MetaX Integrated Circuits soared on its trading debut in Shanghai as investors piled into the second Chinese producer of graphics processing units (GPUs) to go public this month amid optimism about China's push for self-sufficiency in semiconductors and artificial intelligence. The shares of the Shanghai-based company surged 693 per cent from the offer price to 829.90 yuan at the close on Wednesday on the technology-heavy Star Market, making the five-year-old company the third-best performing debut on the ...

Shares of the Shanghai-based firm began trading at 700 yuan ($99.40) on Wednesday on the tech-focused Star Market, jumping 569% from their offer price of 104.66 yuan ($14.86). It was trading at 792.02 yuan ($112.47) at last check. IPO Buzz Despite Losses This surge follows the company's successful initial public offering (IPO), which raised nearly $600 million. The IPO values the company at 56.4 times its 2024 per-share revenue. MetaX's revenue has surged fourfold year over year to 1.24 billion yuan ($180 m ...