On December 5, two new stocks opened for subscription on the STAR Market: OnMicro (688790.SH) and MetaX (688802.SH), while Moore Threads Technology Co.,Ltd. (688795.SH) made its debut.
**New Stock Subscriptions** **OnMicro** specializes in RF and analog integrated circuit design and holds national "Little Giant" enterprise status. The company focuses on R&D, design, and sales of RF front-end chips, RF SoCs, and other analog chips.
Technically, OnMicro has led multiple national and regional R&D projects, achieving breakthroughs in 5G highly integrated modules. Its solutions now rank among domestic leaders and international advanced levels, breaking foreign monopolies in 5G L-PAMiD modules.
Revenue-wise, RF front-end chips contributed over 80% of total revenue from 2022 to H1 2025. Clients include Honor, Samsung, Xiaomi, and OPPO, while RF SoCs serve Alibaba, BYD, and HP. However, the company warned of persistent losses due to market volatility and competition.
**MetaX**, a domestic GPU leader, develops full-stack high-performance GPUs for AI infrastructure. Its technologies span architecture design, heterogeneous computing, and advanced packaging.
Business segments include AI training/inference GPUs (97.55% of Q1 revenue), though IP licensing dropped to 0.08%. Sales combine direct deals (e.g., with H3C) and distributors. MetaX cautioned about losses from R&D costs and low domestic GPU adoption.
**New Listing** **Moore Threads**, dubbed "China’s NVIDIA," completed its IPO in just four months. Founded by ex-NVIDIA China head Zhang Jianzhong, it offers GPUs for AI, digital twins, and scientific computing.
Its proprietary MUSA architecture supports AI acceleration and 8K video decoding. Key clients (98.29% of H1 sales) include cloud providers and research institutes. The firm faces stiff competition from NVIDIA’s ecosystem and rising domestic rivals, risking market share erosion if innovation lags.
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