Core Insights - The article highlights significant developments in the capital market's technology sector, particularly focusing on the IPO progress of domestic companies like DaPu Microelectronics and MoEr Thread [1][4]. Group 1: DaPu Microelectronics - DaPu Microelectronics has completed its first round of IPO inquiry response, marking a critical step towards listing on the ChiNext board as the first unprofitable company under the new listing standards [2][3]. - The company specializes in enterprise-level SSD products, having established a comprehensive technology chain from chip design to module testing, achieving full coverage from PCIe 3.0 to PCIe 5.0 [2][3]. - Despite a competitive market leading to a projected decline in market share from 6.4% to 3.0% in 2024, the enterprise SSD market in China is expected to grow significantly, reaching a size of $6.25 billion, a year-on-year increase of 187.9% [3]. Group 2: Investment and Financial Performance - The progress of DaPu Microelectronics' IPO is a significant advancement for its indirect investor, Lianmei Holdings, which is set to benefit from two IPO projects within the year [1][4]. - Lianmei Holdings has made substantial investments in technology sectors, focusing on domestic GPU chips, SSD storage, and autonomous driving, with a strategic approach that aligns with its core business in clean heating [4]. - Financially, Lianmei Holdings reported a revenue of 3.509 billion yuan and a net profit of 659 million yuan in 2024, with a solid dividend yield exceeding 5% and a low debt ratio of 29%, indicating a robust financial foundation for ongoing investments [5].

New Listings - During the period from October 21 to October 27, one company was listed on the Shanghai Stock Exchange main board and one on the Shenzhen Stock Exchange main board [2] - ChaoYing Electronics specializes in the research, production, and sales of printed circuit boards (PCBs), primarily for automotive electronics. The stock price surged by 397.60% on the first day of trading, closing at 83.01 CNY per share, a 386.01% increase from the issue price of 17.08 CNY, with a total market capitalization of approximately 36.3 billion CNY [3] - Marco Polo focuses on the research, production, and sales of building ceramics. The stock price increased by 128.80% on the first day, closing at 27.52 CNY per share, a 100.15% increase from the issue price of 13.75 CNY, with a total market capitalization of approximately 32.9 billion CNY [4] Companies Passing Review - From October 21 to October 27, two companies passed the review on the Shanghai Stock Exchange's Sci-Tech Innovation Board, and one on the Shenzhen Stock Exchange main board [5] - Jianxin Superconducting is engaged in the research, production, and sales of core components for medical MRI equipment, with its products accounting for about 50% of the cost of MRI equipment [6] - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for AI training and inference, as well as general computing and graphics rendering [6] New Stock Applications - During the period from October 21 to October 27, one company submitted a listing application on the Shanghai Stock Exchange's Sci-Tech Innovation Board, while no companies submitted applications on the Shenzhen Stock Exchange [9] - HaoYing Technology is a comprehensive service provider for commercial big data, specializing in the research, production, and sales of drone power systems, with products also used in competitive vehicles [10][11] New Listings in Hong Kong - From October 21 to October 27, two companies were listed on the Hong Kong Stock Exchange main board [13] - JuShuiTan is the largest e-commerce SaaS ERP provider in China, with a market share of 24.4%. The stock price rose by 23.86% on the first day, closing at 34.96 HKD per share, a 14.25% increase from the issue price of 30.60 HKD, with a total market capitalization of approximately 14.9 billion HKD [14] - GuangHeTong is a wireless communication module provider, with its stock price dropping by 11.72% on the first day, closing at 19.96 HKD per share, a 7.16% decrease from the issue price of 21.50 HKD, with a total market capitalization of approximately 26.0 billion HKD [14] Companies Submitting Applications in Hong Kong - From October 20 to October 27, eight companies submitted listing applications on the Hong Kong Stock Exchange main board [20] - YuWang Bio is the largest supplier and exporter of human tetanus antitoxin in China, with a market share of 66.8% in terms of revenue for 2024 [39] - BiHua Co., Ltd. is a comprehensive chemical group focusing on technological innovation and green low-carbon development, with a leading position in several chemical products [26] - XieChuang Data is a data intelligence application software company, recognized as the second-largest domestic smart storage device manufacturer by revenue in 2024 [29] - ZhongWei Co., Ltd. specializes in new energy materials, focusing on the research and development of battery materials [33] - HeHui Optoelectronics is an AMOLED semiconductor display panel manufacturer, ranked third globally in large-size AMOLED panel shipments [36] - HaiChen Energy is a global new energy technology company, ranked third in the global energy storage market by lithium-ion battery shipments in 2024 [42]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review for the Sci-Tech Innovation Board, marking a significant step in its IPO process, as the demand for computing power continues to drive the digital economy [1][2]. Company Overview - Founded in September 2020 by former AMD China executive Chen Weiliang, Muxi is a leading domestic high-performance general-purpose GPU company, focusing on the development of full-stack GPU chips and computing platforms [2][4]. - The company has developed various product lines, including the Xisi series for intelligent computing inference, the Xiyun series for general computing, and the Xicai series for graphics rendering, addressing the high efficiency and versatility needs of computing power [2][4]. Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52%, despite net losses exceeding 3 billion yuan over the same period [4]. - The flagship Xiyun C500 series GPU chip is expected to account for 97.28% of the company's revenue in 2024, increasing to 97.87% in the first quarter of 2025 [4]. Market Position and Trends - The global demand for AI computing power is expanding rapidly, with estimates suggesting a 750-fold increase every two years, and the Chinese cloud AI chip market is expected to exceed $48 billion by 2027, with domestic GPU replacement rates projected to exceed 80% [5][10]. - Muxi is positioned to capture approximately 1% of the Chinese AI chip market in 2024, leveraging its technological advancements and delivery capabilities [5]. Strategic Initiatives - Muxi is pursuing a development strategy centered on a "single computing power base + six key industries + X emerging fields," aiming to integrate AI technology with various sectors such as finance, healthcare, and entertainment [6]. - The company has established partnerships with leading AI firms and research institutions to enhance its product offerings and expand its market reach [8]. Industry Dynamics - The domestic GPU sector is experiencing a capital frenzy, driven by policy support and the demand for domestic alternatives, with several companies, including Muxi, actively pursuing IPOs [9][10]. - The current market environment allows for high valuations despite ongoing losses, as investors are optimistic about the potential for domestic GPU companies to capture market share from established players like NVIDIA [10].

