**. It raised **6.12 billion yuan** (**$912 million**) — Reuters’ dollars at **$1 = 6.7061 yuan**. [Reuters](https://www.reuters.com/world/asia-pacific/tencent-backed-enflame-open-up-188-shanghai-debut-after-912-million-ipo-2026-09-11/). Last verified **September 11, 2026**.

The number that matters is not the **+179%** close. **Tencent accounted for 83.79% of 2025 revenue.** Largest shareholder after the deal: **17.95%**. That is a customer-concentration IPO, not a diversified GPU book.

## Five-minute decision

| If you need… | Verdict |
| --- | --- |
| What happened | **Listed.** STAR Market. **$912M (~¥6.12B)** primary. Ticker **688801.SS**. |
| First-day tape | Open **410 yuan** vs offer **142.18**. High **475**. Close **397**, **+179%**. |
| Cap | Offer **~61.2B yuan (~$9.1B)**. Close **~171B yuan (~$25.5B)**. **Not** a live mark. |
| Profits | **None.** 2025: revenue **990.2M yuan (~$148M)**, loss **1.16B yuan (~$173M)**. |
| vs [Unitree](/startup/unitree) | Same venue, different product. Unitree is humanoids (**688836.SH**, Aug 19). Enflame is AI accelerators. Both first-day pops **decay**; do not freeze opens. |

**Investigate further when:** you can diligence non-Tencent revenue and whether 2026–27 breakeven guidance is a forecast or a wish.

**Wait or pass when:** you need a US ticker, current US-dollar cap, or a private-round comparable.

## The listing

| Field | Detail |
| --- | --- |
| Shares | **43.04 million** new shares · **10%** of enlarged capital (Reuters) |
| Offer | **142.18 yuan** |
| Close | **397 yuan** · **+179%** |
| Use of proceeds | Fifth- and sixth-generation AI chips, related software, large-scale systems (prospectus via Reuters) |
| 9M 2026 guide | Revenue **2.3–3.0B yuan**; net loss **700–860M yuan** |
| Profit timing | Breakeven or profitable **2026 or 2027**, “depending on revenue growth and margins” (company via Reuters) |

Press shorthand groups Enflame with Moore Threads, MetaX, and Biren as China’s “four little GPU dragons.” That is a nickname, not a financial statement.

## Public China vs private US silicon

[Unitree’s STAR IPO](/2026-unitree-shanghai-ipo-humanoid-robots) already taught the open-vs-close lesson. Same week in US press: **Positron AI** told Reuters it raised **$875 million** at **$5 billion** — a **private** inference-silicon mark, not a VCT permalink yet. Do not add Positron’s **$5 billion** to Enflame’s close cap.

[Groq](/startup/groq) remains a US private inference name. Different listing venue, different customer mix, different disclosure.

## What remains undisclosed

Non-Tencent 2026 run-rate. Export-control impact on the book. How much of the close is subscription mechanics versus a long-term holder. A US ADR.

Related: [September 10–11 index](/2026-september-10-11-investment-news-tar-pinegrove) · [Unitree STAR IPO](/2026-unitree-shanghai-ipo-humanoid-robots) · [Groq](/2026-groq-350m-series-a-inference-cloud).

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 11, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.