Shares of Chinese chipmaker MetaX soar nearly 700% in blockbuster Shanghai debut [MSNBC.com]
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Source: MSNBC.com
In this articleNarumon Bowonkitwanchai | Moment | Getty ImagesShares of Chinese chipmaker MetaX Integrated Circuits soared about 700% in their market debut in Shanghai on Wednesday, after the company raised nearly $600 million in its initial public offering.Shares, whichwere priced at 104.66 yuanSimilar to Moore Threads,which saw a robust debut at the start of the monthMetaX is part of a growing cohort of local chipmakers building processors, reflecting Beijing's push to reduce dependence on U.S. chips following Washington's tech curbs on export of high-end technology to China.Washington has imposed export curbs on U.S. chip behemoth Nvidia, barring sales of its most advanced chips to China.Newer Chinese players such as Enflame Technology and Biren Technology have also entered the space, aiming to capture a share of the billions in graphics processing unit, or GPU, demand no longer served by Nvidia. Chinese regulators have also been clearing more semiconductor IPOs in their drive f
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