Core Viewpoint - Muxi Co., Ltd., a leading domestic high-performance general-purpose GPU company, has successfully passed the IPO review by the Shanghai Stock Exchange [1][3]. Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for various sectors including AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [3]. - The company aims to enhance domestic computing power infrastructure, which has been heavily reliant on foreign giants, especially in the context of geopolitical tensions and the new AI revolution [3]. Product and Market Position - Muxi's flagship product, the Xiyun C series training and inference integrated GPU chip, is based on fully self-developed GPU IP, instruction set, and architecture, achieving domestic leadership in terms of versatility, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [3]. - As of the reporting period, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Market Share and Financial Performance - According to Bernstein Research, Muxi holds approximately 1% market share in China's AI chip market for 2024 [4]. - The company has not yet achieved profitability, with revenues of 0.53 billion, 7.43 billion, and 9.15 billion CNY from 2023 to the first half of 2025, and net losses of -8.71 billion, -14.09 billion, and -1.86 billion CNY during the same period [4]. Challenges and Future Plans - Muxi faces challenges such as low penetration of domestic GPU chips, technical standard adaptation, and user habit migration, which hinder market expansion [5]. - The company plans to raise 3.904 billion CNY through its IPO to invest in new high-performance general-purpose GPU research and industrialization projects, aligning with national industrial policies and its development strategy [5].

Group 1 - The core objective of the 20th Central Committee's Fourth Plenary Session is to significantly enhance the level of technological self-reliance and self-improvement during the "14th Five-Year Plan" period [1] - The A-share IPO market is experiencing a surge with the emergence of technology unicorns like Moer Technology, Muxi Co., and Yushu Technology, reflecting a transformation in China's economic structure towards hard technology [1][2] - The listing of leading technology companies is expected to not only strengthen their own growth but also boost the entire industry chain, creating a cluster effect [1][3] Group 2 - Muxi Co., established in 2020, focuses on developing and selling full-stack GPU products for AI training and inference, with 255 domestic authorized patents as of March 31, 2025 [2] - Muxi Co. plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan, with funds directed towards R&D and industrialization of high-performance GPUs [2][3] - The GPU industry is characterized by high technical barriers and intensive R&D investment, and Muxi Co. aims to solidify its market position and enhance its R&D capabilities through the IPO [3] Group 3 - The 20th Central Committee emphasizes accelerating high-level technological self-reliance and leading the development of new productive forces, focusing on original innovation and key core technology breakthroughs [4] - Since September 2024, the A-share market has shown a stable upward trend, with government meetings highlighting the need to maintain and enhance the attractiveness of the domestic capital market [5] - The China Securities Regulatory Commission (CSRC) is committed to supporting innovation and facilitating the growth of quality enterprises through reforms in the capital market [5][6] Group 4 - The current IPO wave of technology stocks is supported by favorable policies, enhancing the capital market's inclusivity towards hard technology companies [6] - The transformation of innovation potential into economic momentum is a significant characteristic of the current bull market, with technology innovation companies benefiting from economic transition and policy support [6]

