Monolith Portfolio Company MetaX Lists on STAR Market

On December 17, MetaX (stock ticker: 688802.SH) officially listed on the STAR Market of the Shanghai Stock Exchange.

MetaX is one of China's leading companies in high-performance general-purpose GPUs, with deep, long-term focus on independent R&D of full-stack high-performance GPU chips and computing platforms. Its core business centers on three application scenarios: AI training and inference, general-purpose computing, and graphics rendering, around which it has built a complete software stack and computing platform ecosystem. With substantial technical expertise and continuous innovation, MetaX ranks among the domestic leaders in product versatility, core performance, commercialization capability, and supply chain autonomy.

In this IPO, MetaX priced its shares at RMB 104.66 apiece, raising RMB 4.197 billion in total proceeds. The funds will be directed primarily toward three projects: "R&D and industrialization of new high-performance general-purpose GPUs," "R&D and industrialization of next-generation AI inference GPUs," and "R&D of high-performance GPU technology for cutting-edge fields and emerging application scenarios" — all aimed at solidifying its computing foundation and empowering industries across the board.

MetaX is a Monolith flagship investment in AI hardware and compute infrastructure. Xi Cao was also among the company's earliest investors, committing RMB 110 million in a pre-A round at a RMB 1 billion pre-money valuation in 2020 while he was still a partner at HSG. After founding Monolith, he invested again in MetaX in early 2025, doubling down on the domestic GPU maker.

Currently, Monolith and its LPs collectively hold approximately 1.76% of the company's shares pre-IPO.

December 17, 2025 — MetaX listing ceremony

116 Days to STAR Market

MetaX is one of the few domestic companies to have systematically mastered the R&D, design, and mass production of high-performance GPU chips and their foundational system software. This successful listing will help the company continue iterating its core product lines, expand market share, deepen its frontier technology reserves, and lay a solid foundation for long-term growth.

Notably, MetaX's journey from application to approval took just 116 days.

Since its founding in 2020, MetaX has assembled a rare, stable, full-spectrum world-class GPU technical team in China. It has systematically accumulated core capabilities spanning GPU IP (instruction sets, microarchitectures), GPU SoC, high-speed interconnects, and GPU software systems, successfully breaking through critical technical bottlenecks in high-performance GPU chips and computing platforms.

To date, MetaX has launched the Xisi N series GPUs for intelligent computing and inference, and the Xiyun C series GPUs for training-inference integration and general-purpose computing. In October 2025, the company officially released the Xiyun C600, built on fully self-developed core GPU IP and achieving a complete domestic supply chain闭环 from chip design and manufacturing to packaging and testing.

As of end-March 2025, cumulative GPU sales have exceeded 25,000 units.

December 16, 2025 — MetaX listing appreciation event

40x Growth in Three Years

Monolith's first contact with MetaX came in September 2020. At the time, Xi Cao had his first online conversation with MetaX founder, chairman, and CEO Weiliang Chen, followed by an in-person meeting in Shanghai that October. Chen previously served as AMD's global GPU SoC design director, leading the mass production of 15 GPU products.

Cao recalls being struck by how William — Chen's English name — was able to assemble a complete, robust core team in a very short time during the company's earliest days, and how mature and efficient his organizational management was, something quite rare in a startup. Over the years of close observation, the company has consistently exceeded its stated targets, often by a wide margin — so our confidence in William and MetaX has only grown stronger over the past five years.

By late 2024, MetaX's revenue had already reached levels comparable to the leading A-share company in its sector, yet at a vastly different valuation — an unusual and compelling investment opportunity. Based on continued observation of the company's long-term trajectory, Monolith and its LPs invested again in MetaX in early 2025.

January 22, 2021 — MetaX's first board meeting

MetaX has now completed the transition from technical advantage to product advantage, and is in the midst of leaping from product advantage to market advantage. According to the company's prospectus, MetaX's revenue compound growth rate over the past three years reached 4,074.52%. In the first half of 2025 alone, revenue hit RMB 915 million, already surpassing the full-year 2024 figure. The company currently holds RMB 1.43 billion in orders on hand, with growth accelerating rapidly.

As its products continue to deploy in real-world business scenarios, MetaX's compute solutions are being adopted across an expanding range of industries, including finance, healthcare, energy, education and research, transportation, and entertainment — making it an increasingly significant force in China's intelligent computing infrastructure.