On December 7, two chip giants—MXIC and OnMicro—announced their lottery rates for their IPOs, which opened for subscription on the same day.
MXIC disclosed that after activating the clawback mechanism, the final offline issuance amounted to 22.829 million shares, accounting for 70.26% of the total issuance after deducting strategic placements. The online issuance totaled 9.6655 million shares, representing 29.74% of the total. The final online lottery rate stood at 0.03348913%.
MXIC's IPO on the STAR Market priced its shares at RMB 104.66 per share, issuing 40.1 million shares, or 10.02% of its post-issuance total share capital. If successful, the offering is expected to raise RMB 4.197 billion.
Strategic investors subscribed to 7.6054 million shares, or 18.97% of the total issuance. Participants included the National AI Industry Investment Fund, China Telecom's Tianyi Capital, JD.com's Suqian Yunbang Enterprise Management, Meituan's Shenzhen Sankuai Network Technology, Green Road, Yiwu China Commodities City Financial Holdings, and Yingfeng Group.
MXIC is a leading domestic developer of high-performance general-purpose GPUs, dedicated to independent R&D of full-stack GPU chips and computing platforms. It provides foundational computing power for national AI public computing platforms, telecom AI platforms, and commercial AI data centers, driving AI adoption across industries such as education, finance, transportation, energy, healthcare, and entertainment.
OnMicro reported 5.1292 million valid online subscriptions, totaling 17.314 billion shares, with a preliminary online lottery rate of 0.02299243%. Due to the oversubscription ratio exceeding 100 times (4,349.26x), the clawback mechanism was triggered, reallocating 1.991 million shares from offline to online. Post-clawback, the final offline issuance was 13.9343 million shares (70% of the total after strategic placements), while the online issuance reached 5.972 million shares (30%), yielding a final online lottery rate of 0.03449153%.
OnMicro issued 24.8829 million shares in its STAR Market IPO at RMB 83.06 per share, aiming to raise RMB 2.067 billion.
The company revealed heavyweight strategic investors, including Lenovo, BAIC, Fibocom, Baolong Automotive, China Insurance Investment, and Yinhua Fund (or their subsidiaries).
OnMicro specializes in RF and analog IC design and is a national-level "Little Giant" enterprise. It focuses on RF front-end chips, RF SoCs, and other analog chips.
In 2025, the average lottery rate for STAR Market IPOs was around 0.04%. Both MXIC and OnMicro's rates were below this benchmark. Previously, Moore Threads Technology Co.,Ltd. recorded a preliminary online lottery rate of 0.02423369% and a final rate of 0.03635054%.
At RMB 688 per share, one lot of Moore Threads shares could yield a paper profit of RMB 287,000. Quant hedge funds like Fantasia and Ubiquant reaped substantial gains, with Fantasia reporting a single-day paper profit of approximately RMB 29.81 million.
Founded in October 2020, Moore Threads follows a general-purpose GPU strategy. Its founder and CEO, Jianzhong Zhang, previously headed NVIDIA China, while co-founders Yubo Zhang and Yuan Zhou also have NVIDIA backgrounds.
Comments