Core Viewpoint - The recent surge in A-share IPOs, particularly in the hard technology sector, reflects China's economic transformation and the increasing emphasis on technological self-reliance and innovation as outlined in the 20th Central Committee's Fourth Plenary Session [2][5][6] Group 1: A-share IPO Market - The A-share IPO market is experiencing a wave of activity with companies like Moer Technology, Muxi Co., and Yushu Technology entering the market, showcasing their core technologies and market influence [2][3] - Muxi Co., established in 2020, plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan, focusing on the development of high-performance GPU products and related technologies [3][4] - Moer Technology successfully passed its IPO review in just 88 days, indicating strong policy support for AI and new productivity sectors [4] Group 2: Policy Support and Market Outlook - The 20th Central Committee emphasizes accelerating high-level technological self-reliance and innovation, aiming to enhance the national innovation system and seize technological development opportunities [5][6] - The A-share market has shown a stable upward trend since September 2024, with regulatory bodies emphasizing the need to maintain an attractive and inclusive capital market [5] - The current technological revolution, particularly in AI, biomedicine, and blockchain, is reshaping the integration of technology, industry, and finance, with a focus on supporting high-quality enterprises through capital markets [5][6] Group 3: Industry Insights - Experts believe that the focus on "new productivity" places hard technology sectors like AI, high-end chips, and advanced manufacturing at the forefront of national strategy [6] - The exit of foreign giants from the market has created significant demand for domestic alternatives, leading to a surge in local tech startups [6] - The listing of these unicorn companies signals a shift in China's tech innovation from laboratory settings to large-scale industrialization, with the capital market acting as a crucial catalyst [6]

Core Insights - The China Securities Regulatory Commission (CSRC) has emphasized ongoing reforms in financing, particularly supporting unprofitable tech companies with strong market potential through initiatives like the "16 Articles for Science and Technology Innovation" and the "8 Articles for the Science and Technology Innovation Board" [2] - Muxi Co., Ltd. is set to launch its IPO on the Science and Technology Innovation Board, utilizing the fourth set of standards, despite reporting losses from 2022 to 2025 [2][9] - The company focuses on developing high-performance GPU chips and computing platforms, targeting applications in AI training, general computing, and graphics rendering [2][3] Company Overview - Muxi Co., Ltd. has established a strong GPU product system and an open software ecosystem, contributing significantly to the domestic AI computing infrastructure [3][4] - The company aims to reduce reliance on foreign GPU technology and enhance its market share through innovative products amid geopolitical tensions [3][4] - Muxi's main products include the Xisi N series for AI inference and the Xiyun C series for integrated training and inference, with ongoing development of the Xicai G series for graphics rendering [5][9] Financial Performance - The company's revenue has shown significant growth, with reported figures of 42.64 million, 53.02 million, 743.12 million, and 320.41 million for the respective years [9][11] - Despite revenue growth, Muxi has faced continuous losses, with net profits of -77.70 million, -87.12 million, -140.89 million, and -23.25 million over the same periods [9][11] - The company plans to raise 3.904 billion for new GPU development projects, indicating a strong commitment to R&D despite current financial challenges [6][8] Market Position and Competition - Muxi is positioned as a leading domestic GPU manufacturer, competing against established players like NVIDIA and AMD, which dominate the global market [12][13] - The domestic GPU market is evolving, with increasing competition from local firms, but Muxi's focus on innovation and technology development aims to strengthen its competitive edge [12][13] - The company faces risks related to market competition and reliance on a single product line, which could impact its financial stability if not managed effectively [14]

Core Viewpoint - The upcoming IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is set for review on October 24, with the company focusing on the GPU and AI industry despite not being profitable yet [1][3]. Group 1: Company Overview - Mu Xi has committed to promoting the self-controllability of China's intelligent computing power industry chain and has developed core technologies in high-performance GPU chips and their software [1]. - The company is one of the few in China that has mastered the research, design, and mass production of high-performance GPU chips and related systems [1]. Group 2: Market Context - The global GPU market is currently dominated by a few players, with NVIDIA holding over 80% market share, while AMD also maintains a significant position [3]. - The demand for computing power chips is increasing rapidly due to the widespread adoption of AI applications, with the domestic accelerated computing server market expected to reach approximately $22.1 billion in 2024, with GPUs accounting for 69% of this market [3]. Group 3: Industry Trends - The domestic GPU chip industry is experiencing a shift towards localization due to increasing export controls on high-end AI chips from overseas, necessitating the search for controllable alternatives [4]. - Continuous high R&D investment is essential for domestic GPU companies to secure market entry and competitive positioning [4]. - The AI server and accelerated computing sectors are expected to provide long-term demand certainty for domestic GPU enterprises [4]. Group 4: Investment Analysis - The rapid development of artificial intelligence is driving the demand for computing power, with data centers and domestic GPU markets showing continued growth potential [9]. - The IPO of Mu Xi is a notable case within the industry, attracting attention as a unique example of a company in this sector [9].

