The spotlight in the capital market has recently fallen on Metax Integrated Circuits (Shanghai) Co., Ltd. (688802.SH, "Metax"), a rising force in the domestic high-performance GPU sector. On the evening of December 3, Metax officially announced its IPO on the STAR Market, revealing the final results of its strategic placement. Notable participants included the National Artificial Intelligence Industry Investment Fund, affiliates of state-owned telecom giants, internet behemoths, and key industry partners.
On December 5, the company launched its subscription phase, offering 40.1 million shares, accounting for 10.02% of its post-IPO total share capital, with an expected fundraising total of 4.197 billion yuan. By December 7, Metax disclosed online subscription details and the lottery rate. After the clawback mechanism was triggered, the final offline offering stood at 22.829 million shares (70.26% of the total post-strategic placement), while the online offering was 9.6655 million shares (29.74%), with a final lottery rate of just 0.03348913%.
Founded just five years ago, Metax’s sprint to the STAR Market reflects both its technological breakthroughs and commercialization efforts, as well as the broader trend of domestic GPU firms breaking through with unprecedented speed, backed by capital markets.
**Five Years to the STAR Market** Metax was founded in September 2020 by Chen Weiliang, former Global GPU SoC Design Director at AMD, with a mission to challenge foreign GPU dominance. Its core team is star-studded: Chief Hardware Architect Peng Li was AMD’s first female Fellow of Chinese descent, while Chief Software Architect Yang Jian was AMD’s first Fellow in Greater China. The team boasts over a decade of high-performance GPU R&D and mass-production experience.
From inception to its STAR Market application, Metax took five years—a period coinciding with China’s push for semiconductor self-sufficiency amid external pressures. GPUs, as critical infrastructure for AI computing, hold strategic importance on par with CPUs, yet the market has long been dominated by NVIDIA and AMD. Metax’s emergence has alleviated some of the domestic supply shortages in high-performance GPUs.
Notably, the company completed its regulatory approval process in just over six months, from board approval on April 30, 2025, to securing CSRC registration on November 13.
"Speed and timing are crucial in the fiercely competitive chip design sector, especially for domestic GPU players," noted Yuan Shuai, Deputy Director of the Investment Department at the China Urban Development Institute. "Metax’s rapid listing helps it seize first-mover advantages in capital markets, securing funding for R&D and product iteration." However, he cautioned that rapid listings also bring challenges, such as heightened performance expectations and potential stock volatility if results fall short.
**Financial Performance: Rapid Growth Amid Losses** According to its prospectus, Metax’s revenue grew from 426,400 yuan in 2022 to 743 million yuan in 2024, with a staggering CAGR of 4,074.52%. For the first three quarters of 2025, revenue hit 1.236 billion yuan, surpassing full-year 2024 figures, with a 453.52% YoY increase.
Yet, heavy R&D and capital expenditures have kept the company in the red. From 2022 to 2024, net losses attributable to shareholders totaled 7.77 billion yuan, 8.71 billion yuan, and 14.09 billion yuan, respectively, accumulating to 30.57 billion yuan. Losses narrowed to 346 million yuan in Q1-Q3 2025, driven by strong shipments of its flagship Xiyun C500 series.
Metax acknowledged that post-IPO, accumulated losses would persist, delaying cash dividends. Break-even is projected no earlier than 2026.
**Star-Studded Strategic Placement** Metax’s IPO involves 40.1 million new shares (10.02% of post-IPO capital), with no existing shareholders selling. Initial strategic placements totaled 8.02 million shares (20% of the offering), drawing a "luxury lineup" of investors.
Among them, lead underwriter affiliate Huatai Innovation Investment secured 955,474 shares (2.38%), while an employee asset management plan took 821,555 shares (2.05%). The National AI Industry Investment Fund, established in January 2025, also participated, acquiring 955,474 shares (2.38%). This 60.06 billion yuan government fund, backed by the Ministry of Industry and Information Technology and the Ministry of Finance, signals state-level endorsement of Metax’s strategic role in AI computing.
A high-profile industry consortium also joined the placement, spanning telecom, internet, supply chain, and investment sectors. Participants included China Telecom’s (601728.SH) investment arm, JD.com’s (09618.HK) affiliate, Meituan’s (03690.HK) subsidiary, and others like Gree Electric (603931.SH) and Yiwu China Commodities City Financial Holdings (600415.SH).
**Domestic GPU Firms Race to List** Metax’s listing coincides with a wave of domestic GPU firms going public. On December 5, Moore Threads, dubbed the "first domestic GPU stock," debuted on the STAR Market at 650 yuan per share—a 468.78% surge over its 114.28 yuan IPO price—briefly pushing its market cap above 300 billion yuan. It closed up 425.03%, the year’s best first-day performance on the STAR Market.
Moore Threads’ success reflects investor enthusiasm for domestic GPUs, setting a favorable tone for Metax. Alongside Metax and Moore Threads, rivals like Iluvatar and Biren are also accelerating listings, albeit via different paths (e.g., Hong Kong for Biren).
While competing, these "four domestic GPU leaders" focus on distinct niches: Metax on high-performance general-purpose GPUs, Moore Threads on graphics rendering, Iluvatar on cloud training/inference, and Biren on high-end chips. Their complementary strategies collectively advance China’s GPU ecosystem.
Industry capital’s involvement—with crossover investors in both Metax and Moore Threads—underscores long-term confidence in the sector. However, experts warn that while listings mark milestones, they intensify scrutiny and operational pressures. Capital can fuel R&D but cannot replace the grueling work of core technological breakthroughs. The rise of domestic GPUs remains a marathon requiring patience and sustained investment.
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