On December 17, Metax Integrated Circuits (688802.SH) made its market debut, surging nearly 750% intraday to a peak of 895 yuan per share. This rally allowed investors to earn up to 400,000 yuan per lot, dethroning Moore Threads Technology Co., Ltd. as this year's most lucrative IPO.
Metax Integrated Circuits is a leading domestic developer of high-performance general-purpose GPUs. The company focuses on full-stack GPU chips and computing platforms for AI training, inference, general computing, and graphics rendering. Its product portfolio includes the N-series GPUs for AI inference, C-series for combined training/inference and general computing, and the upcoming G-series for graphics rendering.
By March 2025, the company had sold over 25,000 GPUs, with deployments across national AI computing platforms, telecom operators' AI infrastructure, and commercial data centers. During its IPO subscription phase, Metax attracted overwhelming demand, resulting in a final online allocation rate of just 0.0335% - fewer than 4 successful subscriptions per 10,000 applicants.
However, the listing marks the beginning of new challenges. Like Moore Threads and other "Domestic GPU Four Tigers," Metax continues to operate at a loss despite rapid revenue growth. Financial reports show net losses of 777 million yuan (2022), 871 million yuan (2023), 1.409 billion yuan (2024), and 233 million yuan (Q1 2025).
Analysts note that as foundational AI computing hardware, GPU chips require massive R&D investments with long development cycles, while international players still dominate the industry. Metax acknowledges in its prospectus that while some products have entered mass production, penetrating key industries requires rigorous technical validation and ecosystem adaptation, with sales still in the growth phase unable to offset high R&D and operational costs.
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