ZhenFund's early-stage portfolio company Moxi, which received two consecutive rounds of investment, lists on the STAR Market

On December 17, Moxi Integrated Circuit (Shanghai) Co., Ltd. (stock ticker: Moxi, stock code: 688802.SH) officially listed on the STAR Market of the Shanghai Stock Exchange.

Moxi is one of China's leading companies in high-performance general-purpose GPU products, with deep expertise in the full-stack independent R&D of high-performance GPU chips and computing platforms. The company's core business focuses on the R&D, design, and sales of products for three major domains: AI training and inference, general-purpose computing, and graphics rendering. It specializes in full-stack GPU product development, design, and sales, while providing supporting software stacks and computing platforms around its GPU chips. With substantial technical expertise and continuous innovation, Moxi's products rank among the domestic leaders in generality, core performance, commercialization, and autonomous control.

Moxi's story began with an early-stage encounter. Fangzhou Yao, Managing Director of ZhenFund, recalled: "In early September 2020, at the Element Fresh restaurant in Shanghai's Jinqiao district, I met Weiliang Chen and Li Peng, who had just left their jobs to start a company. Li told me much later that before I arrived, Weiliang had been sketching Moxi's earliest logo with her on a napkin. Moxi's founding team was a perfect match for ZhenFund's investment philosophy. We made a quick decision and invested in two consecutive early rounds. Over the past five years, the founders have led the team through countless challenges to reach this important milestone of going public. Congratulations to Moxi on its successful listing. We look forward to Moxi taking this as a new starting point to go 'higher, faster, stronger' in the future, and growing into a truly world-class company."

Moxi priced its IPO at 104.66 yuan per share, raising a total of 4.197 billion yuan. The proceeds will be directed primarily toward three projects: "New High-Performance General-Purpose GPU R&D and Industrialization," "Next-Generation AI Inference GPU R&D and Industrialization," and "High-Performance GPU Technology R&D for Frontier Fields and Emerging Application Scenarios" — all aimed at continuously strengthening the computing infrastructure foundation and empowering industries across the board.

From its inception, Moxi has made providing "high-performance general-purpose GPUs" its core mission, dedicated to building domestically developed GPUs with fully independent intellectual property rights.

The engineering scale and time required for GPU development far exceed those of other chips. Li Peng, Moxi's co-founder, CTO, and chief hardware architect, described it in a 2022 interview with ZhenFund: "Building a GPU is like building an aircraft carrier — the demands for safety, stability, and computing performance are extremely high, requiring complex and complete system design to accomplish."

In Moxi's English name MetaX, Meta represents origin, and X points to the future. After the company's founding, Li Peng saw the infinite possibilities that high-performance general-purpose GPU chips could carry: "From a handful of people to five hundred, we've worked together to create a generation-defining product. We carry not only a sense of mission, but also the efforts and trust of hundreds of engineers' families."

Over the past nearly two decades, the Moxi team has continuously produced and iterated multiple products, with deep experience and a complete configuration. In the market, fully organized, systematized GPU teams like Moxi's are rare. Moxi's core team members average 20 years of end-to-end R&D experience in high-performance GPU products, and have been responsible for the development and commercial deployment of more than ten world-class high-performance GPUs. In the view of founder Weiliang Chen, the semiconductor industry chain is long and complex; beyond an experienced founding team, it requires the patience to cultivate the field over the long term.

Policy Support for "Hard Tech" Enterprises

170 Days to STAR Market Listing

Moxi is one of the few domestic companies to have systematically mastered the R&D, design, and mass production technology for high-performance GPU chips and their foundational system software. This successful listing will help the company continue iterating and upgrading its existing core product lines while further expanding market share, enriching frontier technology reserves, and laying a solid foundation for long-term future development.

The "15th Five-Year Plan" recommendations propose to "promote decisive breakthroughs in key core technologies in priority areas such as integrated circuits across the entire chain." Computing infrastructure as a new quality productive force has been elevated to a national strategic priority. The previously issued STAR Market reform "1+6" series of policy measures — covering listing requirements, review mechanisms, and ongoing regulation — systematically address the growth patterns and financing needs of technology innovation enterprises, allowing capital market "living water" to flow precisely and efficiently to technology companies truly engaged in key technology breakthroughs and industrial upgrading support.

Moxi's journey from application acceptance to listing took only about 170 days, making it an efficient model practice of the STAR Market's deepened reform and service to the national science and technology innovation strategy.

A Rare, Stable Fully Organized Team

Core Technology Under Independent Control

Moxi possesses a rare, stable, fully organized world-class technical team in China. Since its founding in 2020, Moxi has not only accumulated deep expertise in GPU IP (including instruction sets, microarchitectures, etc.), GPU SoC, high-speed interconnects, and GPU software, successfully breaking through technical bottlenecks in high-performance GPU chips and computing platforms, but has also developed a series of core technology achievements with independent intellectual property rights. As of end-March 2025, the company held 245 domestic invention patents, 3 integrated circuit layout design rights, and 25 software copyrights, and has participated in multiple government research projects multiple times, with technology reserves ranking in the first tier of China's GPU industry.

Based on self-developed GPU IP and a unified GPU computing architecture, Moxi has launched the Xisi N series GPUs for intelligent computing inference and the Xiyun C series GPUs for training-inference integration and general-purpose computing. In 2023, Moxi's Xiyun C500 series chips achieved computing power levels that placed them among domestic leaders. In October 2025, Moxi officially released the Xiyun C600. Based on Moxi's independently developed core GPU IP, this product achieved a fully domestic supply chain closed loop from chip design, manufacturing to packaging and testing, providing secure and controllable computing power support for the digital economy. As of end-March 2025, Moxi's cumulative GPU product sales exceeded 25,000 units.

Based on its self-developed instruction set and GPU parallel computing engine, Moxi has built the fully stack-independent and controllable MXMACA software stack, making it one of the few domestic companies capable of providing cloud AI developers with foundational software that combines ease of use, high performance, and generality. The MXMACA software stack integrates mainstream algorithm frameworks, computing libraries, communication libraries, programming languages, and debugging and operations tools, constructing a unified, complete, and efficient full-stack toolchain covering the entire process from application development to performance optimization. The MXMACA software stack effectively maintains compatibility with mainstream international ecosystems, reducing user migration costs, and demonstrating outstanding performance and reliability in large-scale cluster training and high-concurrency inference.

40x+ Growth in Three Years

"1+6+X" Strategy Empowering Industries

Moxi has completed the transformation from technology advantage to product advantage, and is now in the leapfrog stage from product advantage to market advantage. The company's prospectus data shows that over the past three years, Moxi's revenue compound growth rate reached 4,074.52%, with first-half 2025 revenue of 915 million yuan already exceeding full-year 2024. The company currently has 1.43 billion yuan in orders on hand, with rapid growth momentum.

Moxi is deeply building its "1+6+X" ecosystem and commercial layout. Through its uniquely advantaged GPU product system and open software ecosystem, Moxi continues to provide high-efficiency, high-generality computing power support for cloud computing based on its computing foundation, driving AI empowerment across all industries, with focused deployment in financial services, healthcare, energy, education and research, transportation, and entertainment application scenarios. It has become an important force in advancing the autonomous controllability of China's intelligent computing infrastructure.

Moxi's GPU products have achieved large-scale deployment in multiple national AI public computing platforms, carrier intelligent computing platforms, and commercial intelligent computing centers, having been applied in more than ten intelligent computing clusters, making it one of the few domestic GPU suppliers to achieve large-scale commercial application of "kilocard clusters."

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