On October 24, the Shanghai Stock Exchange announced Muxi's successful IPO approval on the STAR Market. As one of China's "Four GPU Pioneers," Muxi is poised to become a key player in the domestic computing power sector.

**Company Profile** Founded in September 2020 and headquartered in Shanghai's Free Trade Zone, Muxi Integrated Circuit specializes in full-stack high-performance GPU chips and computing platforms. After submitting its IPO application in June 2025, it entered the review phase in October, showcasing rapid growth driven by technological prowess and industry opportunities.

**1. Strong Shareholder Backing** Muxi boasts an impressive shareholder lineup, including prominent investor Ge Huiming (via Chaos Investment), Matrix Partners, Sequoia China, and HLC Capital. Post-IPO, Ge and Chaos Investment will hold a combined 7.48%, while Matrix Partners and Sequoia China own 5.13% and 4.19%, respectively.

Notably, LENOVO GROUP emerged as a strategic investor, holding 0.98% through its subsidiaries. Its early bet on Muxi during the 2021 Series A round has paid off, with the pre-IPO valuation exceeding RMB 21 billion. Beyond financial gains, LENOVO GROUP partnered with Muxi to launch the "DeepSeek AI All-in-One" in February 2025, integrating Lenovo servers with Muxi’s GPUs. The product achieved rapid adoption across healthcare, education, and manufacturing, delivering 1,000 units and nearly 10,000 GPUs within 40 days.

Amid global AI supply chain uncertainties, Muxi’s fully domestic GPU lineup—including the flagship Xiyun C600, which rivals NVIDIA’s A100—positions it as a critical alternative. LENOVO GROUP, a top-three global server vendor, leverages its supply chain and client network to accelerate adoption. IDC projects China’s AI server market to exceed RMB 50 billion in 2025, with domestic players holding just 20% share, signaling vast growth potential.

**2. Business Focus** Muxi targets AI training/inference, general computing, and graphics rendering, offering an integrated "chip + software + platform" solution for sectors like education, finance, and healthcare.

**3. Financial Highlights** Revenue skyrocketed from RMB 426,400 in 2022 to RMB 743 million in 2024 (CAGR: 4,074.52%). As of September 2025, orders reached RMB 1.43 billion—nearly double 2024’s total revenue.

**4. Key Beneficiaries** - **Chaoxun Communication (603322)**: Holds 8% equity and co-launched GPU server venture Xunxi Intelligence, driving a 130%-219% profit surge in H1 2025. - **Zhongke Bluewhale (688332)**: Owns 0.24% stake, with potential tech synergies in Bluetooth audio chips. - **Zhongshan Public (000685)**: Indirect 0.67% holder via industrial funds, aiding regional market expansion. - **LENOVO GROUP (00992)**: Combines equity ties, product integration, and global channels to dominate domestic AI infrastructure. - Others include **Aurochina (300383)** (AIGC data centers), **Kehua Data (002335)** (power solutions), and **JCET (600584)** (2.5D packaging).