Core Insights - Nanjing-based GPU company Muxi Co., Ltd. has successfully launched its IPO, with an issue price of 104.66 yuan per share, resulting in a post-IPO market capitalization of approximately 41.874 billion yuan [1] - The company has raised a total of 12.64 billion yuan through 13 rounds of financing, with significant backing from over 100 institutions, including state-owned funds and venture capital firms [1][2] - Nanjing's local government has played a crucial role in Muxi's development through a "cooperative fund" model, providing early-stage funding and facilitating the establishment of the company's R&D center in Nanjing [1][3] Financing and Investment - Muxi Co., Ltd. was established in September 2020 in Shanghai's Zhangjiang Science City, coinciding with strong national policy support for the integrated circuit industry [2] - The Nanjing Pukou District government has implemented policies to support the integrated circuit industry, including providing up to 30 million yuan in follow-up investments for companies that secure equity financing [2][3] - The cooperative fund model allowed Muxi to receive 15.3 million yuan in angel funding, which was critical for its early development [3][4] Government and Institutional Support - The Nanjing government has actively engaged with over 240 management institutions to attract capital into strategic emerging industries, successfully leveraging limited state capital to mobilize nearly 100 billion yuan in social capital [4] - Muxi's first round of financing was led by He Li Guo Xin Zhi Xin, a fund backed by Nanjing's state-owned assets, which has since participated in multiple rounds of investment totaling 1.53 billion yuan [5][6] - The Pukou District's follow-up investment policy has resulted in significant returns, with the local government investing 30 million yuan in Muxi's fourth round of financing, yielding an 80 million yuan return [5] Market Position and Growth - Muxi has quickly established itself as a key player in the GPU market, with a team led by former AMD executives, which has garnered significant attention from the investment community [2][3] - The company has achieved substantial revenue growth, with its Nanjing subsidiary projected to generate 176 million yuan in revenue in 2024, making it the top revenue-generating subsidiary within the Muxi group [6] - The investment strategy employed by Nanjing's government has proven effective in fostering the growth of the integrated circuit industry, with Muxi serving as a prime example of successful capital operation [7][8] Venture Capital Engagement - Various venture capital firms, including Sequoia China and Matrix Partners, have significantly invested in Muxi, with Sequoia leading a 110 million yuan investment in early 2021 [8][9] - Matrix Partners has also played a vital role, contributing over 750 million yuan across multiple funding rounds, highlighting the importance of diverse capital sources in supporting innovation [9][10] - The involvement of state-owned funds, such as the National Fund for Technology Transfer and Commercialization, has further strengthened Muxi's financial position, with a 200 million yuan investment in its fifth round of financing [10]