Shares of graphics processing unit (GPU) maker MetaX nearly jumped eightfold on its first day of listing, buoyed by expectations for China's semiconductor self-sufficiency.
On Feb. 17, according to the South China Morning Post (SCMP), MetaX shares closed at 829.9 yuan on the Shanghai STAR Market, up 693% from the offering price of 104.66 yuan. The STAR Market is a stock market dedicated to technology and startups, known as China's Nasdaq.
MetaX began transaction on the day at a price 569% above the offering price, with its intraday gain reaching 755%. Among corporations listed on China's mainland stock market this year, it posted the third-highest first-day performance.
Through this initial public offering (IPO), MetaX raised 4.2 billion yuan (about 880 billion won).
The South China Morning Post said MetaX's high share-price gains were driven by China's push for a "semiconductor rise," which seeks to replace GPUs for artificial intelligence (AI) services with domestically made products.