[News] Chinese GPU Makers Pick up Pace in Going Public

MetaX Went Public on Shanghai’s STAR Market on December 17

Late on December 15, MetaX announced that its shares would begin trading on the STAR Market of the Shanghai Stock Exchange on December 17, 2025. As the company has yet to achieve profitability, it will be classified under the STAR Market’s Growth Tier upon listing.

MetaX’s IPO application was accepted on June 30, and the process from regulatory acceptance to official listing took just 170 days, underscoring a notably swift progression. In this offering, the company issued 40.10 million shares at an offer price of CNY 104.66 per share, raising approximately CNY 4.197 billion in gross proceeds. The funds will be primarily allocated to key initiatives including the “R&D and industrialization of next-generation high-performance general-purpose GPU” and the “R&D and industrialization of next-generation AI inference GPU.”

Notably, MetaX’s offer price of CNY 104.66 per share ranks second highest among new listings this year, trailing only Moore Threads’ CNY 114.28 per share.

MetaX is building a full-stack GPU product portfolio, featuring the Xinsi® N-series GPUs for intelligent computing inference, the Xiyun® C-series GPU for general-purpose computing, and the Xicai® G-series GPU for graphics rendering—designed to meet market demand for both high energy efficiency and broad applicability in computing power.

Biren Technology Eyes Hong Kong Listing

China’s GPU developer Biren Technology is also stepping up its capital market ambitions. The International Cooperation Department of the China Securities Regulatory Commission (CSRC) has issued a filing notice approving the company’s overseas issuance and listing, as well as the “full circulation” of its domestically held, unlisted shares.

According to the filing, Biren plans to issue up to 372,458,000 overseas-listed ordinary shares and seek a listing on the Hong Kong Stock Exchange. In addition, 57 shareholders intend to convert a total of 873,272,024 domestically held unlisted shares into overseas-listed shares for trading in Hong Kong.

Founded in 2019, Biren focuses on high-performance general-purpose GPU and has completed multiple rounds of financing. Its investor lineup includes Qiming Venture Partners, IDG Capital, Walden International China, Pingan Group, Hillhouse Capital, Gree Ventures, Songhe Capital, Yunhui Capital, Guosheng Capital, and China Merchants Capital, among others.

In August this year, Shenzhen Shantian Intelligent Property Investment disclosed via its official WeChat account that Biren had submitted its listing application to the Hong Kong Stock Exchange earlier that month.

Shantian Intelligent further noted that in June 2025, Biren completed a new financing round amounting to CNY 1.5 billion, led by state-backed investors from Guangdong and Shanghai, with Shantian Intelligent participating as a co-investor. Following this round, Biren’s pre-IPO valuation for its Hong Kong listing reached CNY 14 billion.

Earlier in March, the Shanghai State-owned Capital Investment (SSCI) Pioneer AI Industry Fund announced its role as a joint lead investor in Biren Technology, marking the fund’s first direct equity investment.

(Photo credit: MetaX)