MetaX Integrated Circuits Shanghai Co. is set to draw strong investor interest with its debut on the Shanghai stock exchange this Wednesday, coming after the spectacular surge of Moore Threads Technology earlier this month.
The company raised US$585.8 million in its initial public offering, with the retail portion of the IPO oversubscribed 2,986 times — surpassing the 2,750-times oversubscription seen for Moore Threads.
Like its peer, MetaX manufactures graphics processing units designed for artificial intelligence workloads.
The company’s products serve both AI developers and visual computing applications such as gaming and graphics rendering.
Its AI-focused Xiyun C500 series, which accounted for nearly 98 per cent of revenue in 2024, has been described as comparable to Nvidia’s A100.
MetaX’s new C588 series is reported to have narrowed the performance gap with Nvidia’s H100, signalling its ambition to compete in high-performance AI computing.
The strong demand for MetaX shares reflects broader investor enthusiasm for domestic AI chipmakers.
Moore Threads, for instance, climbed more than 500 per cent in eight trading sessions, with shares quintupling on its first day alone.
Investors appear eager to back local “national champions” capable of challenging Nvidia, whose most advanced chips are restricted from sale in China due to US export controls.
MetaX priced its shares at 104.66 yuan each, giving it a market capitalisation of 41.8 billion yuan (US$6 billion) at debut — substantially lower than Moore Threads’ current 341 billion yuan valuation.
Its price-to-sales ratio stands at 56.4, well below the 127.4 average of peers like Cambricon Technologies and Advanced Micro Devices (AMD).
Xu Dawei, fund manager at Jintong Private Fund Management in Beijing, commented:
“If we use Moore and Cambricon’s market caps as a yardstick, then MetaX might have a 10 to 12 times upside potential. MetaX’s listing may potentially spearhead a rally in tech stocks and create more excitement around new and secondary listings.”
MetaX’s team includes three former AMD employees, including chairman and chief executive officer Chen Weiliang.
CEO of MetaX, Chen Weiliang
This background has given the company both technical expertise and credibility in a competitive market.
In 2024, MetaX captured roughly 1 per cent of China’s AI chip market, a figure that the company aims to expand as AI adoption grows.
China’s IPO environment has been particularly active this year, with an average first-day trading surge of 250 per cent, according to Bloomberg data.
Regulatory measures limiting new issuances have helped preserve liquidity, while softer risk appetite in secondary markets and year-end profit-taking have pushed investors toward new offerings.
Beijing Onmicro Electronics, a radio frequency chipmaker, more than doubled on its debut after its IPO was oversubscribed 2,899 times.
Other major chipmakers like ChangXin Memory Technologies and Yangtze Memory Technologies are also considering public listings, potentially targeting valuations of 200 billion to 300 billion yuan.
Meanwhile, Hong Kong is preparing for a wave of AI-related IPOs, with companies such as MiniMax and Zhipu backed by Alibaba and Tencent planning market entries as early as January.
Coinlive sees MetaX’s listing as a focal point in China’s growing AI chip landscape, where investor appetite is driven as much by scarcity of US technology as by the promise of national champions.
The company’s strong technical roots, competitive product line, and relatively moderate valuation suggest that MetaX could become a bellwether for tech investment in the region.
In a market where oversubscription ratios have become a headline in themselves, MetaX challenges investors to consider whether performance, pedigree, or market momentum will ultimately dictate value.
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