China’s AI Chip Leaders Ride IPO Wave Amid Drive for Tech Self-Sufficiency
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The booth of MetaX at the 2025 World Artificial Intelligence Conference in Shanghai on July 29, 2025. Photo: VCG
Two of China’s top homegrown contenders in the artificial intelligence chip space — MetaX Integrated Circuit Co. Ltd. and Moore Threads Technology Co. Ltd. — are heading into high-profile public listings this week, amid soaring investor interest and intensifying government efforts to build a self-reliant semiconductor industry.
MetaX, a GPU developer founded by veterans of Advanced Micro Devices Inc. (AMD), will begin its share subscription on Friday, offering 40.1 million shares at 104.66 yuan apiece. The offering is expected to raise 3.9 billion yuan ($552 million) after fees, according to a Wednesday filing.
On the same day, Beijing-based Moore Threads, which priced its 7.6 billion yuan
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- MetaX and Moore Threads, top Chinese AI chipmakers, launched high-profile IPOs, reflecting surging investor interest and government focus on semiconductor self-sufficiency.
- MetaX raised 3.9 billion yuan, reported 2024 revenue of 743 million yuan but net loss of 1.4 billion yuan, and is developing new chips (C600, C700) with a domestically sourced supply chain after U.S. sanctions.
- The Chinese AI chip sector is highly competitive, with over 10 domestic GPU players and several eyeing future public listings.
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Who’s Who
- Moore Threads Technology Co. Ltd.
- Based in Beijing, Moore Threads Technology Co. Ltd. is a Chinese AI chip contender. It priced its 7.6 billion yuan IPO last week, with trading set to begin on Shanghai's Nasdaq-style Star Market. Demand was exceptionally high, with valid orders exceeding available shares by 4,126 times. Its 114.28 yuan per share pricing is the highest for any A-share IPO this year.
- MetaX Integrated Circuit Co. Ltd.
- MetaX Integrated Circuit Co. Ltd. (芯动科技（北京）有限公司) is a Chinese GPU developer founded by former AMD veterans. It is going public this week, aiming to raise $552 million. Founded in 2020, MetaX has released AI chips like the N100 and C500, with the C500 being its main revenue driver. It faces supply chain risks due to U.S. sanctions but is developing a domestically sourced C600 chip.
- Advanced Micro Devices Inc.
- Advanced Micro Devices Inc. (AMD) is mentioned as the former employer of MetaX's founder, Chen Weiliang, who was global head of GPU system-on-chip (SoC) design. Peng Li, AMD's first female Chinese Fellow, also holds a leadership position at MetaX. MetaX's products, like the N100 and C500, are compared to industry giants like Nvidia, but not directly to AMD within the provided text.
- Nvidia Corp.
- Nvidia Corp. is a foreign player in the artificial intelligence chip space, which China is actively seeking to develop domestic alternatives for. Chinese competitors like MetaX aim to offer comparable technology, with their C600 chip supporting FP8 precision and HBM3e memory, similar to Nvidia's H100. MetaX's domestic competitors' FP16 computing power usually ranges from 100-300 teraflops, while Nvidia's chips range from 300-2,000.
- Cambricon Technologies Corp. Ltd.
- Cambricon Technologies Corp. Ltd. is a Chinese artificial intelligence chip company. It is mentioned as a "listed peer" whose stock rallied due to investor enthusiasm for the domestic semiconductor sector. The article notes that Cambricon briefly became China's most expensive A-share stock.
- Huawei Technologies Co. Ltd.
- Yang Jian, a former architect at Huawei Technologies Co. Ltd., is a member of MetaX's leadership team. This highlights the company's strong talent pool drawn from prominent tech firms.
- Enflame Technology Co. Ltd.
- Enflame Technology Co. Ltd. is one of the more than 10 domestic GPU players in China's competitive artificial intelligence chip space. Along with Shanghai Biren Technology Co. Ltd., Enflame Technology is reportedly eyeing a public listing.
- Shanghai Biren Technology Co. Ltd.
- Shanghai Biren Technology Co. Ltd. is mentioned as one of the more than 10 domestic GPU players vying for market position in China. The company is actively considering a public listing, similar to other major players in the artificial intelligence chip space.
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What Happened When
- 2020：
- MetaX was established, led by Chen Weiliang.
- Between 2022 and 2024：
- MetaX's R&D expenses totaled 2.2 billion yuan.
- April 2023：
- MetaX launched its N100 AI inference chip.
- February 2024：
- MetaX launched its C500 chip for training and inference.
- 2024：
- MetaX's revenue jumped to 743 million yuan; net losses reached 1.4 billion yuan.
- 2024：
- Operations consumed 2.1 billion yuan; accounts receivable grew to 479 million yuan.
- November 2024：
- U.S. sanctions imposed, halting MetaX's C500 production orders with its original foundry.
- First quarter of 2025：
- MetaX's revenue reached 320 million yuan.
- By Q1 2025：
- MetaX accounts receivable climbed to 615 million yuan.
- May 2025：
- MetaX's C600 chip expected to return from fabrication.
- October 2025：
- MetaX's C600 chip passed tape-out (the final design stage before manufacturing).
- Late November 2025：
- Moore Threads priced its IPO.
- December 4, 2025：
- MetaX filed documents for its public offering.
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