Shares of Chinese chipmaker MetaX Integrated Circuits soared about 700% in their market debut in Shanghai on Wednesday, after the company raised nearly $600 million in its initial public offering.
Shares, which were priced at 104.66 yuan in the IPO, surged to over 835 yuan on debut, marking a 697% jump.
Similar to Moore Threads, which saw a robust debut at the start of the month, MetaX develops graphics processing units for artificial intelligence applications, tapping into a fast-growing sector driven by rising adoption of AI services.
MetaX is part of a growing cohort of local chipmakers building AI processors, reflecting Beijing's push to reduce dependence on U.S. chips following Washington's tech curbs on export of high-end technology to China.