Core Viewpoint - Shanghai-based GPU leader Muxi Co., Ltd. has passed the listing committee meeting, moving closer to its IPO on the Sci-Tech Innovation Board [2] Company Overview - Muxi was established in September 2020 with a registered capital of 360 million yuan. The founder and actual controller is Chen Weiliang, who also serves as the legal representative. The major shareholder is Shanghai Jiaomai [4] - As of March 31, 2025, Muxi has sold over 25,000 GPUs and has commercial applications in over ten intelligent computing clusters across various regions including Beijing, Shanghai, and Hong Kong [5] Financial Performance - In the first half of this year, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, while the net loss was 186 million yuan, a reduction of 63.74% compared to the previous year [5] - The company has not yet achieved profitability, with projected revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for 2022, 2023, and 2024 respectively. The net losses are expected to widen from 777 million yuan in 2022 to 1.409 billion yuan in 2024 [5] Shareholding Structure - Chen Weiliang controls 22.94% of the voting rights through direct holdings and control of Shanghai Jiaomai and Shanghai Xiji. Notable investor Ge Weidong holds 3.98% directly [6][7] Product Portfolio - Muxi's main products cover three areas: AI computing, general computing, and graphics rendering. Key products include the Xisi N series for intelligent computing inference, the Xiyun C series for training and inference, and the Xicai G series for graphics rendering [8][9] R&D Investment - Muxi's R&D expenditures from 2022 to 2024 were 648 million yuan, 699 million yuan, and 901 million yuan respectively, totaling 2.247 billion yuan, which is 282.11% of total revenue during the same period [10] - The company recently launched its first domestically produced general-purpose GPU, the Xiyun C600, marking a significant breakthrough in domestic high-performance GPUs [10][11] Future Plans - The IPO funds will primarily be used for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [12]

Core Viewpoint - Muxi Co., Ltd. is an unprofitable company that, if successfully listed, will enter the growth tier of the Sci-Tech Innovation Board, becoming another case following the implementation of the "1+6" reform initiative [2] Summary by Sections - The company plans to raise 3.904 billion yuan through its IPO, with the funds allocated for the development and industrialization of new high-performance general-purpose GPU projects, next-generation AI inference GPU projects, and high-performance GPU technology research for emerging applications [2] - Muxi Co., Ltd. is one of the leading domestic companies in high-performance general-purpose GPU products, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [2] - The main business of the company includes the research, design, and sales of full-stack GPU products used in AI training and inference, general computing, and graphics rendering, along with providing supporting software stacks and computing platforms for GPU chips [2]

Core Viewpoint - The article discusses the rapid progress of Chinese GPU companies, particularly Muxi and Moer Thread, in their IPO processes amidst a changing market landscape, highlighting the opportunities and challenges they face in competing with established players like NVIDIA [1][3][6]. Group 1: Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. was established in 2020 and focuses on developing and selling full-stack GPU products for AI training, inference, general computing, and graphics rendering [5]. - Moer Thread, also founded in 2020, has successfully passed the IPO review process and aims to become a leading GPU company, directly competing with NVIDIA [3][6]. - Both companies have attracted significant investments and talent, positioning themselves to challenge NVIDIA's dominance in the Chinese market [1][6]. Group 2: Product Development - Muxi has launched the "Xisi N" series GPUs for intelligent computing inference and the "Xiyun C" series for integrated training and general computing, with the latest C600 model aligning with mainstream architectures [5]. - Moer Thread has introduced four generations of chips from 2021 to 2024, with the latest "Pinghu" chip supporting advanced model training and achieving significant revenue from AI cluster products [4][6]. - Both companies are developing products that aim to match or exceed the performance of NVIDIA's offerings, with Muxi's C500 reportedly achieving performance comparable to NVIDIA's A100 in certain scenarios [5][8]. Group 3: Market Dynamics - The market for AI GPUs in China is rapidly expanding, with projections indicating a growth from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [14]. - The changing geopolitical landscape, particularly U.S. export controls, has created a unique opportunity for domestic GPU companies as NVIDIA's market share in China has plummeted from 95% to nearly 0% [14]. - The shift towards domestic AI chips is being supported by both policy changes and market demand, providing unprecedented opportunities for companies like Muxi and Moer Thread [14]. Group 4: Competitive Landscape - The article highlights the significant gap in software ecosystems between domestic GPU companies and NVIDIA, with the latter having a well-established developer ecosystem based on its CUDA platform [8][9]. - Despite advancements in hardware, domestic companies face challenges in competing with NVIDIA's rapid product iterations and established market presence [9][11]. - The inference market is seen as a more attainable target for domestic companies, with lower computational requirements compared to training tasks, which are expected to grow significantly in the coming years [9].

