On June 15, Shanghai Enflame Technology Co., Ltd. successfully cleared the review process for its Initial Public Offering (IPO) application on the Science and Technology Innovation Board (STAR Market). This development follows the earlier public listings of Moore Threads and Maxel Technology on the STAR Market in December 2025, each achieving a market capitalization of approximately RMB 300 billion. Biren Technology, meanwhile, made its debut on the Hong Kong Stock Exchange in January 2026, boasting a market valuation exceeding HKD 130 billion. Enflame Technology, after having its IPO application accepted by the STAR Market on January 22, underwent two rounds of inquiry before securing approval on June 15. With Enflame’s impending listing, the ‘Four Little Dragons of China’s GPU Sector’ are now poised to converge in the capital markets, signaling a pivotal moment where financial support is fueling advancements in China’s domestic chip development. Additionally, Maxel Technology is progressing with its H-share listing plans, while Biren Technology has entered the sixth phase of its A-share listing preparation and filing process.