MetaX plans Hong Kong listing to fund GPU development amid US chip restrictions

MetaX, a Shanghai-based GPU designer, announced on Friday its intention to pursue a Hong Kong listing through an H-share offering. The company, which debuted on Shanghai's Star Market less than six months ago, plans to issue shares equivalent to no more than 5% of its enlarged share capital. Proceeds will fund next-generation GPU R&D, commercialization, software ecosystem expansion, supply-chain investments, and potential acquisitions. The proposal requires shareholder approval at a June 29 extraordinary general meeting; details on size, pricing, and timing are pending. Founded in 2020, MetaX has become a prominent Chinese AI chip startup, partly due to its founding team of former AMD executives. The move aligns with Beijing's push for domestic AI chip alternatives amid tightening US export restrictions on Nvidia's technology.