Domestic GPU manufacturers accelerate the approval process, what is the deeper meaning behind it?

Recently, as two domestic GPU (graphics processing unit) companies have successively passed the review, the listing process of hard technology companies in the A-share market has shown an accelerating trend.

On October 24, 2025, the IPO application of leading domestic GPU company MuXi Integrated Circuit (Shanghai) Co., Ltd. (hereinafter referred to as "MuXi Co., Ltd.") was approved by the listing committee. At the end of September, the IPO application of Moore Threads Intelligent Technology (Beijing) Co., Ltd. (hereinafter referred to as "Moore Threads") was also approved by the listing committee.

In less than a month, both GPU companies successfully passed the review. The time taken from application acceptance to passing the review for both was less than four months.

"As the core hardware foundation for developing information technology, Chinese GPU chips face multiple restrictions such as oligopoly by foreign enterprises and export controls from certain countries. Although Chinese GPU companies still have a significant gap compared to industry giants like NVIDIA, as the innovation and development of information technology applications rises to a national strategic importance, the domestic substitution of core components like GPU chips is gradually penetrating and developing across various industries," a chip manufacturing industry insider told Caijing. "The successful review of Moore Threads and MuXi Co., Ltd. is expected to leverage the capital market for rapid development, which is beneficial for achieving the domestic substitution of GPU chips."

In the secondary market, in terms of the number of newly listed companies and the proportion of initial fundraising, hard technology companies have become the main force among new listings in the A-share market.

According to Wind data, as of October 29, 2025, a total of 87 companies have entered the A-share market, raising approximately 90.2 billion yuan in initial fundraising. Among them, 81 companies are strategic emerging industry companies, raising a total of about 87.2 billion yuan, accounting for over 90% of both the number of new listings and the total initial fundraising during the same period.

In 2024, a total of 84 strategic emerging industry companies entered the A-share market, raising approximately 53.5 billion yuan in initial fundraising. From the above data, it can be seen that since 2025, the number of strategic emerging industry companies entering the A-share market has approached the total for the entire year of 2024, while the total initial fundraising is 1.6 times that of 2024.

The acceleration of listings by hard technology companies, especially chip companies, cannot be separated from the support of national policies.

The recently released "14th Five-Year Plan" clearly states the need to accelerate high-level technological self-reliance and self-improvement, leading the development of new quality productivity. It emphasizes the need to "strengthen original innovation and key core technology breakthroughs" and "promote deep integration of technological innovation and industrial innovation."

At the same time, the country is also financially supporting the development of strategic emerging industries. On October 29, the Central Enterprise Strategic Emerging Industry Development Special Fund (hereinafter referred to as "Central Enterprise New Fund"), initiated by the State-owned Assets Supervision and Administration Commission of the State Council and managed by China Reform Holdings Corporation, was launched in Beijing to assist in the accelerated development of strategic emerging industries. The initial scale of the fund reaches 51 billion yuan.

Zhang Jun, chief economist and director of the research institute at China Galaxy Securities, believes that "we are at a critical point in a new round of technological revolution and industrial transformation. The U.S. and China are engaged in comprehensive competition in areas such as artificial intelligence, computing power infrastructure, chip manufacturing, and general large models. The '14th Five-Year Plan' is a key window period for China to seize the high ground in technological development."

Hard Technology Becomes the Main Force in IPOs

As two domestic GPU companies have rapidly passed the review process, the pace of IPOs for Chinese hard technology companies is accelerating. As a core member of the hard technology industry, the information technology sector is one of the main forces in the IPO queue for the A-share market in 2025.

On October 24, 2025, MuXi Co., Ltd., one of the leading companies in domestic high-performance general-purpose GPU products, had its IPO application approved by the Shanghai Stock Exchange's listing committee. On the same day, the company submitted its registration. Previously, on September 26, the IPO application of Moore Threads was also approved by the Shanghai Stock Exchange's listing committee, and the company submitted its registration on the same day.

GPUs, also known as display cores, visual processors, display chips, or computing chips, are one of the final execution units for program operation in computing systems. They play a core role in graphics processing and parallel computing in modern computing systems and electronic devices, and are widely used in intelligent computing centers, workstations, intelligent terminals, and other devices.

In its prospectus, MuXi Co., Ltd. stated that the performance of its GPU products has reached the level of similar high-end processors internationally and is leading in the domestic market. According to data estimated by Bernstein Research (a globally renowned sell-side research and brokerage firm) based on sales amounts, and combined with IDC (International Data Corporation) data based on computing power scale, the company's market share in China's AI (artificial intelligence) chip market in 2024 is approximately 1%.

"Due to the late start of China's AI chip market, domestic manufacturers usually enter the market from the relatively low-threshold inference end, and have achieved phased results; however, the domestic substitution rate at the training end remains relatively low," MuXi Co., Ltd. stated. In the context of escalating export controls on high-performance chips overseas, domestic GPU manufacturers with high-performance computing capabilities and products that can be effectively applied to the training end will fully benefit from domestic substitution.

