MetaX soars nearly 700% in debut as traders snap up second Chinese GPU maker to go public

Company Overview - MetaX Integrated Circuits, founded in 2020 by former AMD employees, specializes in high-performance GPU products and aims to support China's ambitions for semiconductor self-sufficiency and AI applications [5][6]. - The company raised 4.2 billion yuan (approximately US$596.3 million) through its initial public offering (IPO), selling 40.1 million shares, making it the fifth-largest flotation on the mainland this year [4]. Market Performance - On its trading debut in Shanghai, MetaX's shares surged 693% from the offer price, closing at 829.90 yuan, and reached an intraday high of 895 yuan, marking it as the third-best performing debut on mainland stock exchanges this year [2][3]. - The stock opened 569% higher than the offer price of 104.66 yuan, reflecting strong investor interest amid optimism about domestic chip production [2]. Industry Context - The excitement surrounding MetaX highlights investor confidence in China's strategy to replace imported chips with domestically produced alternatives for AI applications, despite recent easing of US export restrictions on Nvidia [3]. - The performance of MetaX follows that of Moore Threads Technology, another local GPU producer, which saw a 425% increase on its trading debut, indicating a growing trend in the Chinese semiconductor market [3]. Product Development - MetaX is focused on research and development of high-performance GPUs, with its flagship C600 chip expected to enter mass production soon after its launch in July, while the next-generation C700 product is still under development [5][6].