Chinese chipmaker MetaX Integrated Circuits went public in Shanghai on Wednesday after raising nearly $600 million in an initial public offering, sending its shares soaring more than 500%.

stocks, among which Price: 104.66 yuan The number of initial public offerings (IPOs) soared to more than 692 during the listing period, an increase of 561%.

Similar to Moore’s thread, Strong debut earlier this monthMetaX develops graphics processing units for artificial intelligence applications, tapping into a fast-growing area driven by the increasing popularity of artificial intelligence services.

MetaX is among a growing number of local chipmakers making artificial intelligence processors, reflecting Beijing’s efforts to reduce its reliance on U.S. chips after Washington restricted exports of high-end technology to China.

Washington has imposed export restrictions on U.S. chip giant Nvidia, banning sales of its most advanced artificial intelligence chips to China.

Newer Chinese companies such as Enflame Technology and Biren Technology have also entered the AI ​​field, aiming to capture a piece of the demand for billions of graphics processing units (GPUs) that Nvidia no longer meets. Chinese regulators have also approved more semiconductor IPOs in a push for greater independence in artificial intelligence.

Earlier this month, Beijing-based GPU maker Moore Threads, known as “China’s Nvidia”, soared more than 400% after listing in Shanghai. Listed for US$1.1 billion.