众多股东突击入股，沐曦股份IPO或成一场资本盛宴

Core Viewpoint - The upcoming IPO of Muxi Co., Ltd. is set for review by the Shanghai Stock Exchange on October 24, 2025, indicating strong support for the company's listing process [1][2]. Company Overview - Muxi Co., Ltd. is a leading domestic player in high-performance general-purpose GPUs, having achieved significant technological breakthroughs in the AI chip sector, traditionally dominated by international firms [2]. - The company's revenue has seen explosive growth, with figures rising from 42.64 thousand RMB in 2022 to 743 million RMB in 2024, reflecting a compound annual growth rate of 4074.52% [2]. Shareholder Structure - The largest shareholder, Shanghai Jiaomai, holds only 13.30% of the shares directly, while the founder, Chen Weiliang, and Shanghai Xiji control a combined 22.94% of the company [3]. - Muxi Co., Ltd. has a total of 124 shareholders, with 113 holding less than 5% each, collectively owning 64.45% of the company, indicating a highly fragmented ownership structure [3]. Financial Investors - Most shareholders, including major stakeholders like Chaos Investment and Sequoia Capital, have issued commitments not to seek control, categorizing them as financial investors [4]. - The majority of these financial investors entered the company shortly after its establishment in September 2020, suggesting a strategy focused on capitalizing on the upcoming IPO [6][9]. IPO Dynamics - The influx of financial investors is seen as a strategy to benefit from the IPO, with many expected to cash out once the shares are listed [11]. - The company’s rapid acceptance of numerous investors prior to the IPO raises questions about the motivations behind these investments and the implications for future public investors [11].