Core Insights - MetaX, a Shanghai-based AI chip start-up, has received approval to list on Shanghai's Star Market, highlighting China's growing AI investment and its potential competition with Nvidia [1] Company Overview - Founded in 2020 by former AMD veterans, MetaX is known in Chinese as Muxi and has R&D centers in multiple cities including Beijing, Nanjing, and Shenzhen [2] - As a fabless chip designer, MetaX focuses on designing microchips rather than manufacturing them, producing N-series GPUs for AI inference, C-series chips for general computing, and G-series processors for graphics rendering [4] Product Development - The latest flagship processor, MetaX C600, launched in July, features HBM3e high-bandwidth memory and supports FP8 precision for efficient AI model training, with 144GB of memory and mass production expected by year-end [5] Financial Backing - MetaX has raised over 10 billion yuan (approximately US$1.4 billion) across nine funding rounds, achieving a valuation of 21 billion yuan in its latest round, supported by notable venture capital firms and state-linked investors [6][7] IPO Plans - The company aims to raise 3.9 billion yuan through its IPO to fund the development and industrialization of next-generation high-performance GPUs and AI-inference GPU projects [8]