Shares of Chinese semiconductor company MetaX Integrated Circuits surged by nearly 700% on their market debut in Shanghai, making it one of the most striking technology IPOs in China this year. The company raised close to $600 million in its initial public offering, underscoring strong investor demand for domestically developed artificial-intelligence chips. This is reported by The WP Times, citing CNBC News.
MetaX priced its IPO at 104.66 yuan per share, with the stock closing its first trading session at approximately 829 yuan, representing a gain of around 692%. The surge follows a series of blockbuster listings by Chinese technology firms and reflects heightened enthusiasm for companies aligned with Beijing’s strategic priorities in artificial intelligence and semiconductors.
Founded in Shanghai, MetaX develops graphics processing units (GPUs) designed for AI workloads such as machine learning, data-centre computing and inference tasks. GPUs are a critical component of modern AI systems and have traditionally been dominated by US firms, particularly Nvidia. However, Washington’s tightening export controls on advanced AI chips have restricted Chinese access to high-end US technology, accelerating efforts to build domestic alternatives.
MetaX is part of a growing cohort of Chinese chipmakers seeking to fill this gap. Alongside companies such as Moore Threads, Biren Technology and Enflame Technology, the firm aims to capture demand previously served by US suppliers. Chinese regulators have in recent months approved more semiconductor IPOs as part of a broader push to strengthen national technological self-sufficiency.
Earlier this month, Beijing-based GPU developer Moore Threads, often referred to as “China’s Nvidia”, saw its shares rise more than 400% following a $1.1 billion listing in Shanghai. These performances have reinforced investor confidence that China’s domestic AI-chip sector could play a central role in the country’s long-term technology strategy.
Analysts caution, however, that the sharp rallies also reflect speculative dynamics. Market observers note that valuations of newly listed AI chipmakers imply strong assumptions about future growth and policy support. According to analysts, investor enthusiasm is shaped not only by commercial prospects, but also by expectations that China will continue to prioritise semiconductor independence amid persistent geopolitical tensions with the United States.
For global markets, MetaX’s debut highlights a deeper structural shift in the semiconductor industry. As export controls, industrial policy and national security considerations increasingly shape technology supply chains, the global AI-chip market is becoming more fragmented. China’s acceleration of domestic GPU development is likely to intensify competition, with implications for pricing, innovation and investment well beyond its borders.
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