Chinese chipmaker MetaX Integrated Circuits saw its shares surge by over 600% in its blockbuster debut on Wednesday in Shanghai.

IPO Buzz Despite Losses

Shares of the Shanghai-based firm began trading at 700 yuan ($99.40) on Wednesday on the tech-focused Star Market, jumping 569% from their offer price of 104.66 yuan ($14.86). It was trading at 792.02 yuan ($112.47) at last check.

This surge follows the company’s successful initial public offering (IPO), which raised nearly $600 million. The IPO values the company at 56.4 times its 2024 per-share revenue. MetaX's revenue has surged fourfold year over year to 1.24 billion yuan ($180 million) during the January–September period, as per the prospectus. However, the company has yet to turn a profit, attributing its loss to substantial R&D expenditures and Nvidia‘s (NASDAQ:NVDA) GPU market monopoly.

MetaX, founded in ...