Core Viewpoint - The IPO applications of Chinese GPU companies, including MuXi Integrated Circuit and MoEr Thread, are progressing rapidly, marking a significant moment for the domestic GPU industry as they aim to challenge NVIDIA's dominance in the market [1][4][11]. Group 1: Company Developments - MuXi Integrated Circuit, established in 2020, has developed the "XiSi N" series GPUs for intelligent computing inference and the "XiYun C" series for training and general computing, targeting AI training and inference scenarios [1][5]. - MoEr Thread, also founded in 2020, has successfully passed the IPO review process in a record 88 days, potentially becoming the largest IPO on the STAR Market this year [3][4]. - Both companies have seen accelerated IPO processes amid a changing market environment, with significant investments and talent acquisition aimed at capturing the lucrative GPU market [1][5]. Group 2: Market Environment - The market for AI GPUs in China is experiencing rapid growth, with the market size projected to increase from 142.86 billion yuan in 2020 to 996.72 billion yuan by 2024, reflecting a compound annual growth rate of 62.5% [12]. - The exit of NVIDIA from the Chinese market due to U.S. export restrictions has created a unique opportunity for domestic GPU companies to fill the void [11]. - The competitive landscape is shifting, with domestic companies like MoEr Thread and MuXi aiming to establish themselves as viable alternatives to NVIDIA, which has seen its market share in China plummet from 95% to nearly 0% [11]. Group 3: Technological Challenges - Despite advancements, domestic GPU companies still face significant technological gaps compared to NVIDIA, particularly in software ecosystems and manufacturing processes [8][9]. - The transition costs for developers to switch from NVIDIA's CUDA to domestic alternatives remain a major hurdle for the adoption of domestic GPUs [8]. - The manufacturing capabilities of domestic companies are limited to 7nm or 14nm processes, while NVIDIA has moved to 4nm, posing challenges for future competitiveness [9]. Group 4: Future Outlook - The success of domestic GPU companies will depend not only on technological advancements but also on the maturation of the entire industry ecosystem [9]. - The push for domestic AI chip independence is gaining momentum, with increasing support from policies and market dynamics favoring local manufacturers [7][11]. - The rapid adaptation of domestic GPUs to emerging AI applications, such as DeepSeek, indicates a growing recognition of their capabilities in the market [12].

