Shares of Chinese Chipmaker MetaX Soar Nearly 700% in Shanghai Debut

Shanghai: Shares of Chinese chipmaker MetaX Integrated Circuits surged nearly 700% on their market debut in Shanghai on Wednesday, following a blockbuster initial public offering that raised close to $600 million.

The stock, priced at 104.66 yuan per share in the IPO, jumped to over 835 yuan during its first trading session, marking a gain of approximately 697%.

AI chip focus draws strong investor demand

MetaX develops graphics processing units (GPUs) designed for artificial intelligence applications, a segment experiencing rapid growth amid rising adoption of AI services across industries.

The strong debut mirrors recent performances by other Chinese AI chipmakers. Earlier this month, Moore Threads, a Beijing-based GPU manufacturer, saw its shares rise more than 400% on its Shanghai debut following a $1.1 billion listing.

Push to reduce reliance on U.S. technology

MetaX is part of a broader group of domestic semiconductor firms emerging as China seeks to reduce its dependence on U.S. chip technology. The move follows export restrictions imposed by Washington, which limit Chinese access to advanced AI chips produced by U.S. companies such as Nvidia.

In response, local firms including Enflame Technology and Biren Technology have stepped up efforts to develop homegrown AI processors to serve domestic demand previously met by foreign suppliers.

Chinese regulators have also accelerated approvals of semiconductor IPOs as part of a wider push to strengthen the country’s technology and AI supply chain.

Long-term expectations driving enthusiasm

Analysts say investor interest in MetaX and similar listings reflects expectations that China will build a more self-sufficient semiconductor ecosystem.

Macquarie equity analyst Eugene Hsiao said demand for Chinese AI chip IPOs is shaped by both growth potential and broader strategic considerations.

“For this ecosystem to work, you need companies like Moore Threads and MetaX,” he said, adding that while national interest plays a role, long-term growth prospects remain the primary driver of investor enthusiasm.