MetaX, a Chinese maker of graphics processing units (GPUs), has confidentially filed for a listing in Hong Kong, according to people familiar with the matter. The Shanghai-based company was targeting an initial public offering (IPO) by the end of this year, according to the sources, who asked not to be identified because the information was confidential. MetaX was working with Huatai International Financial Holdings on the potential share sale, the people said. The company did not immediately respond to a request for comment on Friday. The IPO plan comes amid a surge of capital-raising by China’s artificial intelligence chipmakers, with peers Biren Technology, Iluvatar CoreX and Moore Threads listing in Shanghai or Hong Kong since late 2025. The wave has been driven by Beijing’s semiconductor self-reliance initiative amid US export controls. Founded in 2020, MetaX has emerged as one of China’s most closely watched GPU start-ups. It has attracted investors partly because its founding team includes former AMD executives, as domestic companies race to develop alternatives to Nvidia’s AI chips. MetaX announced in June that it would pursue a Hong Kong listing, less than half a year after its debut on Shanghai’s technology-focused Star Market. The company raised 4.2 billion yuan (US$620 million), with shares soaring 685 per cent since its IPO. The company said in June that the proposed H-share offering would support its business expansion, strengthen corporate governance and competitiveness, and advance its international growth strategy. The plan calls for issuing 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 listing is also expected to reinforce Hong Kong’s status as a fundraising hub for China’s tech champions, following a string of landmark debuts earlier this year. In January, Biren Technology raised HK$5.58 billion (US$711 million), with shares surging 87 per cent to date. Iluvatar CoreX, which went public a few days later, raised around HK$3.7 billion and has surged nearly 290 per cent. Kunlunxin, the AI chip unit of Chinese tech giant Baidu, is also pursuing a Hong Kong listing. The company submitted a confidential IPO filing in January, and was seeking a valuation of at least 100 billion yuan, the South China Morning Post reported in May.