Core Viewpoint - The IPO progress of domestic chip companies, specifically Moer Technology and Muxi Co., is advancing, with Moer Technology disclosing its intention to list on the Sci-Tech Innovation Board and Muxi Co. receiving approval for its IPO registration, intensifying the competition for the title of "first domestic GPU stock" [1][3]. Group 1: IPO Details - Moer Technology plans to issue 70 million shares, accounting for 14.89% of the total share capital post-issuance, with the initial inquiry date set for November 19 and subscription date for November 24 [3][4]. - The company will adopt a mixed issuance method, combining strategic placement for investors and public offerings for eligible investors [4]. - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration, with Huatai United Securities as the sponsor [4][5]. Group 2: Company Performance - Both companies were established in 2020 and have shown strong revenue growth, with Moer Technology achieving revenue of 702 million yuan in the first half of this year, surpassing the total revenue of 608 million yuan from 2022 to 2024 [9][10]. - Muxi Co. reported a revenue of 915 million yuan in the first half of this year, a year-on-year increase of 404.51%, also exceeding its total revenue from the previous three years [10]. - Despite the revenue growth, both companies have not yet turned profitable, with Moer Technology's net losses for 2022 to 2024 being 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan respectively, while Muxi Co.'s losses were 777 million yuan, 871 million yuan, and 1.409 billion yuan [10][11]. Group 3: R&D Investment - Moer Technology's R&D investments from 2022 to 2024 were 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan, while Muxi Co. invested 648 million yuan, 699 million yuan, and 901 million yuan in the same period [11]. - Post-IPO, Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, while Muxi Co. aims to raise 3.9 billion yuan for high-performance general-purpose GPUs and AI inference GPUs [11].