Muxi Shares has become the hottest IPO on the STAR Market in 2025.
On December 17, the leading domestic high-performance general-purpose GPU company made its debut on the A-share STAR Market. By the time of reporting, Muxi Shares' stock price surged over 687% from its issue price of 104.66 yuan, reaching a market cap of nearly 330 billion yuan.
During the subscription phase, Muxi Shares attracted unprecedented investor interest. Preliminary inquiry results showed total intended subscriptions reached 57.169 billion shares, with an offline subscription multiple of 2,227.6 times, making it the most sought-after STAR Market IPO this year.
As an early investor, Lightspeed China Partners (now rebranded as Lightsail Ventures) reaped substantial returns. Zhu Jia, the partner who led the investment, described it as a "grand slam," stating, "Given their current market value and growth momentum, this investment could potentially cover or even exceed the entire fund's cost."
**A Grand Slam Investment** Founded in September 2020, Muxi Shares secured Lightsail Ventures' lead investment in its Pre-A+ round in February 2021, with follow-on investments in subsequent rounds. Zhu Jia's semiconductor industry background—including seven years at Trident and Atmel—played a key role in identifying Muxi's potential.
Zhu first learned about Muxi's founding team, which included former AMD China engineers, through an ex-colleague. After meeting CEO Chen Weiliang, Zhu was impressed by his expertise and pragmatic approach, recognizing the team's rare combination of technical depth and execution capability.
"High-performance computing chips require not only hardware excellence but also a robust software ecosystem," Zhu noted. "Muxi's co-founders, both former AMD Fellows, brought decades of GPU design and mass-production experience, making them uniquely positioned for success."
**2025’s Hottest STAR Market IPO** Despite being the youngest among China's "GPU Four Dragons," Muxi achieved a meteoric rise, going public just five years after founding. By March 2025, its GPUs had sold over 25,000 units, fueling investor frenzy during its IPO.
"Semiconductor startups face long R&D cycles, especially in complex compute chips," Zhu emphasized. "What set Muxi apart was its founders' technical foresight and ability to attract top-tier engineers, accelerating product development."
Post-listing, Zhu expects Muxi to leverage capital markets for faster growth. "Their world-class team across hardware, software, and systems architecture positions them for sustained leadership in the compute-intensive era," he said, drawing parallels to Lightsail’s 2013 bet on Zhongji Innolight, now a global photonics leader.
**Long-Term Commitment to China’s Tech Ecosystem** Muxi’s IPO adds to Lightsail’s portfolio of standout exits, including Pinduoduo, Meituan, Hesai Technology, and ByteDance. The firm’s early bets on sector leaders stem from deep technical expertise and cross-industry insights.
"To spot groundbreaking innovations, we combine technical diligence with upstream-downstream value chain analysis," Zhu explained. "This allows us to back pioneers like Muxi at their infancy."
With China’s tech foundation strengthening, Zhu anticipates more homegrown firms ascending to global prominence. "Just as photosynthesis powers growth, we aim to catalyze innovation by partnering with visionaries building the future," he concluded.
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