Shares in Chinese artificial intelligence chipmaker Metax Integrated Circuits have surged more than 600% from their initial public offering price, amid strong demand from domestic investors for the local semiconductor stock.
MetaX, founded by former Advanced Micro Devices (NASDAQ:AMD) executive Chen Weiliang, raised nearly $600 million in its initial public offering on the Shanghai Star Market.
The company's shares opened at 700 yuan against an initial offering price of 104.66 yuan, and rose by as much as 688% to reach 824.5 yuan at 06:47 a.m.
This strong opening follows a similarly enthusiastic market reception for its rival More Threads Technology (Shanghai:688795), another Chinese designer of graphics processing units and artificial intelligence chips, which saw its share price surge earlier this month.
