Asia
China Chipmaker MetaX Jumps 693% After Wildly Oversubscribed IPO
Attendees at the MetaX LLC booth at the World Artificial Intelligence Conference in Shanghai in 2023.
Photographer: Qilai Shen/BloombergMetaX Integrated Circuits Shanghai Co. soared in its first day of trading on Wednesday, the latest outsized debut by a Chinese chipmaker after similar gains by Moore Threads Technology Co. earlier this month.
MetaX surged 693% in Shanghai after raising $585.8 million in an initial public offering. The gains made it the top performing debut for IPOs between $500 million and $1 billion in China over the past decade.