Following the "wealth creation myth" of Moore Threads Technology Co.,Ltd., the first domestic GPU stock, the second contender is set to enter the market.
Metax Integrated Circuits (Shanghai) Co., Ltd. (Stock Code: 688802) officially listed on the Shanghai Stock Exchange's STAR Market on December 17. The IPO price was set at 104.66 yuan per share, making it the second-highest priced STAR Market IPO this year, trailing only Moore Threads' 114.28 yuan per share. The raised funds will be allocated to projects including the development and industrialization of new high-performance general-purpose GPUs, next-gen AI inference GPUs, and high-performance GPU technologies for cutting-edge applications.
Metax specializes in full-stack high-performance GPU chips and computing platforms. Its product lineup includes the N-series GPUs for AI inference, the C-series for training and general computing, and the upcoming G-series for graphics rendering. The latest C600 series, with performance between NVIDIA's A100 and H100, has achieved full domestic supply chain integration from chip design to packaging and testing. Risk production is expected by year-end, with mass production slated for the first half of next year.
By the end of March 2025, Metax had sold over 25,000 GPUs, deployed in national AI computing platforms, telecom operators' intelligent computing centers, and commercial AI hubs. Financially, its revenue surged from 42,640 yuan in 2022 to 743 million yuan in 2024, with a three-year CAGR of 4,074.52%. For the first nine months of this year, revenue jumped 453.52% year-on-year to 1.236 billion yuan. The company projects breakeven by 2026.
Analysts highlight Metax's AMD-influenced R&D as a key driver in China's high-performance GPU sector, positioning it to benefit from domestic substitution trends.
Investor enthusiasm is high, with 517,520 retail subscribers for Metax's online offering, surpassing Moore Threads' 482,660. The final lottery rate was 0.033%, lower than Moore Threads' 0.036%, with fewer abandoned subscriptions.
The critical question: How much can investors earn per lot?
Moore Threads debuted on December 5 with a 425.46% first-day surge, yielding 243,100 yuan per lot. Its peak valuation briefly exceeded 440 billion yuan. Among 2025's 103 IPOs, average first-day gains (excluding outliers) were 245.86%. Semiconductor sector newcomers averaged 242.94%.
If Metax mirrors this average, closing at 358.92 yuan (+242.94%), profits would hit 127,100 yuan per lot. To surpass Moore Threads' record, a 464.58% rally (590.89 yuan per share) is needed. A 127.08% gain would secure second place.
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