Group 1: New IPOs - This week, there is one new stock subscription starting on October 24, which is for Daming Electronics, focusing on automotive electronic components [2] - Daming Electronics is a comprehensive solution provider engaged in the design, development, production, and sales of automotive body electronic control systems, with products including driver assistance systems and cabin control systems [2] - The company has established stable partnerships with major domestic automotive manufacturers and has successfully entered the supply chain of well-known foreign brands like Ford and Toyota [2] Group 2: Financial Performance - Daming Electronics achieved revenues of 2.147 billion yuan, 2.727 billion yuan, and 1.297 billion yuan for the years 2023, 2024, and the first half of 2025, respectively [2] - The net profits for the same periods were 205 million yuan, 282 million yuan, and 114 million yuan [2] Group 3: IPO Fundraising - Daming Electronics plans to raise 400 million yuan through its IPO, which will be used for the construction of a new factory project and to supplement working capital [3] - Four companies are scheduled for IPO meetings this week, including Shuangxin Environmental Protection, Muxi Co., and Jianxin Superconducting [4][5][6] - Jianxin Superconducting, which focuses on MRI equipment core components, aims to raise 775 million yuan for production projects [4] - Muxi Co., a leading company in high-performance general-purpose GPU products, plans to raise 3.904 billion yuan [5] - Shuangxin Environmental Protection, involved in the polyvinyl alcohol industry, intends to raise 1.865 billion yuan [6]

Core Viewpoint - The article discusses the competitive landscape of domestic GPU companies in China, highlighting the upcoming IPO of Mu Xi Integrated Circuit and the recent success of Mo Er Thread, emphasizing the importance of capital in advancing technology and market positioning in the AI computing sector [1][2][4][8]. Group 1: Mu Xi Integrated Circuit - Mu Xi Integrated Circuit's IPO on the Sci-Tech Innovation Board is set for review on October 24, following the successful listing of Mo Er Thread [1]. - The company focuses on high-performance GPU chip development, with a product matrix covering AI computing, general computing, and graphics rendering, achieving over 25,000 units sold [2]. - Mu Xi aims to leverage capital to overcome technical bottlenecks in high-performance GPUs and enhance penetration in vertical sectors like education, finance, and healthcare [2]. Group 2: Mo Er Thread - Mo Er Thread has set a benchmark by successfully passing its IPO review, with its MTT S5000 chip nearing the performance level of NVIDIA's A100 [4]. - The company reported a revenue scale of 1.8 billion yuan and has over 2 billion yuan in pending orders, indicating market recognition of its technology [4]. - Mo Er Thread plans to use its proposed fundraising of 8 billion yuan entirely for the development of next-generation chips targeting AI training and graphics rendering [4]. Group 3: Other Competitors - Suiruan Technology and Biran Technology are in the preparatory stages for their IPOs, with unique technological highlights: Suiruan focuses on a "reasoning before training" strategy, while Biran's BR100 chip boasts performance three times that of the A100 [4][6][7]. - The progress of these companies may influence the capital landscape of the domestic GPU industry [4]. Group 4: Market Context - The global GPU market has been dominated by foreign manufacturers, with NVIDIA's CUDA ecosystem presenting significant barriers to entry for domestic firms [7]. - The urgency for domestic GPU companies to achieve self-sufficiency in computing power is underscored by NVIDIA's H100 graphics card price soaring to 200,000 yuan per unit [7]. - The high investment and complexity of GPU R&D are highlighted, with Mo Er Thread having accumulated losses exceeding 5 billion yuan over three years, indicating the need for substantial funding to alleviate R&D pressures [8]. Group 5: Future Implications - The outcome of Mu Xi's IPO review on October 24 will be pivotal in the ongoing capital race among domestic GPU companies [8]. - The collective push for IPOs among these companies represents a critical step in overcoming technological barriers and advancing China's autonomous computing infrastructure [8].