4.5%流通盘撬动3300亿市值，沐曦股份上演资本狂想曲

Core Insights - The article highlights the successful IPO of domestic GPU chip company Muxi Co., known as the "Chinese version of AMD," which took place on December 17, following the remarkable debut of another GPU company, Moore Threads, on December 5 [1][2][3] Company Overview - Muxi Co. has a core team with significant experience from AMD, including its CEO and chief architects, indicating strong technical capabilities in the GPU sector [5][12] - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training, inference, general computing, and graphics rendering [6][13] IPO Performance - Muxi Co.'s IPO was marked by a dramatic opening price of 700 CNY per share, a 568.83% increase from its issue price of 104.66 CNY, closing at 829.90 CNY, representing a 692.95% rise on its first day [2][3][9] - The total market capitalization reached 332 billion CNY on the first trading day, reflecting strong investor interest [3][10] Market Dynamics - The IPO attracted significant attention, with 269 offline investors and 517,000 online investors participating, resulting in a low online winning rate of 0.0335% [3][11] - The limited float of shares, with only 4.5% of total shares available for trading, contributed to high volatility and trading activity, with a turnover rate exceeding 70% on the first day [4][11] Financial Projections - Muxi Co. aims to raise 3.904 billion CNY through the IPO, primarily for the development of high-performance GPUs and AI inference technologies [6][14] - Revenue projections show significant growth, with expected revenues of 743 million CNY in 2024 and 1.236 billion CNY in the first three quarters of 2025, marking a 453.52% year-on-year increase [6][14] Industry Outlook - The global GPU market is projected to reach 3.611974 trillion CNY by 2029, with the Chinese market expected to grow to 1.363578 trillion CNY, increasing its share from 30.8% in 2024 to 37.8% by 2029 [7][14] - Muxi Co. is positioned to capitalize on the rising demand for AI and GPU technologies, although concerns remain about the sustainability of its stock price surge [5][14]