Loss-making Chinese AI chipmaker founded by ex-AMD employees surges eightfold in debut
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Loss-making Chinese AI chipmaker founded by ex-AMD employees surges eightfold in debutListen(3 min)Listen(3 min)MetaX Integrated Circuits, the Chinese AI chipmaker and part of a coterie of fast-growing tech stocks known as the “Little Dragons,” enjoyed a wildly successful launch on the Shanghai exchange Wednesday. After its initial public offering of 4.2 billion renminbi (about $596 million) was priced at 104.66 yuan, investor interest was such that it was more than three thousand times oversubscribed. Shares closed their first day of trading at 829 yuan, having touched 895 at one stage and briefly achieving a market capitalization of $47 billion. About the AuthorJules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker in financial markets, starting at Salomon Brothers in the Liar's Poker era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.Copyright © 2025 MarketWatch, Inc. All rights reserved.