Metax Integrated Circuits (Shanghai) Co., Ltd. announced plans to utilize up to 2.9 billion yuan in temporarily idle IPO proceeds for phased cash management. The initiative aims to enhance capital efficiency without disrupting the normal progress of the company's fundraising projects.
The company stated that the cash management activities will strictly control risks in accordance with regulations. Funds will be allocated to purchase low-risk financial products with high safety, strong liquidity, and capital preservation features, with maturities not exceeding 12 months. These products can be redeemed or withdrawn at any time based on project funding requirements.
According to the company's IPO plan, the fundraising projects are scheduled to be implemented over three to four years. Some funds will remain temporarily idle before phased project investments begin. To optimize capital management and improve short-term financial returns, the company will scientifically manage these idle funds through cash management tools.
The approved quota for cash management is valid for 12 months from the date of board approval and can be used on a revolving basis. The amount allocated for cash management will decrease correspondingly as funds are gradually invested into projects.
Permissible investment products include agreement deposits, structured deposits, time deposits, call deposits, and large-denomination certificates of deposit—all requiring capital preservation features. Early redemption may result in partial loss of returns.
Metax completed its IPO on the STAR Market on December 17, 2025, raising approximately 3.9 billion yuan net. Fund allocation plans include R&D and industrialization projects for new-generation high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technologies for emerging applications.
Industry analysts noted that utilizing idle fundraising for low-risk cash management represents a reasonable approach for companies with extended project cycles. This strategy helps reduce financial costs and strengthen capital reserves while maintaining operational stability, provided investments remain confined to low-risk instruments.
Separately, Metax released preliminary 2025 results showing revenue between 16-17 billion yuan, representing 115-129% year-over-year growth. The net loss attributable to shareholders narrowed to 650-798 million yuan, improving 43-54% compared to the previous year. The reduced loss was attributed to market expansion, product recognition, and decreased share-based compensation expenses.
The company recently launched its fourth GPU product series, the X-Series, targeting scientific intelligence applications. Metax has deployed its products in over ten intelligent computing clusters across key nodal cities, supporting national computing infrastructure initiatives. The company plans to launch additional scientific computing GPU models in the second quarter of 2026.
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