Following the explosive debut of "China's first domestic GPU stock" Moore Threads on the STAR Market, industry leader Metax Integrated Circuits (Shanghai) Co., Ltd. (Metax IC) has seen its IPO frenzy reach new heights. On December 17, Metax IC (N Metax-U) officially listed on the STAR Market, with its opening price surging to 700.00 yuan per share—a staggering 568.83% increase from its issue price of 104.66 yuan per share. The stock briefly soared to 895 yuan per share during trading, and at the time of writing, it was up 708.32%.
In this capital bonanza, private equity heavyweight Ge Weidong secured floating profits exceeding 20 billion yuan through early strategic investments, while quant funds such as Huanfang Quant and Yanfu Investment also collectively reaped substantial gains, further validating the investment appeal of China's domestic GPU sector.
As the second-highest-priced IPO on the A-share market in 2025 (second only to Moore Threads' 114.28 yuan per share), Metax IC's subscription frenzy was intense from the outset. Its online lottery success rate was as low as 0.03348913%, not only lower than Moore Threads' 0.03635054% but also setting a new record for the difficulty of securing shares in recent STAR Market IPOs.
The high barrier reflects strong market confidence in its value. Data shows that Metax IC issued 40.1 million shares, raising 4.197 billion yuan, with an initial market capitalization of 41.874 billion yuan. At the intraday peak of 895 yuan per share, investors who secured one lot (500 shares) saw floating gains reach 395,000 yuan.
"The limited float is a key driver of the speculative surge," noted a private equity analyst. Metax IC's restricted shares in the offline offering totaled 14.3556 million, while unrestricted shares amounted to just 8.4735 million. Combined with the 9.6655 million shares allocated online, the actual tradable float was minimal. Coupled with the dual tailwinds of policy support and technological advancements in the domestic GPU sector, the influx of speculative capital was unsurprising.
Among the beneficiaries of this wealth creation wave, Ge Weidong's gains were the most staggering. According to Metax IC's prospectus, Ge Weidong adopted a "dual-track strategy" through personal investments and his firm Chaos Investment, collectively holding 6.73% of the company—a stake built over three years of phased investments.
Public records show Ge Weidong began accumulating shares during the Pre-B round in July 2022. Chaos Investment subsequently made four capital injections or equity acquisitions, totaling approximately 400 million yuan. From February to March 2025, Ge Weidong personally invested an additional 800 million yuan in two tranches, securing 14.3382 million shares. Pre-IPO, his direct stake stood at 3.58%, while Chaos Investment held 3.15%.
At Metax IC's issue price, rough estimates indicate Ge Weidong directly held about 14.3382 million shares, while Chaos Investment controlled approximately 12.5997 million shares. At the intraday high of 895 yuan per share, his holdings briefly exceeded 24 billion yuan in value, translating to floating profits of over 20 billion yuan.
Notably, Ge Weidong owns 83.26% of Chaos Investment, with the remainder held by family members and core partners, meaning this billion-yuan wealth windfall is largely concentrated within his family. A prominent "retail whale" who transitioned from futures to A-shares, Ge Weidong chairs Shanghai Chaos Investment and boasts 13 years of financial market experience, with investments spanning commodities, equities, and derivatives.
Metax IC's popularity also shone in institutional allocations. Data from Private Equity Ranking Network shows 1,897 products from 110 private funds secured offline allocations totaling 38.4648 million yuan, with billion-yuan quant funds dominating.
By scale, 1,670 products from 46 billion-yuan private funds secured 34.8977 million yuan, while funds managing 5–10 billion yuan received just 1.7576 million yuan. This disparity stems from STAR Market rules: Category A institutions opting for a 9-month lockup (Tier 1) enjoy allocation rates 10x higher than Tier 3, favoring deep-pocketed quant players.
Quant funds' dominance was pronounced—1,588 products from 49 quant firms secured 32.5242 million yuan, versus 4.3169 million yuan for 40 discretionary funds. The "quant triumvirate" of Ningbo Huanfang Quant, Yanfu Investment, and Ubiquant Investment led allocations: - Huanfang Quant: 46,895 shares (4.908 million yuan); - Yanfu Investment: 44,729 shares (4.6814 million yuan); - Ubiquant Investment: 30,437 shares (3.1855 million yuan).
Thirteen other billion-yuan quant funds, including Century Frontier, Minghong Investment, and Jinde Private Fund, each secured over 1 million yuan, with the top 16 spots entirely occupied by quant players.
FOF manager Li Chunyu noted that quant funds' diversified product strategies and precise pricing models give them an edge in STAR Market allocations, a trend reinforced by Metax IC's results. From Moore Threads to Metax IC, domestic GPU IPOs continue to mint fortunes. With policymakers doubling down on hard tech and institutional capital piling in, the sector's investment fervor shows no signs of cooling.
Comments