俩“中国英伟达”，给了FA两亿

Core Viewpoint - The article discusses the recent IPO submissions by Chinese GPU manufacturers, Moer Thread and Muxi Co., highlighting the significant financing consultant fees associated with their Pre-IPO rounds, indicating a recovering investment environment in the industry [1][2]. Group 1: IPO and Financing Details - Moer Thread's IPO prospectus reveals a payable financing consultant fee of 127 million for 2024, contributing to an 18% increase in "other payables" [3][5]. - Moer Thread raised 5.225 billion for 70 million new shares, with a pre-financing valuation of 24.62 billion [6]. - Muxi Co. has not disclosed specific financing consultant fees but indicates that service fees will significantly increase in early 2025 due to substantial financing consultant fees [7][8]. Group 2: Financial Implications - The combined financing consultant fees for Moer Thread and Muxi Co. are estimated to be around 200 million, with Moer Thread's fee being 127 million and Muxi's fee being in the tens of millions [9]. - Muxi Co. completed two rounds of financing in a short period, raising a total of 8.616 billion, indicating a strong demand for its shares [9][17]. Group 3: Market Dynamics and Competition - The GPU industry in China is experiencing rapid growth, with Moer Thread's revenue increasing from 0.046 billion in 2022 to 4.38 billion in 2024, reflecting a compound growth rate of 208.44% [17]. - Muxi Co. has shown even more explosive growth, with a revenue increase from 0.00004 billion in 2022 to 7.43 billion in 2024, a staggering compound growth rate of 4309% [17]. - The competitive landscape is intensifying, with numerous startups vying for market share, leading to a "survival of the fittest" scenario in the GPU sector [18][19][20]. Group 4: Strategic Importance of Financing - Rapid financing is crucial for both companies to support ongoing R&D and to maintain a competitive edge in a rapidly evolving market [21]. - The participation of over 100 entities in their latest financing rounds demonstrates the strong market appeal of these companies [21].