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MetaX Integrated Circuits, a Chinese GPU designer that saw its shares explode nearly 700% on debut day in Shanghai, is now setting its sights on Hong Kong. The company announced on June 12 its intention to pursue a secondary listing on the Hong Kong exchange, a move that would give it access to international capital markets at a time when appetite for AI chip stocks is running hot.
For a company that raised approximately 4.2 billion yuan, roughly $596 million, in its Shanghai STAR Market debut back in December 2025, the Hong Kong listing represents the next logical step in building a global profile.
From AMD alumni to AI chip contender
MetaX was founded in September 2020 by former AMD executives, including CEO Chen Weiliang. The company’s core business revolves around designing GPUs tailored for AI training, inference, and graphics rendering.
The company’s Shanghai IPO priced shares at 104.66 yuan each. On the first day of trading, shares opened at 700 yuan, hit an intraday high of 895 yuan, and closed at 829.90 yuan. That’s a gain of approximately 693% from the IPO price. The offering was oversubscribed thousands of times.
Shares have since cooled somewhat from those debut highs and were recently trading in the 694 to 698 yuan range.
Why Hong Kong, why now
A secondary listing in Hong Kong serves multiple purposes. It opens the door to international institutional investors who may not have access to Shanghai’s STAR Market. It provides a platform denominated in a freely convertible currency.
No specific timeline or valuation target for the Hong Kong offering has been disclosed.
What this means for investors
MetaX is still a young company operating in a sector where the technical barriers to true competitiveness are enormous. A 693% first-day pop is exciting, but it also prices in a lot of future success that hasn’t happened yet.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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