MetaX's 13.97 Million Locked Shares Unlock as Stock Swings; Moore Threads Falls 20%
On September 17, 2026, Chinese GPU maker MetaX saw 13.966 million IPO offline-placement restricted shares become tradable, worth RMB 6.67 billion at the prior close, equal to 3.49% of total shares and expanding its float by 75%. The stock fell more than 5% at the open before reversing to gain over 5%. Peer Moore Threads unlocked 25.7745 million shares on September 7, 2026, expanding its float by 85% as its stock dropped 20%.
On September 17, 2026, domestic GPU company MetaX opened down more than 5% before reversing into gains of over 5% intraday. That day, 13.966 million restricted shares from its initial public offering offline placement became tradable. Based on the September 16, 2026 closing price, the unlocked shares were worth RMB 6.67 billion. The shares represent 3.49% of the company's total share capital, and the unlock expands its total tradable float by 75%. This is MetaX's first relatively large-scale unlock of restricted shares since listing.
Another domestic GPU maker, Moore Threads, saw 25.7745 million restricted shares from its initial public offering offline placement become tradable on September 7, 2026. That day, its total tradable float expanded by 85% and its share price fell 20%. Based on the closing price on the trading day before the unlock, the shares were worth RMB 13.39 billion.
MetaX will see a further 10.919 million restricted shares held by original shareholders from its initial public offering become tradable on December 17, 2026.
MetaX and Moore Threads both listed on the STAR Market in December 2025. Moore Threads' issue price was RMB 114.28 per share, and MetaX's was RMB 104.66 per share. On their first trading day, MetaX surged 693% to RMB 829.9 per share, while Moore Threads closed up at RMB 600.5 per share. Moore Threads and MetaX shares reached historic highs in December 2025 and July 2026 respectively, with both peaks above RMB 900 per share.
As of the close on September 16, 2026, Moore Threads' share price had fallen 38.08% cumulatively since the start of 2026, while MetaX had fallen 51.02% cumulatively since July 15, 2026. Before this unlock, MetaX had declined for several consecutive days, falling 33.29% cumulatively from September 1 to September 14, 2026. On September 15 and September 16, 2026, MetaX's share price rose for two consecutive days.
In the first half of 2026, MetaX reported revenue of RMB 1.324 billion, up 44.67% year on year, and net profit of RMB 612 million, turning profitable from a year-earlier loss. Over the same period, MetaX's net cash flow from operating activities was negative RMB 1.297 billion, while fair value change gains were RMB 887 million, accounting for 105.75% of total profit. Among other domestic GPU makers, Iluvatar CoreX also turned profitable in the first half, while Moore Threads and Biren Technology narrowed their year-on-year losses. Among the four domestic GPU makers, Moore Threads had the largest first-half revenue at RMB 1.736 billion, up 147.42% year on year. MetaX's first-half revenue exceeded Iluvatar CoreX's RMB 946 million and Biren Technology's RMB 1.236 billion.