Moore Threads and MetaX list on the STAR Market

Background

The two listings came after the STAR Market, the Shanghai Stock Exchange's board for science and technology companies, reopened its door to unprofitable companies in mid-2025 ^[2]. That change mattered for chip designers, which often spend heavily on research and development before they earn steady revenue. A public listing gives them a way to raise capital from public investors rather than relying only on private funding. At the same time, analysts quoted by Xinhua's financial information platform attributed the rush to a supply gap left by export controls on high-end GPUs, combined with fast-growing demand for AI compute ^[1].

The two debuts

An IPO is the first sale of shares to public investors. The issue price is the price set before trading begins; the opening price is the first trade on the exchange. Moore Threads listed on the STAR Market on 5 December 2025, in what was reported as the largest STAR Market IPO of 2025 by proceeds ^[1]. Its shares opened at 650 yuan, 468.78% above the 114.28 yuan issue price, and its first-day market value passed 300 billion yuan ^[2].

MetaX followed on 17 December 2025. It opened at 700 yuan per share, higher than Moore Threads' first-day opening price ^[2]. MetaX shares closed their first day up 692.95%, and the single-lot profit of 362,600 yuan set a record for A-share IPOs ^[1]. A single lot is a standard unit for buying shares in the A-share market; the reported figure is the gain on one such lot.

Details and the wider queue

The two debuts were part of a broader move toward public markets. Biren listed on the Hong Kong Stock Exchange on 2 January 2026, while Enflame was still in the IPO guidance stage ^[2]. The companies thus chose different venues: Moore Threads and MetaX on the STAR Market, Biren in Hong Kong. Enflame's status showed that other companies were still preparing to list after the first two debuts.

For Moore Threads, the opening price of 650 yuan was more than five times the issue price of 114.28 yuan ^[2]. Its reported first-day market value was above 300 billion yuan ^[2]. MetaX's first-day close left it up 692.95%, and its reported single-lot profit of 362,600 yuan was a record for A-share IPOs ^[1].

Why it mattered

The listings took place against a backdrop of fast-growing AI compute demand and a supply gap left by export controls on high-end GPUs ^[1]. Analysts quoted by Xinhua's financial information platform linked the rush to those two forces ^[1]. For unprofitable chip designers, access to public markets can provide funding before profits arrive; the STAR Market's reopened door made that possible in mid-2025 ^[2].

The first-day numbers also made the companies visible to public investors. Moore Threads opened 468.78% above its issue price, and MetaX closed 692.95% higher on its first day ^[2][1]. Those figures describe trading in the shares, not the companies' product shipments or profits. The other companies in the process, from Biren in Hong Kong to Enflame in IPO guidance, showed that more domestic GPU companies were moving toward public markets ^[2].