On the evening of September 7, Enflame Technology unveiled the outcome of its share issuance. Online investors opted out of nearly 16,900 shares, all of which were fully subscribed by the sponsor (the joint lead underwriters), with the total underwriting amount reaching RMB 2.3991 million. After delving into the shareholder list in Enflame Technology's prospectus down to the third tier, reporters from China Securities Journal discovered that financial institutions, including securities firms, insurance companies, and trusts, had already made early-stage investments. Among them, GF Securities' alternative investment arm directly invested in over 2.8 million shares, emerging as the securities firm with the largest stake. Guotai Junan Haitong's alternative investment subsidiary also directly invested in over 960,000 shares and extensively participated through its equity investment platform, amassing a total of at least one million shares. Two major private equity subsidiaries under CICC had already made investments five years prior. Additionally, more than ten securities firms, such as Guosen Capital and Hua'an Jiaye, also indirectly took part in the investments. As Enflame Technology prepares to go public, the returns these early investments will yield are certainly worth observing.