MetaX Valuation Hits 354 Billion Yuan as China Telecom Unit Reaps 84-Fold Gain

Shares of MetaX Integrated Circuits surged in their trading debut on December 17, valuing the Chinese graphics processing unit manufacturer at a peak of 354.07 billion yuan ($49 billion). The listing generated significant windfalls for investors, with a subsidiary of China Telecom Corp. seeing a dramatic appreciation in its holdings.

T.H.E. Capital, the investment arm of the state-owned telecommunications operator, secured a massive paper profit from the debut. T.H.E. Capital had acquired a 2.38% stake in MetaX for approximately 100 million yuan on December 8, shortly before the listing. As the chipmaker's market capitalization touched 354.07 billion yuan during the morning session, the value of T.H.E. Capital’s equity stake swelled to roughly 8.43 billion yuan. This represents an investment return of more than 84 times within a condensed timeframe.

The stock opened at 700 yuan per share, a 568.83% premium over the offering price, driving the company's market value to nearly 280.1 billion yuan at the start of trading. Buying momentum persisted through the morning, pushing the share price to a high of 884 yuan, a gain of nearly 745%.

For retail investors successful in the IPO allocation lottery, the debut offered substantial returns. Based on the opening price, the profit per winning lot was 297,700 yuan. At the morning peak, unrealized gains for a single lot exceeded 400,000 yuan. The strong performance highlights continued capital market enthusiasm for domestic semiconductor leaders like MetaX.