This week's IPO subscriptions feature another leading domestic GPU company. According to Wind and public information, two new stocks will open for subscription from December 1 to December 5: Beijing Onmicro Electronics Co., Ltd. (Onmicro, 688790) and Metax Integrated Circuits (Shanghai) Co., Ltd. (Metax, 688802).
Metax is the second domestic GPU firm to go public after Moore Threads. Public data shows that Metax specializes in the R&D of full-stack GPU products for AI training, inference, general computing, and graphics rendering. Its products use self-developed GPU IP with fully independent instruction sets and architectures.
**1. New Subscriptions This Week** Onmicro (688790) will open for subscription on Friday, December 5, alongside Metax (688802).
A Huajin Securities report highlights Onmicro as a top domestic RF front-end chip manufacturer, backed by Xiaomi and Huawei. RF front-end chips, crucial for communication and digital industries, are currently dominated by foreign players due to high technical barriers. Domestic firms hold only about 20% of China's market share, with less than 10% in high-end 5G modules.
Onmicro’s product line covers 5G/4G/3G/2G RF front-end chips, including modules, power amplifiers, switches, and LNAs. In the high-barrier 5G RF module segment, its L-PAMiD and L-PAMiF products rival international peers in performance and have been adopted by flagship devices, breaking foreign monopolies.
Clients include Honor, Samsung, Vivo, Xiaomi, OPPO, Lenovo, Transsion, and Realme. Huawei and Xiaomi hold stakes via Hubble Investment and Xiaomi Fund. In 2024, Onmicro ranked among the top three domestic RF front-end firms with RMB 2.101 billion in revenue.
Comparable firms like Vanchip, Maxscend, and Telink show an average 2024 revenue of RMB 1.157 billion, PS-TTM of 8.36x, and gross margin of 24.66%. Onmicro’s revenue is above average, though its gross margin lags.
Metax has three product lines: "C-series" for AI training/inference and general computing (C500 rivals NVIDIA A100, with C588 narrowing the gap to H100); "N-series" for AI inference (already commercialized); and "G-series" for graphics rendering (filling a domestic high-end gap).
The C500 series, now in mass production, drove Metax’s revenue from RMB 426,400 in 2022 to RMB 743 million in 2024 (CAGR: 4074.52%). The 2025 C600 series, built on a domestic supply chain, supports FP8 precision for large-model training.
**2. New Listings This Week** Jingchuang Electric (920035) will list on Tuesday, December 2.
Kaiyuan Securities notes Jingchuang specializes in smart controllers for cold-chain equipment, medical/food monitors, and environmental particle detectors, offering IoT and cloud solutions.
With subsidiaries in Shenzhen, Nanjing, Shanghai, Xuzhou, the U.S., UK, and Brazil, its overseas revenue reached 54.34% in 2024. Cold-chain products (90.12% of revenue) generated RMB 441 million, with a 45.48% gross margin. H1 2025 revenue rose 6.83% to RMB 249 million, with net profit up 0.58% to RMB 28.34 million.
**3. Last Week’s Listings** Hai’an Group (001233) surged 74% on its Shenzhen debut (Dec. 25), closing at RMB 83.52 (IPO: RMB 48). Nantek (920124) jumped 183.03% on its Beijing exchange debut (Dec. 27), closing at RMB 24.51 (IPO: RMB 8.66).
**4. IPO Approvals** Last week, Haifeiman and Meidele passed Beijing exchange reviews, while Yongda’s application was deferred.
This week, reviews include Zuxing New Materials (Dec. 3, aluminum pigment leader), Mirui Tech (Dec. 4, IoT devices), and Jintai Titanium (Dec. 5, aerospace-grade sponge titanium).
**5. Hong Kong IPOs** Subscriptions open for XIAO NOODLES (02408) and TIANYU SEMI (02658) (Dec. 1-2), NOVOSENSE (02676) and ABLE DIGITAL (02687) (Dec. 1-3).
Last week, 14 firms filed, including Avatr Tech and Audiowell, while eight updated filings. Three passed hearings, and 11 applications lapsed.
**6. Funding Highlights** - Deep Principle: RMB 100M+ Series A (Gobi Partners, Ant Group). - Lingxinqiaoshou: RMB 100M+ Series A+ (Zhejiang Innovation Investment, etc.). - Yanwei Semiconductor: RMB 100M+ Series A (Yongxin Fangzhou, etc.). - Songyan Power: RMB 200M Pre-B+ (CICC Capital). - WuWen XinQiong: RMB 500M A+ (Zhuhai Tech Group, etc.). - WoFei ChangKong: RMB 100M+ Series C (Hangzhou Industrial, etc.). - Zhenyi Medical: RMB 100M+ Series C (Oriental Fortune, etc.). - Casecadia: RMB 300M Series B (SDIC Lead, etc.).
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