Enflame’s Retail IPO Tranche Is Subscribed 4,073 Times

Shanghai Enflame Technology’s retail IPO tranche was subscribed 4,073 times. Individual investors submitted about 7 million orders for approximately 5.98 trillion yuan, or $890 billion, of shares, according to a Bloomberg calculation based on an exchange filing. The result gives the Tencent-backed AI-chipmaker a striking public-market demand signal.

Demand expressed in two figures

The subscription multiple measures the retail tranche’s level of subscription. The yuan figure records the value of shares sought through individual investors’ orders. Bloomberg calculated the order tally and its value from the exchange filing, placing both figures alongside the same offering rather than treating them as separate events.

The two measures describe different aspects of the retail response: the 4,073-times figure is a subscription ratio, while the 5.98 trillion yuan figure is the cited value of requested shares. Together, they show unusually heavy participation in Enflame’s retail allocation.

4,073 timesRetail subscription

Enflame’s retail IPO tranche was subscribed 4,073 times.

About 7 millionOrders submitted

Individual investors submitted about 7 million orders for Enflame shares.

5.98 trillion yuanShares requested

Bloomberg calculated that the orders sought approximately 5.98 trillion yuan, or $890 billion, of shares from an exchange filing.

A public-market milestone for Enflame

Tencent Holdings backs Enflame. Bloomberg characterizes the company as the last of the so-called four little dragons among leading Chinese AI-chipmakers to tap the public market. That framing makes the subscription result a marker for a company joining public markets after its peers in that group.

CXMT remains the larger retail-book reference

The immediate comparison is ChangXin Memory Technologies, or CXMT. Its July offering drew a 7.1 trillion yuan retail order book, above Enflame’s 5.98 trillion yuan figure. Bloomberg described CXMT’s offering as the second-biggest China debut ever, putting its larger retail book in the context of an exceptionally large listing.

The comparison is most useful at the order-book level. Enflame’s result also includes the 4,073-times subscription metric, giving investors a distinct measure of demand for its own retail tranche. CXMT’s larger cited order book does not erase the scale of Enflame’s retail response.