초기 투기적 상승이 반전되며 상장 후 MetaX 주가가 50% 급락하자, 기업은 투자자 기대 관리를 위해 긴급한 대외 소통에 나섰다.
On Monday, while the broader technology sector rebounded, domestic GPU-related equities experienced a sudden sell-off. MetaX (Muxi Shares), the largest by market capitalization among them, opened lower and quickly declined, dropping more than 13% at one point. The stock’s maximum drawdown during this correction has exceeded 47%.
According to media reports, a staff member from MetaX’s securities department attributed the recent volatility to Moore Threads, suggesting the downturn was primarily driven by a neighboring company facing a large volume of share unlocks. The representative noted that MetaX has not yet reached its scheduled share unlock date. Addressing potential future unlock pressures, the company stated it is preparing to implement market capitalization management measures to prevent similar sharp declines triggered by restricted-share releases.
With a current market capitalization of approximately 230 billion yuan, MetaX leads the “Four Little Dragons” of China’s domestic GPU sector. The market’s primary investment thesis centers on domestic GPU substitution. Its self-developed XiCloud C-CoreX architecture is compatible with the CUDA ecosystem, and its product lineup spans four major series: integrated training and inference, AI computing inference, scientific computing, and graphics rendering. The company has achieved scaled deployments across government, enterprise, and institutional scenarios, including telecom operators, AI computing centers, and research institutes. Against a backdrop of surging AI compute demand and restricted NVIDIA market share in China, MetaX is viewed as a scarce asset for domestic compute autonomy. However, its high valuation remains fundamentally unsupported by profitability.
Recent semi-annual financial disclosures reveal that MetaX generated 1.324 billion yuan in revenue in the first half of the year, representing a 44.67% year-over-year increase. Book net profit turned positive at 612 million yuan, marking a return to profitability on paper. Nevertheless, non-recurring net profit remained negative at 48.86 million yuan, indicating that core operations are still loss-making. The reported accounting profit was largely driven by an 887 million yuan gain from fair value changes, which the company explicitly flagged as “non-sustainable.” Product gross margins stood at approximately 57.2%, maintaining a relatively high level within the industry. Meanwhile, R&D expenditure reached 525 million yuan, accounting for nearly 40% of revenue, as the company continues advancing its second-generation high-performance general-purpose GPU.
Despite the stock price having been cut in half, MetaX remains up 330% from its initial offering price. Beyond the scarcity premium attached to domestic substitution, the limited free-float following its listing has further fueled speculative trading. This sell-off, triggered by restricted-share unlocks in a highly sought-after domestic GPU play, marks the first shot in deflating the speculative IPO bubble within the tech sector. The event casts a shadow over the upcoming mainboard listing of Enflame Technology.