1. **Why They’re Speeding Toward IPO: The Urban Forces Behind Trillion-Yuan Investments** On its debut day, MetaX, dubbed "the second GPU chip stock," listed on Shanghai's STAR Market, with shares surging over 700% at one point, pushing its market cap above 330 billion yuan. MetaX isn’t alone—Beijing and Shanghai’s domestic AI chip leaders are accelerating toward IPOs. On December 5, Moore Threads Technology Co.,Ltd., the "first domestic GPU stock," went public in just 88 days, briefly reaching a 440 billion yuan valuation. By December 15, Shanghai-based Biren Technology secured approval for an overseas IPO, planning to issue up to 372.458 million shares, potentially making it Hong Kong’s "first GPU stock" in just four months.
With U.S. export controls slashing Nvidia’s AI chip market share in China from 95% to near zero, domestic players are seizing a golden window in a trillion-yuan industry (Frost & Sullivan projects China’s AI chip market to hit 1.34 trillion yuan by 2029). Behind these "hyper-speed IPOs" lies robust support from state and industrial capital in Beijing and Shanghai—Moore Threads is backed by Beijing Haidian and Zhongguancun Science City, while MetaX counts Shanghai Guosheng Capital and Shanghai State-Owned Capital Operation among its investors. Now, a silent urban rivalry over AI chip dominance is heating up.
2. **The Chip IPO Wave Gathers Momentum** Since last year, Biren, Moore Threads, and MetaX have raced toward listings. With Moore Threads and MetaX now public, Biren, Kunlunxin, and TsingMicro are poised to follow. On December 15, Biren cleared regulatory hurdles for its Hong Kong IPO and domestic share conversion. Meanwhile, Kunlunxin is reportedly prepping for a restructuring and a 2024 IPO, while TsingMicro, post a 2-billion-yuan Series C funding, has entered "unicorn" territory and is eyeing an IPO.
For markets, absorbing a "third domestic GPU stock" may strain capacity to match growth expectations. Investors bullish on computing power’s future might find higher-growth, lower-risk opportunities in non-GPU players like Kunlunxin and TsingMicro.
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