Chinese GPU maker MetaX Integrated Circuits files for Hong Kong secondary listing

Chinese GPU maker MetaX Integrated Circuits has confidentially filed for a Hong Kong secondary listing, targeting an IPO by late 2026. Working with Huatai International, MetaX seeks capital to expand its software ecosystem and develop next-generation GPUs. Founded in 2020, MetaX completed its Shanghai IPO in December 2025, raising 4.2 billion yuan, with its valuation reaching $48 billion. The filing follows listing reforms and a broader fundraising wave among Chinese chipmakers.

MetaX GPU product specifications

• ▪MetaX Integrated Circuits builds full-stack GPU chips, including the N-series for inference, C-series for general-purpose computing, and G-series for graphics rendering
• ▪MetaX Integrated Circuits' C500 GPU delivers approximately 75% of the performance of Nvidia's A100 GPU, with a newer C600 adding high-bandwidth memory
• ▪MetaX Integrated Circuits plans to mass-produce its C700 GPU in 2027

MetaX financial performance

• ▪MetaX Integrated Circuits' first-quarter 2026 revenue rose by approximately 75% as its net losses narrowed
• ▪MetaX Integrated Circuits reported that its 2025 revenue more than doubled to approximately 1.6 billion yuan, while posting a net loss of roughly 800 million yuan

MetaX Hong Kong IPO timeline

• ▪MetaX Integrated Circuits has confidentially filed for a secondary listing initial public offering in Hong Kong, targeting a listing by the end of 2026
• ▪MetaX Integrated Circuits is working with Huatai International Financial Holdings on its potential Hong Kong share sale
• ▪MetaX Integrated Circuits' shareholders approved a plan in June 2026 to issue H shares equal to no more than 5% of its enlarged capital

MetaX market valuation

• ▪MetaX Integrated Circuits has a market value of approximately $48 billion as of July 2026, compared to a reported valuation of $1.3 billion in 2024
• ▪MetaX Integrated Circuits' share price has increased by 685% since its Shanghai Stock Exchange IPO on December 17, 2025, rising from CNY 104.66 to CNY 821.61

MetaX corporate background

• ▪MetaX Integrated Circuits was founded in Shanghai in September 2020 by William Chen and Eagle Sun
• ▪MetaX Integrated Circuits completed its initial public offering on the Shanghai Stock Exchange's STAR Market on December 17, 2025, raising approximately 4.2 billion yuan

Industry fundraising and regulatory context

• ▪Chinese GPU competitors Biren Technology, Iluvatar CoreX, and Moore Threads have also pursued listings in Shanghai or Hong Kong since late 2025
• ▪MetaX Integrated Circuits' Hong Kong filing occurred after Hong Kong Exchanges and Clearing announced it would allow listing applicants to keep applications confidential