China’s Nvidia challenger MetaX eyes Hong Kong share sale to fund AI ambitions
Shanghai-listed AI chipmaker plans H-share sale to fund next-generation GPU development, supply-chain investment and global expansion
MetaX, a Shanghai-based graphics processing unit (GPU) designer, said on Friday that it plans to pursue a Hong Kong listing, less than half a year after its debut on Shanghai’s technology-focused Star Market.
The company said in a filing that the proposed H-share offering would support its business expansion, strengthen corporate governance and competitiveness, and advance its international growth strategy.
MetaX plans to issue H shares equivalent to no more than 5 per cent of its enlarged share capital following the offering, before any overallotment option is exercised.
The proceeds would be used to fund next-generation GPU research and development, commercialisation efforts, software ecosystem expansion, supply-chain investments, and potential acquisitions and strategic investments, according to the filing.
Details including the size, pricing and timing of the offering have yet to be finalised. The proposal remains subject to shareholder approval at an extraordinary general meeting scheduled for June 29.
Founded in 2020, MetaX has emerged as one of China’s most closely watched GPU start-ups. The company has attracted investor interest in part because its founding team includes former AMD executives, as Beijing pushes to develop domestic alternatives to Nvidia’s AI chips amid tightening US export restrictions.