China’s Second GPU Listing Targets ‘AMD Path’ to Challenge Rival Moore Threads
MetaX is set to list on the Shanghai Stock Exchange’s Science and Technology Innovation Board on Dec. 17, marking the second major public offering by a domestic graphics processing unit (GPU) developer this month. The listing follows the high-profile debut of rival Moore Threads Technology, further intensifying the capital scramble within China’s semiconductor sector as companies race to secure market share in artificial intelligence computing.
The Shanghai-based chipmaker has priced its initial public offering at RMB 104.66 (US$14.4) per share, issuing 40.1 million shares to raise approximately RMB 4 billion (US$551 million). The offering values the company at a price-to-sales ratio of 56.35 times based on 2024 figures, slightly below the industry average of 58.25 times. The proceeds are earmarked for the research and commercialization of high-performance general-purpose GPUs and next-generation AI reasoning chips.
MetaX’s debut comes just under two weeks after Moore Threads listed on Dec. 5, an event that saw shares surge more than fourfold on the first day of trading. However, market sentiment has been tested recently; Moore Threads’ stock has retreated 24% from its highs following a controversial decision to allocate RMB 7.5 billion (US$1.03 billion) of idle raised funds into cash management products. Despite this volatility, investor demand remains high for domestic alternatives to Nvidia Corp. and Advanced Micro Devices Inc. (AMD).
While both Chinese firms were founded in 2020 and operate under a fabless model, they present distinct strategic profiles to investors. Industry observers have characterized the competition as a clash of lineages: while Moore Threads is led by former Nvidia executives, MetaX’s leadership team is deeply rooted in AMD’s technological ecosystem, influencing their respective product roadmaps and paths to profitability.
A Tale of Two Lineages
The rivalry highlights different technical pedigrees within China’s burgeoning GPU sector. Moore Threads is widely seen as possessing "Nvidia bloodlines," with founder Zhang Jianzhong previously serving as Nvidia’s global vice president and general manager for Greater China. His team has focused on building a comprehensive ecosystem similar to the US giant's approach.
In contrast, MetaX is described as having "AMD genes." Founder Chen Weiliang served as a senior director at AMD’s Shanghai branch for over a decade, and co-founders Peng Li and Yang Jian also hold extensive experience with the US chipmaker. The company’s core team is built almost entirely from former AMD personnel. This divergence mirrors the global landscape, where JP Morgan projects Nvidia will ship 5.5 million cards in 2025 compared to AMD’s 550,000, though the Chinese challengers are carving out different niches at home.
Financial Performance and Product Focus
Despite starting at the same time, the two companies diverge significantly in financial metrics and product strategy. MetaX has reported stronger revenue figures, generating RMB 743 million (US$102 million) in 2024 compared to MooreThreads’ RMB 438 million (US$60 million). In the first three quarters of 2025, MetaX’s revenue grew to RMB 1.236 billion (US$170 million), outpacing Moore Threads’ RMB 785 million (US$108 million).
MetaX’s product line is highly concentrated on the cloud AI training and inference market. Its "Xi Yun" C-series chips, specifically the C500, accounted for over 97% of the company's total revenue in 2024 and the first quarter of 2025. Conversely, Moore Threads pursues a broader, full-function GPU strategy aimed at ecosystem building, which currently commands a higher gross margin of 70.71%, compared to MetaX’s 53.43%.
Neither company is currently profitable due to heavy R&D spending. MetaX projects a net loss between RMB 300 million (US$41 million) and RMB 380 million (US$52 million) for the first three quarters of 2025 but expects to reach breakeven as early as 2026. Moore Threads, which posted a net loss of RMB 724 million (US$100 million) over the same period, targets profitability by 2027.
Sector Capitalization Continues
The listing of MetaX underscores a broader trend of Chinese chipmakers tapping public markets to fund expensive development cycles. In addition to the "GPU duo," another major player, Biren Technology, announced on Dec. 15 that it had completed filings for an overseas listing on the Hong Kong Stock Exchange.
Investors will be closely watching MetaX’s trading debut to see if it can replicate Moore Threads’ initial success while avoiding the subsequent governance controversies. As of mid-day Dec. 16, Moore Threads shares were trading at RMB 714.65, still 525% above its issue price despite the recent pullback. With significantly lower lot-winning rates for MetaX shares—0.033% compared to Moore Threads' previous record low—market anticipation suggests a volatile but active opening session.