MuXi Co., Ltd. plans to raise 3.904 billion yuan through this IPO, which will be used to invest in the research and development and industrialization projects of new high-performance general-purpose GPUs, the research and development and industrialization projects of the next-generation AI inference GPUs, and the research and development projects of high-performance GPU technologies aimed at frontier fields and emerging application scenarios.

According to the information, one of the fundraising projects of MuXi Co., Ltd.—the research and development and industrialization project of new high-performance general-purpose GPUs—includes two R&D sub-projects: the second-generation high-performance general-purpose GPU chip (code-named C600) and the third-generation high-performance general-purpose GPU chip (code-named C700). These chips are developed based on advanced domestic processes and possess high performance and even higher performance, applicable to AI training and inference, general computing, and other scenarios, serving as the follow-up main products of the company's XiYun C series training and inference integrated chips.

Since its establishment in 2020, Moore Threads has focused on developing a fully functional GPU and is committed to providing computing acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing.

According to the prospectus, Moore Threads plans to raise 8 billion yuan, which will be invested in the research and development projects of the next-generation autonomous and controllable AI training and inference integrated chips, the next-generation autonomous and controllable graphics chips, the next-generation autonomous and controllable AI SoC (system-on-chip) chip projects, and to supplement working capital Moore Threads and Muxi Co., Ltd. passing the review is a microcosm of the surge in hard technology IPOs in the A-share market.

According to Wind data, as of October 29, there are a total of 287 companies in the A-share market that are still in the IPO queue (excluding terminated and unapproved companies) since 2025, with a total intended fundraising amount of approximately 277.4 billion yuan. Among these, according to Wind's industry classification, there are 63 information technology companies in the IPO queue, with a total intended fundraising amount of approximately 96.5 billion yuan, accounting for about 35% of the total fundraising amount of the aforementioned IPO queue companies.

Among the information technology companies in the IPO queue, Huike Co., Ltd. (hereinafter referred to as "Huike"), Moore Threads, Hangzhou Hikrobot Co., Ltd., and Shanghai Super Silicon Semiconductor Co., Ltd. (hereinafter referred to as "Shanghai Super Silicon") have intended fundraising amounts of 8.5 billion yuan, 8 billion yuan, 6 billion yuan, and 4.965 billion yuan, respectively, ranking in the top four.

Huike mainly engages in the research, development, production, and sales of semiconductor display panels and smart display terminals. From 2022 to 2024, the company's operating income increased from 27.1 billion yuan to 40.3 billion yuan, and the net profit attributable to the parent company increased from -1.4 billion yuan to 3.3 billion yuan.

It is worth noting that Huike disclosed its prospectus in June 2022, intending to list on the Growth Enterprise Market, but withdrew its listing application in August 2023. In June 2025, the company submitted its prospectus again, changing its intended listing board to the Shenzhen Stock Exchange main board. The company's latest review status is "suspended," as disclosed on September 30, due to the financial information recorded in the IPO application documents being outdated and needing to be supplemented.

Shanghai Super Silicon, a semiconductor wafer manufacturing company, mainly engages in the research, development, production, and sales of 300mm and 200mm semiconductor wafers, and also undertakes processing services such as wafer regeneration and post-processing of silicon rods.

According to the information, Shanghai Super Silicon has a design capacity of 700,000 pieces/month for its 300mm semiconductor wafer production line and a design capacity of 400,000 pieces/month for its 200mm semiconductor wafer production line. The company's products have been mass-produced and applied in advanced process chips, including NAND Flash/DRAM (including HBM)/Nor Flash and other memory chips, as well as logic chips.

The information shows that the fundraising from this IPO by Shanghai Super Silicon will be invested in the "300mm thin silicon epitaxial wafer expansion project for integrated circuits," "high-end semiconductor silicon material R&D project," and "supplementing working capital."

According to the prospectus, Shanghai Super Silicon has established bulk supply cooperation relationships with 18 of the top 20 integrated circuit companies globally. As of the signing date of the prospectus, the main customers of the company's 300mm polished wafer products include Customer A and other globally renowned wafer manufacturers, as well as domestic and foreign well-known semiconductor companies such as Jinghe Integration and Shanghai Huali.

Policy Dividend Release

Multiple brokerages believe that the intensive push for IPOs by domestic GPU companies is a key landing phase of China's semiconductor self-controllable strategy. This wave of hard technology IPOs is the result of the combined effects of technological accumulation, capital support, and policy dividends.

"Moor Threads and Muxi Co., Ltd. are both leading domestic GPU companies. The rapid approval of these two companies reflects China's increasingly strong demand for self-controllable core products in the high-tech industry," senior investment banker Hou Dawei told Caijing. Against the backdrop of the China-U.S. trade war, leading companies in relevant hard technology industries that can achieve self-control are likely to receive strong support for listing, and the rapid approval of these two companies may just be the beginning of the IPO wave for Chinese hard technology companies.

In recent years, the country has placed great emphasis on the development of the hard technology industry, continuously releasing policy dividends.