Core Viewpoint - The IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review, marking a critical moment for the Chinese GPU startup as it aims to capitalize on the market opportunities created by the withdrawal of NVIDIA from the Chinese market [1][13]. Company Overview - Mu Xi was established in 2020 and has launched the "Xi Si N" series GPUs for intelligent computing inference and the "Xi Yun C" series GPUs for training and general computing [1][6]. - The company’s GPUs are optimized for cloud-based AI training and inference, addressing the bottleneck in large-scale AI computing power [1]. - As of September 5, 2025, Mu Xi reported an order backlog of 1.43 billion yuan, primarily from the Xi Yun C500 series [6]. Market Dynamics - The market for AI accelerators in China is dominated by NVIDIA (66%) and Huawei Ascend (23%), with other manufacturers, including Mu Xi and Mo Er Thread, collectively holding about 1% [12]. - The Chinese AI GPU market is projected to grow from 14.29 billion yuan in 2020 to 99.67 billion yuan by 2024, with a compound annual growth rate of 62.5% [14]. Competitive Landscape - The IPO progress of Mu Xi and Mo Er Thread reflects a broader trend of accelerated listings among Chinese GPU startups, driven by favorable market conditions following NVIDIA's exit from the Chinese market [7][13]. - Mo Er Thread, founded in 2020, has also made significant strides, with its IPO application approved in just 88 days, potentially becoming the largest IPO on the STAR Market this year [4][7]. Technological Challenges - Despite advancements, there remains a significant gap between domestic GPU companies and NVIDIA, particularly in software ecosystems and manufacturing processes [9][11]. - The current manufacturing capabilities of domestic GPUs primarily utilize 7nm or 14nm processes, while NVIDIA has advanced to 4nm technology [11]. Future Outlook - The shift in market dynamics, particularly the exit of NVIDIA from the Chinese market, presents unprecedented opportunities for domestic GPU companies to capture market share [13]. - The success of domestic companies in adapting to emerging AI applications, such as DeepSeek, is crucial for establishing their presence in the competitive landscape [14].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to undergo an IPO review on October 24, 2025, aiming to raise 3.904 billion yuan for the development of high-performance GPU chips and related projects [1][2]. Company Overview - Muxi was established in September 2020, focusing on the research and development of high-performance GPU chips and computing platforms, with products including the Xisi N series for intelligent computing inference and the Xiyun C series for training and general computing [1]. - As of March 31, 2025, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [1]. Financial Data - As of June 30, 2025, Muxi's total assets amounted to 10.295 billion yuan, with equity attributable to the parent company at 9.673 billion yuan [1]. - The company has reported losses from 2022 to the first half of 2025, with revenues of 42,640 yuan, 53.0212 million yuan, 740 million yuan, and 915 million yuan, and net losses of -780 million yuan, -870 million yuan, -1.4 billion yuan, and -186 million yuan respectively [2]. Funding and Valuation - Muxi has undergone seven rounds of capital increases and eight rounds of equity transfers since its inception, with a post-financing valuation reaching 21.071 billion yuan during the latest external equity financing [2]. - The company plans to allocate 2.459 billion yuan for the development and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the development of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology research targeting emerging applications [1]. Shareholder Structure - Muxi has 124 shareholders, with founder Chen Weiliang controlling 22.94% of the voting rights, making him the actual controller of the company [2]. - Notable investors include prominent figures and institutions such as Ge Weidong, Chaos Investment, Sequoia Capital, and others, with Ge Weidong holding 3.98% and Chaos Investment holding 3.50% of the shares [2][3].

Core Viewpoint - The article discusses the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., highlighting its business focus on high-performance GPU chips and the potential impact on the semiconductor industry [3][6]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, and Shenzhen [5]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in various advanced fields such as smart cities, cloud computing, and the metaverse [5]. Financial Information - Muxi Integrated Circuit's latest external financing valued the company at 21.071 billion yuan [6]. - The company plans to issue up to 40.1 million A-shares to raise 3.904 billion yuan, with significant allocations for R&D projects in high-performance GPUs and AI inference GPUs [6]. - For the fiscal year 2024, Muxi Integrated Circuit reported revenues of 743 million yuan and a loss of 1.409 billion yuan, primarily from sales of its Xiyun C500 series chips [7]. Shareholding Structure - The founder, Chen Weiliang, controls 22.94% of the voting rights, making him the actual controller of the company [8]. - Notable investors include prominent private equity figures and firms such as Ge Weidong, Matrix Partners, and Sequoia Capital [9]. Indirect Shareholders - Several listed companies are indirect shareholders of Muxi Integrated Circuit, including Guangxi Media, which holds shares through another company, and Zhongshan Public Utilities, which has made early investments [10][11]. - Other companies like Shibei Gaoxin and Guomai Culture have also indicated indirect investments through media industry funds [12].

