On the evening of September 7, Enflame Technology announced its share issuance results, disclosing that approximately 16,900 shares, which were not subscribed to by online investors, were underwritten by the lead sponsor, amounting to a total underwriting sum of RMB 2.3991 million. Following a thorough examination of the shareholder list in its prospectus, extending to the third tier, our reporters discovered that financial institutions, including securities firms, insurance companies, and trusts, have already positioned themselves strategically in anticipation of the IPO. Notably, the alternative investment arm of GF Securities directly holds over 2.8 million shares, marking it as the securities firm with the most significant stake. Similarly, the alternative investment subsidiary of Guotai Haitong directly possesses more than 960,000 shares and has amassed at least one million shares through its affiliated platforms. Furthermore, two prominent private equity subsidiaries under CICC entered the fray five years prior, and over ten securities firms, such as Guosen Capital and Hua'an Jiaye, have also indirectly participated in this venture.