Chinese domestic GPU company MetaX welcomed its first large-scale restricted share unlock since listing on September 17, when 13.966 million shares from the initial public offering's offline placement became tradable. Total free float expanded by 75%. Based on the September 16 closing price, the unlocked shares were worth 6.67 billion yuan, accounting for 3.49% of the company's total share capital. Affected by this, MetaX opened down more than 5% before turning positive and rising more than 5% intraday. Moore Threads had already undergone a similar stress test on September 7, when 25.7745 million offline placement restricted shares were unlocked, total free float expanded by 85%, and the stock fell 20%. Based on the closing price of the previous trading day before the unlock, the unlocked shares were worth 13.39 billion yuan. Unlock pressure is not a one-time event. MetaX will face another unlock of 10.919 million shares held by pre-IPO original shareholders on December 17, while Moore Threads will face an unlock of 186 million pre-IPO original shareholder restricted shares on December 7, expected to account for 39.55% of total share capital, a larger scale than the previous one. On fundamentals, MetaX reported first-half revenue of 1.324 billion yuan, up 44.67% year on year, and net profit of 612 million yuan, turning from loss to profit. However, net cash flow from operating activities was negative 1.297 billion yuan, and fair value gains reached 887 million yuan, accounting for 105.75% of total profit.
MetaX Integrated Circuits (Shanghai) Co Ltd13.966 million restricted shares unlocked, expanding free float 75% and pressuring the stock.
Faces a larger December 7 unlock of 186 million pre-IPO shares, about 39.55% of total share capital.