The recently released "14th Five-Year Plan" clearly states the need to accelerate high-level technological self-reliance and self-improvement, leading the development of new quality productivity. Chinese-style modernization must rely on technological modernization for support. Seizing the historical opportunities of a new round of technological revolution and industrial transformation, it aims to coordinate the construction of a strong education nation, a strong technology nation, and a strong talent nation, enhance the overall effectiveness of the national innovation system, comprehensively strengthen independent innovation capabilities, seize the commanding heights of technological development, and continuously generate new quality productivity.

It emphasizes the need to "strengthen original innovation and key core technology breakthroughs" and "promote the deep integration of technological innovation and industrial innovation."

In terms of "strengthening original innovation and key core technology breakthroughs," it will improve the new type of national system, adopt extraordinary measures, and promote decisive breakthroughs in key core technologies in areas such as integrated circuits, industrial mother machines, high-end instruments, basic software, advanced materials, and biomanufacturing.

In terms of "promoting the deep integration of technological innovation and industrial innovation," it aims to coordinate the construction of national strategic scientific and technological forces and enhance systematic breakthrough capabilities. It will strengthen the independent guarantee of basic scientific and technological conditions and coordinate the construction of scientific and technological innovation platforms and bases.

In addition, the country is also financially supporting the development of strategic emerging industries. On October 29, a central enterprise war fund aimed at accelerating the development of strategic emerging industries was launched. The initial scale of this fund reaches 51 billion yuan.

As a special fund promoted by the State-owned Assets Supervision and Administration Commission of the State Council to accelerate the development of strategic emerging industries by central enterprises, it will support state-owned central enterprises in addressing industrial shortcomings, laying out frontier innovations, and further enhancing core functions and core competitiveness. It will focus on supporting strategic emerging industries such as artificial intelligence, aerospace, high-end equipment, quantum technology, as well as future industries in key areas like future energy, future information, and future manufacturing.

According to the deployment of the State-owned Assets Supervision and Administration Commission of the State Council, the central enterprise war fund will focus on serving national strategic needs, strengthening and supplementing the industrial chain, and promoting the simultaneous improvement of scale and quality in the new industries of central enterprises, accelerating the layout and development of new industries by central enterprises, and promoting high-level self-reliance and self-improvement in key national fields.

Under the aforementioned strategic guidance, the capital market has become a key force supporting the development of hard technology.

In June 2025, the China Securities Regulatory Commission released the "1+6" new policy for the Sci-Tech Innovation Board, bringing precise institutional changes for the listing of hard technology companies Among them, "1" refers to the establishment of a growth tier on the Sci-Tech Innovation Board, and the restart of the fifth set of listing standards applicable to unprofitable enterprises, providing more precise services for high-quality technology companies with significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments. At the same time, special arrangements will be made to strengthen information disclosure and risk disclosure, as well as enhance investor suitability management.

"6" refers to the innovative introduction of six reform measures on the Sci-Tech Innovation Board, including the pilot introduction of a senior professional institutional investor system for enterprises applicable to the fifth set of listing standards; a pilot IPO pre-review mechanism for high-quality technology companies; expanding the scope of the fifth set of standards to support more cutting-edge technology fields such as artificial intelligence, commercial aerospace, and low-altitude economy; supporting unprofitable technology companies under review to conduct capital increase and share expansion activities aimed at existing shareholders; improving the refinancing system for Sci-Tech Innovation Board companies and the identification standards for strategic investors; and increasing investment products and risk management tools on the Sci-Tech Innovation Board.

The establishment of the growth tier on the Sci-Tech Innovation Board opens a dedicated channel for unprofitable but technologically advanced companies, while the restart and expansion of the fifth set of standards to cutting-edge fields such as artificial intelligence further opens the door for many chip companies to go public. Companies like MuXi Co., Ltd. have quickly passed the review through the new policy, accelerating their listing process.

Brokerage analysts believe that the "1+6" new policy on the Sci-Tech Innovation Board can more precisely serve high-quality technology companies with significant technological breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, opening capital channels for such companies and helping them grow rapidly.

In addition, in May 2025, the Ministry of Science and Technology, the China Securities Regulatory Commission, and other seven departments jointly issued "Policies and Measures to Accelerate the Construction of a Technology Finance System to Strongly Support High-Level Technological Self-Reliance and Self-Strengthening," further strengthening the capital market's support for hard technology. This measure mentions leveraging the key hub role of the capital market in supporting technological innovation, prioritizing support for technology companies that have achieved breakthroughs in key core technologies to go public and raise funds.

In fact, in the past two years, the capital market's policy support for strategic emerging industries has significantly increased to support technological development.

Institutions believe that in the future, more technology companies will leverage the power of the capital market to achieve technological innovation and industrial upgrading, injecting new momentum into China's technological self-reliance and the development of new productive forces.

Author of this article: Zhang Jianfeng, Yang Xiuhong, Source: Caijing Magazine, Original Title: "What is the Deep Meaning Behind the Acceleration of Domestic GPU Manufacturers' Review?"

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