Shanghai-based GPU maker MetaX made a spectacular debut on the Star Market, with shares opening at 700 yuan, a 569% increase from the IPO price of 104.66 yuan. The stock climbed further to 824.50 yuan intraday.
MetaX Integrated Circuits, a Shanghai-based company founded in 2020 by three former AMD employees, saw its chairman and general manager Chen Weiliang, previously a senior director at the US chipmaker, lead the firm to a strong market entry. It is the second Chinese GPU maker to go public on the mainland, following Moore Threads.
On Wednesday, December 17, 2025, MetaX began trading on the technology-focused Star Market of the Shanghai Stock Exchange, offering 40.1 million shares to raise about US$596 million. Based on the offer price, its implied market capitalization stood at around 37.7 billion yuan, nearly 79 percent higher than its pre-IPO valuation of 21.07 billion yuan in March.
Shares opened at 700 yuan, surging 569 percent from the IPO price of 104.66 yuan, amid investor frenzy for AI chip stocks and uncertainty surrounding Nvidia due to US restrictions. The stock extended gains to 824.50 yuan at the trading break, a 688 percent rise, marking the five-year-old company as the third-best trading debut on mainland exchanges this year.
"The company is one of the leading manufacturers of high-performance GPU products in China," said Li Hui, an analyst at Huajin Securities. "It’s expected to fully benefit from the ongoing progress on the domestic substitution."
MetaX offers a range of GPUs for AI inference, general-purpose computing, and graphics rendering. The IPO proceeds will fund research and development for next-generation high-performance general-purpose GPUs, as well as those for demanding AI inferencing tasks.
The debut highlights China's push for semiconductor self-reliance amid efforts to reduce dependence on foreign technology.
