📈 Opening-day fireworks: MetaX debuted at 700 CNY per share (around USD 99) after an issue price of 104.66 CNY (around USD 15). That equals a gain of roughly +569% on the first trading day.
💰 IPO with serious punch: The listing raised 4.2 billion yuan, about USD 596 million. That makes MetaX one of the largest mainland IPOs of the year.
🔥 Pure FOMO: The online subscription was 2,986-times oversubscribed. At times, around USD 1.8 trillion was tied up before unsuccessful bids were refunded.
🧑💻 AMD DNA instead of an Nvidia logo: MetaX was founded in 2020 by former AMD engineers. The company develops GPUs for AI inference, general computing, and graphics rendering.
📊 Growth yes, profits not yet: Revenue jumped to 1.24 billion CNY, around USD 176 million, in the first nine months. At the same time, the company is still posting losses. Break-even is not expected before 2026.
Background
After Moore Threads, MetaX is the second Chinese GPU maker to go public in Shanghai this month. The enthusiasm is driven by China’s goal to establish domestic AI chips and reduce dependence on US suppliers. Nvidia is no longer allowed to deliver many high-end GPUs. For local players, this creates a rare mix of political tailwinds, real demand, and a lot of investor imagination.
The China Survival Guide for Western Businesses
Entity setup, WeChat strategy, hiring your first local team. 12+ years on the ground in Shanghai.
