Heart Capital congratulates MetaX on the successful IPO review on the STAR Market.
A major milestone for domestic GPUs on their path to capital markets.
On October 24, 2025, MetaX — a portfolio company of Heart Capital — successfully passed the initial public offering review by the listing committee of the Shanghai Stock Exchange's STAR Market, reaching a major milestone on its path to the capital markets. Heart Capital founding partner Yan Han has been a steadfast investor in MetaX since its Series A round, staying the course through the long haul. At the time, domestic GPUs were still in the early stages of the technology curve. As one of the earliest investors to believe that China had the capability to independently build high-performance general-purpose GPUs, we determined that this was core computing infrastructure that China absolutely had to master. So we moved early, before industry consensus had formed.
In recent years, MetaX's commercial growth has been striking. According to its prospectus, the company's compound annual growth rate from 2022 to 2024 reached 4,074.52%. In the first half of 2025, it achieved revenue of 915 million yuan, already surpassing its full-year 2024 total. The company expects to reach break-even as early as 2026.
Per the announcement, MetaX's IPO aims to raise 3.904 billion yuan, with proceeds focused on: "Research, Development and Industrialization of New High-Performance General-Purpose GPUs," "Research, Development and Industrialization of Next-Generation AI Inference GPUs," and "Research and Development of High-Performance GPU Technologies for Frontier Fields and Emerging Application Scenarios." This marks a key advance in China's push for computing self-sufficiency, and an important validation of our long-held conviction.
Founded in 2022, Heart Capital is an early-stage Chinese venture capital fund focused on technology and digitalization. The team is led by Yan Han, formerly a founding partner at Lightspeed China, alongside core investors, a CFO, and seasoned investors with industry backgrounds. Past investments include Series A rounds in Xpeng Motors (NYSE: XPEV, 09868.HK), Full Truck Alliance (NYSE: YMM), as well as FinVolution (NYSE: FINV), RoboSense (02498.HK), Baichuan, Manman Cold Chain, Fan Deng Reading, World Logistics, Micro-Nano Starry Sky, LandSpace, Lanhu, Starfield, and others. Rooted in China with a global outlook, Heart Capital seeks genuine value in non-consensus moments. We respect the value of people and champion the potential of the human spirit, looking forward to accompanying more young Chinese entrepreneurs in strengthening China and going global.
