解码“GPU明星”沐曦股份：南京国资这样“捕获”百亿级硬核IPO

Group 1 - The core viewpoint of the article highlights the successful IPO of Muxi Co., Ltd., a member of the "GPU Chip Four Little Dragons," with an issuance price of 104.66 yuan per share, resulting in a market value of approximately 41.874 billion yuan [1] - Muxi Co., Ltd. has undergone 13 rounds of financing before its IPO, raising a total of 12.64 billion yuan, with over 100 institutional investors including Guotou Fund and Sequoia China [1][2] - The company has established a strong connection with Nanjing state-owned assets through a "cooperative fund" model, which has facilitated significant investments and the establishment of its R&D center in Nanjing [1][3] Group 2 - The establishment of Muxi Co., Ltd. in September 2020 coincided with strong national policies supporting the integrated circuit industry, which has been further reinforced by local policies in Nanjing [2] - Nanjing's Pukou District has implemented policies to support the integrated circuit industry, including financial subsidies and follow-up investments for companies that secure equity financing [2][3] - Muxi Co., Ltd. was founded by a team with extensive experience in AMD, positioning it as a potential leader in the GPU market from its inception [2][4] Group 3 - The Pukou District government has utilized a "cooperative fund" to provide angel round financing to Muxi Co., Ltd., enabling the establishment of its first wholly-owned subsidiary in Nanjing shortly after its founding [3][4] - The cooperative fund, led by He Li Guo Xin Zhi Xin, has invested a total of 1.53 billion yuan in Muxi Co., Ltd. across multiple funding rounds, making it the largest external shareholder [4][5] - The follow-up investment policy from Pukou District was realized during Muxi Co., Ltd.'s fourth financing round, with a total of 30 million yuan invested [5] Group 4 - Muxi Co., Ltd. has become a core driver of regional industrial development, contributing significantly to tax revenue and industrial structure optimization in Nanjing [6] - The Pukou District has established a mature capital attraction strategy, successfully completing dual objectives of angel investment and subsidiary establishment within 40 days of Muxi Co., Ltd.'s founding [6] - The cooperative fund model has allowed Nanjing to leverage state-owned capital effectively, promoting the development of the integrated circuit industry [7] Group 5 - Various venture capital institutions have played a crucial role in supporting Muxi Co., Ltd., with Sequoia China and Jingwei China being notable investors [8][9] - Sequoia China has invested a total of 153 million yuan in Muxi Co., Ltd., while Jingwei China has contributed over 750 million yuan across multiple funding rounds [9][10] - The involvement of state-owned capital, such as Guotou Fund, has enhanced market confidence and attracted additional social capital to Muxi Co., Ltd. [10]