On the 17th, following Moore Threads, Metax Integrated Circuits (Shanghai) Co., Ltd. (688802), dubbed as "China's second domestic GPU stock," officially debuted on the STAR Market.
On its first trading day, Metax Integrated Circuits opened at 700 yuan per share, marking a staggering 568.83% surge from its IPO price. The company's market capitalization reached 280.1 billion yuan. Based on the IPO price of 104.66 yuan per share, each winning lot (500 shares) would yield a profit of approximately 298,000 yuan.
On the evening of December 15, Metax Integrated Circuits announced that its shares would be listed on the STAR Market of the Shanghai Stock Exchange on December 17, 2025. The company, which is yet to turn profitable, will be included in the STAR Market Growth Tier upon listing.
With the stock code "688802," Metax Integrated Circuits priced its IPO at 104.66 yuan per share, issuing 40.1 million shares, accounting for 10.02% of the post-issuance total shares. The company aims to raise 4.197 billion yuan, which will be allocated to projects including "R&D and Industrialization of New High-Performance General-Purpose GPUs," "R&D and Industrialization of Next-Gen AI Inference GPUs," and "High-Performance GPU Technology R&D for Cutting-Edge Applications."
Earlier reports indicated that on December 7, Metax Integrated Circuits disclosed that after activating the clawback mechanism, the final offline offering amounted to 22.829 million shares (70.26% of the total issuance excluding strategic placements), while the online offering totaled 9.6655 million shares (29.74%). The initial online lottery winning ratio stood at 0.02223023%, rising to 0.03348913% post-clawback.
According to its prospectus, Metax Integrated Circuits is one of China's leading high-performance general-purpose GPU developers, focusing on independent R&D of full-stack high-performance GPU chips and computing platforms.
Financially, the company reported revenues of 426,400 yuan, 53.0212 million yuan, and 743 million yuan for 2022, 2023, and 2024, respectively, with a three-year revenue CAGR of 4,074.52%. For the first nine months of 2025, revenue surged 453.52% year-on-year to 1.236 billion yuan. The company projects it could achieve breakeven as early as 2026.
(Disclaimer: The content and data provided are for reference only and do not constitute investment advice. Investors should proceed at their own risk.)
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