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review on October 24, 2025, with a post-financing valuation of 21.071 billion yuan [1][3]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3]. - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3]. Financial Information - The company plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan [3]. - The allocation of raised funds includes 2.459 billion yuan for the development and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the development of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology R&D for emerging applications [3]. - In 2024, Muxi Integrated Circuit reported revenues of 743 million yuan and a loss of 1.409 billion yuan, with the main revenue source being the sales of the Xiyun C500 series training and inference integrated chips [3]. Shareholder Information - The founder, Chen Weiliang, controls 22.94% of the voting rights, making him the actual controller of the company [4]. - Notable investors include private equity mogul Ge Weidong, Chaos Investment, Matrix Partners, and Sequoia Capital [4]. - Several listed companies are indirect shareholders, including Guangxi Media, which holds a minor stake through an investment in Anhui Technology, and Zhongshan Public Utilities, which has made early investments in Muxi Integrated Circuit [4][5][6][7][8].

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review by the Shanghai Stock Exchange on October 24, 2025 [1] Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has established wholly-owned subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3] - The core team of the company has an average of nearly 20 years of end-to-end R&D experience in high-performance GPU products [3] - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3] Financial Information - The latest external equity financing corresponds to a post-investment valuation of 21.071 billion yuan [3] - Muxi Integrated Circuit plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan [3] - The funds will be allocated as follows: 2.459 billion yuan for the R&D and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the R&D and industrialization of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology R&D targeting advanced fields and emerging application scenarios [3] - For the fiscal year 2024, the company reported revenues of 743 million yuan and a loss of 1.409 billion yuan, with the main revenue source being the sales of the Xiyun C500 series training and inference integrated chips [3] Shareholding Structure - As of the signing date of the prospectus, the founder Chen Weiliang controls 22.94% of the voting rights of the company, making him the actual controller [4] - The shareholder list includes prominent investors such as private equity mogul Ge Weidong and his Chaos Investment, as well as firms like Matrix Partners, Helix Capital, and Sequoia Capital [5] - Notably, some listed companies are also "shadow shareholders" of Muxi Integrated Circuit, including Zhongshan Public Utilities, which has made early investments through a renewable energy fund [5]

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review by the Shanghai Stock Exchange on October 24, 2025, marking a significant step in its public offering process [1]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has set up wholly-owned subsidiaries and R&D centers in several cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3]. - The core team of the company possesses nearly 20 years of end-to-end R&D experience in high-performance GPU products [3]. - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3]. Financial Information - According to the company's prospectus, the latest external equity financing corresponds to a post-investment valuation of 21.071 billion yuan [4]. - Muxi Integrated Circuit plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan. Of this, 2.459 billion yuan will be allocated for the R&D and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the R&D and industrialization of next-generation AI inference GPUs, and 991 million yuan for R&D projects targeting advanced fields and emerging application scenarios [4]. - In 2024, the company's revenue is projected to be 743 million yuan, with a loss of 1.409 billion yuan. The primary revenue source is the sales of the Xiyun C500 series training and inference integrated chips [4]. Shareholder Information - As of the signing date of the prospectus, the founder Chen Weiliang controls 22.94% of the voting rights, making him the actual controller of the company [4]. - The shareholder list includes prominent investors such as private equity mogul Ge Weidong and his Chaos Investment, as well as Jingwei Venture Capital, Helix Capital, and Sequoia Capital [4]. Indirect Shareholders - Some listed companies are indirect shareholders of Muxi Integrated Circuit. For instance, Light Media holds shares through Anhui Technology, although the stake is minimal and will not significantly impact its operating performance [5]. - Zhongshan Public Utilities has made early investments in Muxi Integrated Circuit through a new energy fund, anticipating positive impacts from the IPO [6]. - Other companies like Runtong Co., Ltd. and Youfa Group have also reported indirect investments in Muxi Integrated Circuit, with varying ownership percentages [6].