"Congratulations, you've won the Metax Integrated Circuits lottery." Recalling the moment of winning, Zisu (pseudonym) from Guangzhou still couldn't hide his excitement.
Recently, "China's first domestic GPU stock," Moore Threads, surged 468.78% on its debut. On the 11th, its stock price climbed further, hitting a record high of 941.08 yuan per share. Riding this wave, Metax Integrated Circuits, regarded as the "second domestic GPU stock," has also garnered significant attention.
Metax Integrated Circuits is set to list on the STAR Market on December 17, and its post-listing performance has become a hot topic among investors.
"Blindly applying for new shares—there's almost no chance of losing." When the stock trading app alerted him to Metax Integrated Circuits' IPO subscription, Zisu casually clicked submit as usual. "It's like getting a free lottery ticket—whether you win or not is pure luck," he said. At the time, he knew little about the company's business, let alone that it was the much-discussed "second domestic GPU stock."
When the lottery results were announced, the confirmation message on his screen left him momentarily stunned. "Did I really win?" Zisu described the feeling as "a pleasant surprise," like receiving an unexpected gift. Soon after, he began wondering: What exactly does Metax Integrated Circuits do?
"I usually only research a company after winning its lottery," Zisu admitted. To him, applying for new A-share listings is a game of probability. He checks when he's free, ensuring he doesn’t miss any opportunities—after all, skipping means zero chance.
As for post-listing plans, Zisu said he has no clear strategy yet. He might sell depending on market conditions or hold for a while longer.
Lao Chen from Xinjiang received a text notification on the evening of the 8th. When his phone lit up with the winning message, he stared at the words "Metax" for several seconds. "Wow, I actually won."
A seasoned investor with over a decade of experience, Lao Chen hadn’t applied for new shares in a long time. "I started again after seeing Moore Threads' post-listing performance. I just clicked on all available subscriptions, and Metax ended up on my list," he explained. He knew both companies were in the GPU space but hadn’t delved deeper.
To Lao Chen, winning the lottery equates to guaranteed profits—only the amount varies. "It's practically a risk-free bet," he said, adding that he applies blindly.
"The notification came via text first, and I didn’t pay much attention. But when I opened my brokerage app, fireworks filled the screen, making it feel unreal—like winning a prize. Then the客服 called to congratulate me and jokingly suggested I consider buying a new car," Lao Chen recalled. Only then did he realize he might have landed a "big winner" like Moore Threads.
After researching Metax, Lao Chen saw its potential as another major opportunity. He acknowledged that Moore Threads' record high on December 10 left him torn. Now, he’s waiting for Metax’s debut to see if it lives up to expectations. "The market is unpredictable—it could outperform Moore or just tread water. But one thing’s certain: this stock won’t break issue price."
**Could one lot earn ~250K yuan?** Metax issued 40.1 million shares at 104.66 yuan each, with an online lottery rate of 0.03348913%—lower than Moore Threads’ 0.03635054%.
On the evening of the 7th, Metax disclosed its IPO subscription details. Data showed 5.175 million valid online subscriptions for 28.862 billion shares. Post-allotment adjustments resulted in ~22.8291 million offline shares and 9.6655 million online shares, with the final online lottery rate at 0.03348913%—meaning fewer than 4 in 10,000 applicants won.
On December 10, Metax announced IPO results: online investors subscribed to 9.6452 million shares (10.09 billion yuan), with 20,349 shares (2.1297 million yuan) abandoned. Offline investors fully subscribed to 22.8291 million shares (23.89 billion yuan). All unsubscribed shares were underwritten by lead sponsor Huatai United Securities.
If Metax replicates Moore Threads’ ~468.78% opening surge (425.46% close), its stock could hit ~595 yuan, netting ~250K yuan per lot (500 shares). Based on the 2024 STAR Market average debut gain of 218.92%, Metax might reach 333.78 yuan, yielding ~114.6K yuan per lot.
Lao Chen shared his tentative plan: sell 100–200 shares at open to recoup costs, monitor for further highs to sell more, and keep 100 shares as a memento. He cited sustained market sentiment, strong policy support for hard tech, and higher-quality IPOs as reasons for optimism.
"I never thought I’d get lucky," said Chenxi (pseudonym) from Beijing, thrilled about her first lottery win in two years. She plans to sell immediately, hoping Metax mirrors Moore Threads’ 200K-yuan-per-lot windfall.
**Yet to turn a profit** Metax positions itself as a leader in China’s high-performance general-purpose GPU sector, focusing on full-stack GPU chips and computing platforms for AI, general computing, and graphics.
Financially, Metax reported revenues of 42.64K yuan (2022), 53.0212 million yuan (2023), and 743 million yuan (2024), with net losses of -777 million yuan, -871 million yuan, and -1.409 billion yuan, respectively. From January–March 2025, revenue hit 320 million yuan, with a -233 million yuan net loss.
Proceeds will fund R&D for next-gen GPUs and AI inference chips, aligning with its core business.
Central University of Finance and Economics associate professor Liu Chunsheng noted that Metax and Moore Threads’ popularity stems from their focus on the strategic domestic GPU sector, meeting AI and localization demands while showcasing technical differentiation. Tightened 2025 IPO supply, growth expectations, and institutional backing further fueled interest.
On whether retail investors’ enthusiasm for hard-tech IPOs will last, Liu highlighted key factors: IPO supply and policy adjustments impacting scarcity premiums, fundamental performance and profit delivery, and competition in the domestic GPU space shaping long-term value.
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