MetaX, a Shanghai-based graphics processing unit (GPU) designer, said on Friday that it plans to pursue a Hong Kong listing, less than half a year after its debut on Shanghai’s technology-focused Star Market. The company said in a filing that the proposed H-share offering would support its business expansion, strengthen corporate governance and competitiveness, and advance its international growth strategy. MetaX plans to issue H shares equivalent to no more than 5 per cent of its enlarged share capital following the offering, before any overallotment option is exercised. The proceeds would be used to fund next-generation GPU research and development, commercialisation efforts, software ecosystem expansion, supply-chain investments, and potential acquisitions and strategic investments, according to the filing. Details including the size, pricing and timing of the offering have yet to be finalised. The proposal remains subject to shareholder approval at an extraordinary general meeting scheduled for June 29. Founded in 2020, MetaX has emerged as one of China’s most closely watched GPU start-ups. The company has attracted investor interest in part because its founding team includes former AMD executives, as Beijing pushes to develop domestic alternatives to Nvidia’s AI chips amid tightening US export restrictions. Its Star Market listing last year was also closely watched as a test case for China’s support of loss-making hard-tech companies, coming amid a broader wave of AI chip fundraising by peers such as Moore Threads and Biren Technology. MetaX priced its Shanghai IPO at 104.66 yuan per share. The stock soared on its trading debut, at one point reaching 895 yuan, and closed at 695 yuan on Friday, valuing the company at about 278 billion yuan (US$38.7 billion). The company reported first-quarter revenue of 562 million yuan, up 75.4 per cent from a year earlier, while its net loss narrowed to 99 million yuan from 233 million yuan. MetaX’s flagship product is the C600 general-purpose GPU, designed for both AI training and inference workloads. The company expects mass production and commercial shipments to begin in the first half of this year. In January, it also unveiled its X-series chips aimed at AI for Science (AI4S) applications.