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Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low initial and final winning rate for online subscriptions, indicating high demand for its shares in the market [1][6][10]. Group 1: IPO Details - Muxi Co., Ltd. announced its online subscription lottery for its IPO on December 8, with a total of 19,331 winning numbers, each allowing the purchase of 500 shares [1]. - The effective number of subscription accounts reached 5.1752 million, with a total of 28.862 billion shares applied for, resulting in an initial winning rate of 0.02223023% and a final winning rate of 0.03348913% after the mechanism was activated [1][6]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [6][7]. Group 2: Comparison with Peers - Muxi Co., Ltd.'s winning rates were lower than those of another GPU manufacturer, Moore Threads, which had an initial winning rate of 0.02423369% and a final winning rate of 0.03635054% [6][10]. - The company plans to raise approximately 3.899 billion yuan, slightly below the previously planned 3.904 billion yuan, with all shares being new issues and no existing shareholder sales involved [7]. Group 3: Future Development and Strategy - The raised funds will primarily be allocated to the development of new high-performance general-purpose GPUs, AI inference GPUs, and advanced GPU technology for emerging applications [7][8]. - The company aims to establish a strong market presence by maintaining a competitive edge in R&D and building a reputable brand, as stated by the CEO during a recent roadshow [7][8]. - Muxi Co., Ltd. is focusing on the cloud and edge computing markets, with plans to develop the second and third generations of its training and inference chips, as well as next-generation cloud model inference chips [8]. Group 4: Market Position and Financial Performance - Muxi Co., Ltd. is positioned as the second domestic GPU company to go public, following Moore Threads, and is expected to have a promising market outlook [10]. - The company reported a compound annual growth rate of 4074.52% in revenue from 2022 to 2024, with projected revenue of 1.236 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 453.52% [11]. - Although Muxi Co., Ltd.'s revenue is currently below the industry average, its sales gross margin is comparable to the industry average, highlighting its strong profitability potential [11].