Chinese chipmaker MetaX shares soar over 500% in Shanghai debut
Narumon Bowonkitwanchai | Moment | Getty Images
Shares of Chinese chipmaker MetaX Integrated Circuits Shanghai soared more than 500% on their market debut Wednesday, after the company raised nearly $600 million in its initial public offering.
Shares, which were priced at 104.66 yuan in the IPO, surged to over 692 during its debut, marking a 561% jump.
Similar to Moore Threads, which saw a robust debut at the start of the month, MetaX develops graphics processing units for artificial intelligence applications, tapping into a fast-growing sector driven by rising adoption of AI services.
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