Chinese chipmaker MetaX shares soar nearly 700% in Shanghai debut
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Shares of Chinese chipmaker MetaX Integrated Circuits soared more than 700% in its debut in Shanghai on Wednesday after the company raised nearly $600 million in its initial public offering.
stocks Priced at 104.66 yuan It rose 697% to over 835 in the IPO.
Similar to Moore Threads, which had a strong debut at the beginning of the month, MetaX is developing graphics processing units for AI applications and tapping into a rapidly growing industry driven by increased adoption of AI services.
MetaX is part of a growing group of local chipmakers producing AI processors; This reflects Beijing’s effort to reduce dependence on US chips following Washington’s technology restrictions on high-tech exports to China.
Washington imposed export restrictions on US chip giant Nvidia, banning the sale of its most advanced AI chips to China.
Newer Chinese players such as Enflame Technology and Biren Technology have also entered the AI space, aiming to capture billions of dollars in demand for graphics processing units, or GPUs, that are no longer served by Nvidia. Chinese regulators are also approving more semiconductor IPOs for greater AI independence.
Earlier this month, shares of Moore Threads, a Beijing-based GPU maker often referred to as the “Nvidia of China,” soared more than 400% in its Shanghai debut. $1.1 billion list.
