Overview
- Shares opened at 650 yuan versus the 114.28 yuan offer price and traded as high as 688 yuan on the STAR Market.
- The listing raised 8 billion yuan, making it the mainland’s second‑largest IPO of 2025.
- Investor interest was intense, with subscriptions reportedly over 4,000 times the retail tranche and an allotment rate near 0.036%.
- Proceeds are earmarked for next‑generation AI and graphics chips and for working capital as the U.S.-sanctioned firm accelerates R&D.
- Regulators approved the deal in about 88 days, reflecting policy backing for local GPUs, while peer MetaX priced its offering at 104.66 yuan to raise about 4.2 billion yuan.