Domestic GPU chip manufacturer Metax Integrated Circuits (Shanghai) Co., Ltd. announced its IPO lottery results on the evening of December 8, with an online issuance final lottery rate of just 0.03348913%, lower than that of Moore Threads Technology Co.,Ltd., which surged 425.46% on its debut on December 5.
A total of 19,331 winning numbers were generated in this issuance, with each winning number eligible to subscribe for 500 shares. According to data from the Shanghai Stock Exchange, the number of valid online subscription accounts reached 5.1752 million, with valid subscription shares totaling 28.862 billion. The preliminary online issuance lottery rate was 0.02223023%, which rose to the final rate after the clawback mechanism was activated. In comparison, Moore Threads had a preliminary online issuance lottery rate of 0.02423369% and a final rate of 0.03635054%.
Metax Integrated Circuits set its IPO price at RMB 104.66 per share, corresponding to a market capitalization of approximately RMB 41.874 billion and a price-to-sales ratio of 56.35x—only half of Moore Threads' 122.51x. The company issued 40.1 million shares, accounting for 10.02% of its post-issuance total shares, and is expected to raise a net amount of RMB 3.899 billion after deducting issuance costs.
Among recently listed semiconductor companies on the STAR Market, this lottery rate is relatively low, placing Metax in the top tier of subscription demand. Strategic investors such as the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, and Meituan participated in the subscription, reflecting strong market interest in domestic GPU chips.
**Subscription Demand Outpaces Industry Benchmark** Metax Integrated Circuits surpassed the subscription demand for recently listed GPU industry leader Moore Threads. Moore Threads issued 70 million shares at RMB 114.28 per share, receiving preliminary valid subscriptions 4,126 times oversubscribed, ultimately raising RMB 7.576 billion net. Although Metax's fundraising scale is slightly lower, its even lower lottery rate indicates strong investor expectations for its post-listing performance.
Market enthusiasm for Metax stands out among STAR Market semiconductor listings. Xi'an Yicai, a domestic 12-inch silicon wafer leader that debuted on October 28, had a final online issuance lottery rate of 0.0712462% and surged 198.72% on its first trading day. Metax's lottery rate is less than half of Xi'an Yicai's, and with Moore Threads' 425.46% first-day surge as a reference, expectations for Metax's post-listing performance are high.
All shares in this IPO are newly issued, with no existing shareholder sales. The initial strategic placement was 8.02 million shares. According to disclosures, strategic investors include the National Artificial Intelligence Industry Investment Fund, China Telecom, JD.com, Meituan, and upstream material supplier GreenTech, demonstrating broad recognition across the domestic GPU supply chain.
**Three-Phase Strategy for Full-Stack Products** Proceeds will primarily fund three GPU R&D projects: "New High-Performance General-Purpose GPU R&D and Industrialization," "Next-Gen AI Inference GPU R&D and Industrialization," and "High-Performance GPU Technology R&D for Cutting-Edge Applications."
During a December 4 roadshow, Metax Chairman and CEO Chen Weiliang outlined a three-phase development plan, with the company currently transitioning from product advantage to market leadership. Focus areas include cloud and edge computing, with proceeds earmarked for R&D on the second- and third-gen Xiyun C-series training-inference chips (C600 and C700).
The next-gen Nx cloud-based large-model inference chip, designed for generative AI, is a key R&D priority. Chen revealed plans to adopt the latest third-gen instruction set and advanced packaging to significantly reduce AI inference costs. Additionally, the company is developing the Xicai G-series GPUs for graphics rendering to complete its full-stack GPU portfolio.
Founded in September 2020, Metax's team primarily hails from AMD. CEO Chen Weiliang previously served as AMD's global head of GPU SoC design and lead designer for the MI GPU product line. Chief Hardware Architect Peng Li was AMD's chief architect, while Chief Software Architect Yang Jian held similar roles at AMD and HiSilicon.
**Revenue Surge Amid Profitability Pressure** Metax has seen explosive revenue growth in recent years. From 2022 to 2024, revenue rose from RMB 426,400 to RMB 743 million, with a three-year CAGR of 4,074.52%. Revenue for January–September 2025 grew 453.52% YoY to RMB 1.236 billion.
The company launched its inference-specific N100 chip in April 2023 and the training-inference C500 chip in February 2024, with the latter being its current flagship product. Bernstein Research estimates Metax holds about 1% of China's AI chip market by sales, aligning with IDC's compute capacity metrics.
Despite rapid revenue growth, profitability remains a challenge. From 2022 to Q1 2025, Metax reported net losses totaling over RMB 3.2 billion, with the earliest breakeven projected for 2026.
Compared to peers like Cambricon, Hygon, Loongson, Jingjia Micro, and Moore Threads—which averaged RMB 2.349 billion in 2024 revenue and a 53.18% gross margin—Metax's revenue lags but its gross margin aligns with industry averages, making profitability a key market focus.
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