Shares of Chinese chipmaker MetaX Inc. soared nearly 750% in intraday trading on Tuesday, lifting its market capitalisation to 355.3 billion yuan ($49.9 billion) and surpassing that of rival Moore Threads.

The stock jumped to 888 yuan per share, after opening at 700 yuan, making it one of the strongest-performing new listings this year. Based on the opening price, investors who secured a single allotment stood to gain more than 297,000 yuan, according to market calculations, earning it the title of the year’s most profitable initial public offering.

MetaX, which focuses on high-performance GPUs and AI computing chips, has attracted strong investor interest amid China’s push to build a domestic semiconductor ecosystem and reduce reliance on foreign technology.