국내 GPU 기업 MetaX(688802)가 전체 직원의 94.7%인 876명을 대상으로 하는 지분 인센티브 계획을 발표했다.

Domestic GPU leader Muxi (MetaX, ticker 688802) has unveiled a draft equity incentive plan covering 94.7% of its employees.

On the evening of October 23, Muxi disclosed the draft plan, under which it intends to grant restricted stock of up to 949,700 shares to incentive recipients, of which 759,700 shares will be part of the initial grant.

The plan uses second-class restricted stock as its incentive instrument. The underlying shares will come from A-share ordinary shares that the company issues to incentive recipients through a private placement and/or repurchases from the secondary market. The grant price is 272.52 yuan per share. At the close on October 23, Muxi's shares ended at 488 yuan per share.

The plan has broad coverage. A total of 876 people will receive the initial grant, equal to about 94.7% of Muxi's 925 employees as of December 31, 2025. Recipients include directors and senior management, core technical personnel, core backbone staff, and other personnel the board considers necessary to incentivize.

The announcement also states that the grant includes foreign employees. The company says these employees hold key positions in their respective roles and serve as technical backbone talent who play an important part in its research and development. The company expects the plan to improve the stability and motivation of its technical backbone, thereby supporting technological innovation and development.

Vesting is subject to company-level performance targets:

- **First vesting period:** 2027 revenue of at least 6 billion yuan, and at least 210 new invention patent applications filed in 2027.

- **Second vesting period:** Cumulative 2027–2028 revenue of at least 15 billion yuan, and at least 220 new invention patent applications filed in 2028.

- **Third vesting period:** Cumulative 2027–2029 revenue of at least 30 billion yuan, and at least 230 new invention patent applications filed in 2029.

Muxi is described as one of China's leading developers of high-performance general-purpose GPUs, with products that reach the level of comparable high-end processors internationally and rank at the forefront domestically. For the first three quarters of 2026, the company expects revenue of 2.541 billion to 3.106 billion yuan, up 105.60% to 151.29% year on year. It also expects net profit attributable to shareholders of 587 million to 717 million yuan, a turnaround from loss to profit.

The company said that as competition for talent in the industry and among technology companies intensifies, employee performance is a long-term matter. It views a more effective equity incentive as a useful supplement to existing employee compensation. It also noted that recipients' future returns will depend on the company's future performance and its share price in the secondary market.