GPU Star Muxi Holdings IPO: Hot Picks, High Gains, and Hidden Risks on the STAR Market

Unpacking the latest in China’s STAR Market: GPU Star Muxi Holdings IPO and the volatile world of new stock listings.

Today’s the day: Muxi Holdings (Mu Xi Gufen 沐曦股份), China’s second domestic GPU powerhouse, is officially listing on the Science and Technology Innovation Board (STAR Market).

Given that Muxi Holdings isn’t yet turning a profit, it’s making its debut in the growth enterprise segment of the STAR Market.

This move is a big deal in the evolving landscape of Chinese tech IPOs.

Lately, we’ve seen some intense action in the A-share market, particularly with new listings.

It’s a game of big gains on listing day and juicy subscription profits.

Thanks to the booming chip and AI sectors, certain “hot picks” have been skyrocketing.

Companies like Moore Threads (Mo’er Xiansheng 摩尔线程), for example, have seen incredible post-listing performance.

But here’s the kicker: this strong performance doesn’t mean it’s a risk-free zone.

Quite the opposite.

Investors who blindly chase these hyped-up stocks post-listing can end up taking a sizable hit.

How big?

Calculations show that if you bought into a new stock at its highest price since the fourth quarter of this year and held on, you’d be looking at an average floating loss of over 30% right now. Ouch.

China’s “Hot Picks”: Climbing Gains and Skyrocketing Subscription Profits

Let’s talk about the recent wins.

Just yesterday, December 16th, Ongrow Micro (Angruiwei 昂瑞微) hit the market.

It closed up a staggering 160.11% on its first day, with intraday gains briefly topping 190%.

Imagine this: a single winning subscription for Ongrow Micro could have netted a floating profit of over ¥80,000 RMB ($11,200 USD) based on its highest intraday price. Not too shabby for a day’s work.

What’s Ongrow Micro all about?

Their prospectus reveals them as a chip technology company.

Their bread and butter includes:

• 5G/4G/3G/2G full-series RF front-end chip products for smart mobile terminals (think RF front-end modules, power amplifiers, switches, LNAs, etc.)
• RF SoC chip products for the Internet of Things (IoT), encompassing low-power Bluetooth and 2.4GHz proprietary protocol wireless communication chips.

Ongrow Micro’s success story really highlights the broader trend we’ve seen in the A-share market this past quarter, especially for tech-focused new listings.

Data from Wind shows a clear trend: the average first-day closing gains for new A-share listings have been on an upward trajectory.

Here’s a breakdown of the average first-day closing gains:

• Q1 this year: 243.34%
• Q2 this year: 213.05%
• Q3 this year: 267.34%
• Since Q4 this year: A blistering 285.93%, outperforming any single quarter earlier this year.

Zooming in on Q4, several companies had a truly explosive debut, with first-day closing gains smashing through the 300% mark:

• Dapeng Industry (Dapeng Gongye 大鹏工业)
• Dana Bio (Danna Shengwu 丹娜生物)
• Moore Threads-U (Mo’er Xiansheng-U 摩尔线程-U)
• Daming Electronics (Daming Dianzi 大明电子)
• Chaoying Electronics (Chaoying Dianzi 超颖电子)
• Daosheng Tianhe (Daosheng Tianhe 道生天合)
• Aomeisen (Aomeisen 奥美森)
• Jingchuang Electric (Jingchuang Dianqi 精创电气)
• Hengkun New Material (Hengkun Xincai 恒坤新材)

The absolute standout?

Dapeng Industry, which saw an unbelievable 1211.11% first-day closing gain, making it the top performer among new stocks in 2025.

It’s not just about percentages either; subscription profits have also climbed significantly this quarter.

Excluding Beijing Stock Exchange listings, the average single-subscription profit for new stocks since Q4 exceeded ¥40,000 RMB ($5,600 USD). That’s a considerable bump compared to the first three quarters.

The real unicorn here was Moore Threads (Mo’er Xiansheng 摩尔线程).

Carrying the buzz of being the “first domestic GPU stock,” it delivered a mind-blowing ¥286,900 RMB ($40,166 USD) in single-subscription profit on its first day. This makes it the highest for any A-share new stock this year.

Ongrow Micro follows closely, pulling in ¥80,500 RMB ($11,270 USD) in single-subscription profit, securing the second-highest spot for this year’s new listings.

Navigating the Volatility: Significant Risks When Chasing New Stock Highs

Let’s be real: While the recent performance of these new stocks is exciting, it’s crucial to acknowledge the inherent risks.

Chasing these stocks at their peak prices after listing can lead to substantial losses.

The numbers don’t lie.

Out of the 25 new stocks that listed since the fourth quarter of this year, if investors bought at their highest post-listing prices and held until now, the average floating loss would be a painful 31.55%.

Some companies have seen even steeper declines from their post-listing highs, with price drops exceeding 40%:

• Daming Electronics (Daming Dianzi 大明电子)
• Heyuan Bio-U (Heyuan Shengwu-U 禾元生物-U)
• Fengbei Bio (Fengbei Shengwu 丰倍生物)
• Xi’an Yicai-U (Xi’an Yicai-U 西安奕材-U)
• Dapeng Industry (Dapeng Gongye 大鹏工业)
• Haian Group (Haian Jituan 海安集团)
• Bibeite-U (Bibeite-U 必贝特-U)

This means anyone who jumped in at the peak for these stocks is currently sitting on floating losses of over 40%.

Therefore, while the buzz around Muxi Holdings (Mu Xi Gufen 沐曦股份) and other tech IPOs is undeniable, a cautious and well-researched approach is always best for investors in China’s dynamic A-share market.

References: Navigating the Chinese Market

• East Money (Dongfang Caifu 东方财富)
• Securities Times (Zhengquan Shibao 证券时报)
• Moore Threads Intelligent Technology (Shanghai) Co., Ltd. Stock Quote – Bloomberg
• Wind Information Co., Ltd. – Official Website

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