Analysis of Reasons and Impacts for N Muxi-U (688802.SH) Becoming a Hot Stock with a Surge on Its First Day of Listing

N Muxi-U (688802.SH) made it to the hot list on its first day of listing. The core driving factors can be analyzed from three aspects: industry, issuance performance, and shareholder background. First, the company is in a high-growth track supported by national strategies such as high-performance computing (HPC) and artificial intelligence (AI). It is one of the few domestic enterprises with complete GPU R&D and mass production capabilities, and is known as one of China’s GPU “Four Little Dragons” along with Moore Threads [2]. Second, the “wealth effect” on the first day of listing was significant: the issue price was 104.66 yuan per share, the opening price rose by 568.83%, the intraday highest price rose by 755%, the closing price rose by 692.95%, and winning one lot generated a profit of about 362,600 yuan, setting a new record for new stock subscription profits in 2025 [1]. In addition, its strong shareholder background endorses it: the founding team consists of former senior Chinese scientists from AMD, and it has received investments from well-known institutions such as the National Artificial Intelligence Industry Investment Fund and Sequoia Capital. Ge Weidong, a private equity tycoon, is also an important shareholder [4].

From the perspective of price and trading volume, the turnover rate on the first day reached 84.72%, with extremely active trading; the tradable shares accounted for only 4.53% of the total share capital in the initial listing period, and the scarcity of tradable shares is an important short-term factor driving the stock price surge [4]. In terms of market sentiment, institutional participation was high (269 offline investors participated, with a subscription multiple of 2228 times), and the market’s expectation for domestic GPU substitution regards it as an important participant in the “Chinese version of NVIDIA” [4].

1. Capital Heat in the Domestic GPU Track
   : The hot listing of N Muxi-U reflects the capital market’s strong expectation for domestic GPU substitution for imports. As the “second domestic GPU stock”, its performance continues the capital heat of pioneers like Moore Threads, highlighting the investment value of the domestic high-end chip track supported by national strategies.
2. Amplification of Wealth Effect from New Stock Issuance
   : The surge on the first day and high profits have attracted widespread market attention, further strengthening the impression of the “wealth creation myth” of STAR Market new stocks, which may affect subsequent investors’ enthusiasm for subscribing to similar high-end manufacturing new stocks.
3. Short-term Catalyst from Scarcity of Tradable Shares
   : The low proportion of tradable shares (4.53%) is a key technical factor for the sharp fluctuation of stock prices on the first day. As the number of tradable shares increases after the lock-up period ends, the stock price may face valuation regression pressure.

1. High Valuation Risk
   : Based on the closing price on the first day, the market value reaches 332 billion yuan, but the company lost 346 million yuan in the first three quarters of 2025, with a cumulative loss of about 3.29 billion yuan in the past 13 quarters. The current valuation is seriously mismatched with profitability [4].
2. Industry Competition Risk
   : Facing fierce competition from international giants NVIDIA and AMD, as well as domestic “Four Little Dragons” like Moore Threads, there is great pressure to catch up in technology and expand the market [2].
3. New Stock Volatility Risk
   : After the sharp rise on the first day, it may face greater price correction pressure in the future, and investors need to be alert to short-term speculative risks.

1. Market Space for Domestic Substitution
   : With the increase in the country’s demand for independent control of high-end chips, domestic GPU enterprises are expected to gain more application scenarios in fields such as HPC and AI.
2. Potential for Technological Iteration
   : The company has complete GPU R&D capabilities. If it can achieve technological breakthroughs, it is expected to gain long-term growth space.

The hot performance of N Muxi-U (688802.SH) on its first day of listing is the result of the combined effect of the heat in the domestic GPU track, the scarcity of new stocks, and the wealth effect. Although the company has advantages in technology and shareholder background, factors such as current high valuation, continuous losses, and industry competition make its future performance have great uncertainty. Investors should rationally view its short-term fluctuations, pay attention to the company’s subsequent technological breakthroughs and performance realization, and make decisions based on their own risk preferences.