MetaX Integrated Circuits raised RMB4.2 billion (USD596 million) in its IPO on the SSE Star Market on 17 December, becoming China’s second listed graphics processing unit (GPU) company after Moore Threads. AllBright Law Offices and China Commercial Law Firm provided legal support for the listing.
The company issued 40.1 million shares at RMB104.66 each. On debut, MetaX opened at RMB700 per share, an increase of 568.83% above the issue price, pushing its market capitalisation to more than RMB280.1 billion.
AllBright acted as the issuer’s legal counsel, led by senior partners Wang Li and Shen Cheng, with support from senior partners Liu Feng, Huo Ting and Chelina Que. China Commercial Law Firm advised the lead underwriter, Huatai United Securities.
Founded in 2020, MetaX is a leading domestic designer of GPU chips, with products mainly used in artificial intelligence training and inference, general computing and graphics rendering.
Strategic investors participating in the IPO included the national AI industry investment fund, China Telecom, JD.com, and Meituan. According to the prospectus, the proceeds from the offering will fund GPU chip R&D and industrialisation projects.
