Overview
- Shares opened at 700 yuan, jumped 569% from the 104.66 yuan offer price, and reached an intraday high near 895 yuan for a gain reported as high as 755%, with some reports citing a roughly 693% first-day close.
- The retail tranche was oversubscribed about 2,986 times, reflecting intense demand that surpassed the frenzy for Moore Threads earlier this month.
- The offering raised roughly 4.2 billion yuan from 40.1 million shares, with proceeds allocated to high-performance GPU R&D, C600 mass production, and development of the next-generation C700.
- MetaX logged 1.24 billion yuan in revenue for the first nine months of 2025 and a net loss of about 345.5 million yuan, and it says profitability is unlikely before 2026.
- Investors see a protected runway for local GPU makers as U.S. restrictions keep Nvidia’s top chips out of China and policymakers channel support to domestic champions, even as analysts caution on stretched valuations.