MetaX Integrated Circuits, the Shanghai GPU designer founded by former AMD engineers, has confidentially filed for a Hong Kong listing targeting an IPO by year-end, the South China Morning Post reported Friday evening Hong Kong time. It filed hours after the exchange announced its biggest listing overhaul since 2018 — a reform that, among other things, lets every applicant keep its filing confidential.
Not a debut
MetaX is already public. It listed on Shanghai's STAR Market on December 17 at 104.66 yuan, raising 4.2 billion yuan, and closed its first session at 829.90 yuan — up 693%, a market value above 300 billion yuan (roughly $42 billion). The retail tranche was oversubscribed more than 4,000 times. The Hong Kong deal is a secondary H-share listing capped at 5% of enlarged capital, sponsored by Huatai International.
The chips
Founded in September 2020 by Chen Weiliang, Peng Li and Yang Jian — all ex-AMD, where Chen led 15 GPU tape-outs to mass production — MetaX is fabless. Its C500 reached mass production after a single tape-out at roughly 75% of Nvidia A100 performance. The C600, launched October 2025, is the first fully domestic-supply-chain general-purpose GPU: SMIC N+1 dual-chiplet, 144GB of HBM3e, FP8 support, with orders reportedly booked into 2027. A C700 targeting H100-class performance is slated for 2027.
Numbers
FY2025 revenue was 1.644 billion yuan, up 121%, on a net loss of 789 million yuan that narrowed by 620 million. Q1 2026 revenue rose 75% to 562 million yuan with the loss down to about 99 million. Management guides to breakeven this year.
The queue behind it
Moore Threads listed on the STAR Market in December and closed up 400%. Biren became Hong Kong's first listed GPU company on January 2; Iluvatar CoreX followed on January 8; Enflame's Shanghai application was accepted January 22. Hong Kong raised HK$210.2 billion in H1 2026, up 92%, across 87 listings.