解码“GPU明星”沐曦股份： 南京国资这样“捕获”百亿级硬核IPO

Core Viewpoint - Muxi Co., Ltd. has successfully completed its IPO on the A-share market, with an issue price of 104.66 yuan per share, resulting in a post-IPO market capitalization of approximately 41.874 billion yuan. The company has raised a total of 12.64 billion yuan through 13 rounds of financing, with significant backing from over 100 institutional investors, including state-owned funds and venture capital firms [3][4][11]. Financing and Valuation - Muxi Co., Ltd. has undergone 13 financing rounds, accumulating a total fundraising amount of 12.64 billion yuan, with pre-IPO valuations increasing significantly over time, reaching 418.74 billion yuan post-IPO [3][4]. - The early investments in Muxi Co., Ltd. were facilitated by the "cooperative fund" model, which allowed for a total of 1.53 billion yuan in funding, including angel round financing, to be injected into the company [3][4][9]. Government Support and Policy - The Nanjing government has implemented policies to support the integrated circuit industry, including financial incentives for companies receiving equity financing, with follow-up investments capped at 30 million yuan [6][10]. - Muxi Co., Ltd. was established in September 2020 in Shanghai, coinciding with strong national policy support for the integrated circuit sector, which has been further reinforced by local government initiatives in Nanjing [4][6]. Investment Dynamics - The investment strategy employed by Nanjing's government has been characterized by a focus on "capital, policy, and risk" balance, exemplified by the establishment of Muxi Co., Ltd.'s first subsidiary in Nanjing within 40 days of its founding [9][10]. - The cooperative fund model has allowed Nanjing to attract significant private capital into the integrated circuit sector, with over 500 projects funded, including more than 180 semiconductor projects [9][10]. Market Position and Growth - Muxi Co., Ltd. has quickly gained attention in the investment community due to its strong technical team, led by former AMD executives, and has become a key player in the GPU chip market [4][6]. - By 2024, Muxi Co., Ltd.'s subsidiary in Nanjing is projected to achieve 176 million yuan in revenue, making it the largest revenue-generating entity among its subsidiaries [9].