28 days after Moore Threads handed the evaluation, MagicCore Technology Co., Ltd. additionally obtained excellent news.
On October twenty fourth, their software for IPO on the Science and Technology Innovation Board handed the evaluation of the itemizing committee of the Shanghai Stock Exchange. This additionally signifies that the 2 firms, each a part of the “Four Leading Domestic GPU Companies”, have entered the ultimate stage of the competitors for the title of “The First Domestic GPU Stock”.
It solely took MagicCore Technology Co., Ltd. 5 years from its institution to its upcoming itemizing. Behind its rocket – like improvement pace is the robust help of quite a few buyers.
Along the best way, MagicCore Technology Co., Ltd. has raised greater than 10 billion yuan in complete. The buyers embrace Sequoia Capital China, Matrix Partners China, ZhenFund, IDG Capital, Lightspeed China Partners, Lenovo Capital and Incubation Group, China Internet Investment Fund, Primavera Capital Group, Monolith Capital, CICC Capital, NewMargin Ventures, Pudong Capital, Shanghai Science and Technology Innovation Fund, Hexuan Capital, China Structural Reform Fund, Orient Fortune Capital, Wahaha Venture Capital, non-public fairness tycoon Ge Weidong and his Hundun Investment, and so on. Its valuation exceeds 21 billion yuan.
Surprisingly, earlier than the official itemizing, the circle of mates of MagicCore Technology Co., Ltd. has already tasted the fruits of wealth prematurely.
In addition to Ge Weidong, who made a hasty funding within the firm as a person in 2025 and has already made a small revenue of about 200 million yuan, the inventory costs of listed firms akin to Chunzhong Technology, Zhongke Lanxun, Zhongshan Public Utilities, Septwolves, and Youfa Group, which maintain shares or are associated to this firm, have additionally risen to various levels just lately.
Shanghai’s Star Unicorn Competes for the Title of “The First Domestic GPU Stock”
The story of MagicCore Technology Co., Ltd. dates again to 5 years in the past.
At that point, because the Sino – US technological competitors intensified, the significance of home GPUs continued to extend, and the market was additionally increasing. A bunch of practitioners who had been deeply concerned within the chip subject for a few years found the large alternatives therein, and at last a big – scale home GPU entrepreneurship wave shortly emerged.
It was at the moment that firms akin to Enflame Technology, Biren Technology, Moore Threads, and MagicCore Technology Co., Ltd. had been established inside three years. They not solely shortly grew into the “Four Leading Domestic GPU Companies” but in addition reworked into star unicorns. Finally, in just some years, all of them launched into the IPO path.
After helping within the institution of MagicCore Technology Co., Ltd., Kong Lingguo, the founding and managing associate of Heliconius Capital, as soon as mentioned bluntly that many individuals can be reluctant if technical specialists like Chen Weiliang did not begin their very own companies and provides it a strive. After Chen Weiliang based MagicCore Technology Co., Ltd. with Yang Jian and Peng Li in September 2020, he boasted, “We will end the history of China’s lack of self – controllable high – performance GPUs.”
They, who had labored at AMD for a few years, certainly had the arrogance. This core workforce, with a mean of almost 20 years of finish – to – finish R & D expertise in excessive – efficiency GPU merchandise, had led the R & D and mass manufacturing of greater than a dozen world – class excessive – efficiency GPU merchandise, masking all the course of from GPU structure definition, GPU IP design, GPU SoC design to the mass – manufacturing supply of GPU system options.
Except for Moore Threads, which is situated in Beijing, the opposite three firms, together with MagicCore Technology Co., Ltd., had been based in Shanghai. Although it’s the newest established firm among the many “Four Leading Domestic GPU Companies”, the event pace of MagicCore Technology Co., Ltd. can be superb.
Attracted by insurance policies akin to R & D subsidies, tax and charge exemptions, and expertise help, the corporate lastly selected to arrange its headquarters in Lingang, Shanghai. With the robust R & D potential of its technical workforce and the safety of a number of insurance policies in Lingang, Shanghai, it established subsidiaries in cities akin to Beijing, Nanjing, and Chengdu in lower than half a 12 months.
At the start of its institution, GPU chips and board merchandise for built-in coaching and inference and basic computing grew to become the main focus of MagicCore Technology Co., Ltd. In the primary half of 2021, they successively accomplished the R & D challenge institution of the N100 sequence of MagicThink and the C500 sequence of MagicCloud. Finally, it solely took 3 years to attain the profitable mass manufacturing of the 2 chips in a single tape – out.
According to MagicCore Technology Co., Ltd., the C500 sequence of MagicCloud built-in coaching and inference GPUs can effectively meet the diversified computing energy wants of synthetic intelligence coaching/inference, basic computing, scientific computing, and so on. Its complete efficiency is similar to that of NVIDIA’s A100, and it has extra efficiency benefits than NVIDIA’s presently obtainable product in China, the H20, within the massive – mannequin coaching state of affairs.
After 5 years of improvement, this startup firm, which independently develops full – stack excessive – efficiency GPU chips and computing platforms, has merchandise masking synthetic intelligence computing, basic computing, and graphic rendering. The cumulative gross sales of its GPU merchandise have exceeded 25,000 items. Since 2022, its complete income in 39 months has exceeded 1.1 billion yuan, whereas the web loss is shut to three.3 billion yuan.
28 days after Moore Threads handed the evaluation, MagicCore Technology Co., Ltd., which utilized for itemizing on the Science and Technology Innovation Board similtaneously the previous, additionally efficiently handed the evaluation on October twenty fourth. Although Moore Threads has submitted a registration software, it’s nonetheless unsure which firm will finally win the title of “The First Domestic GPU Stock”.
Raised Over 10 Billion Yuan, Valued Over 21 Billion Yuan
The rocket – like improvement pace can’t be achieved with out the help of a considerable amount of funds.
Two months after its institution, MagicCore Technology Co., Ltd. accomplished its angel – spherical financing from buyers akin to Heliconius Capital and TEDA Science and Technology Investment. In addition to judging that there’s a big market house for home GPUs, Heliconius Capital, the main investor, believes that MagicCore Technology Co., Ltd., which has a workforce with full expertise from GPU chip design to mass manufacturing, could be very uncommon within the trade.
In January 2021, Sequoia Capital China and ZhenFund made their strikes. With the observe – up funding from Heliconius Capital, TEDA Science and Technology Investment, and so on., the corporate accomplished a Pre – A spherical of financing of a whole lot of thousands and thousands of yuan. In lower than a month, it obtained investments from Matrix Partners China, Lightspeed China Partners, Heliconius Capital, Sequoia Capital China, ZhenFund, and so on.
Both Sequoia Capital China and ZhenFund are very optimistic about MagicCore Technology Co., Ltd., which has an entire – structured workforce within the GPU subject, and have excessive hopes for them to supply home self – controllable GPUs that meet market demand.
In August 2021, the corporate obtained 1 billion yuan from buyers akin to China Structural Reform Fund, China Internet Investment Fund, Matrix Partners China, Heliconius Capital, Sequoia Capital China, Lightspeed China Partners, Guochuang Zhongding Investment, Smart Internet Industry Fund, Shanghai Science and Technology Innovation Fund, Lenovo Capital and Incubation Group, China Merchants Jintai Capital, Fosun RZ Capital, Orient Fortune Capital, and Chuangtu Investment, and accomplished its Series A financing.
The favor of the nationwide workforce and industrial capital in the direction of MagicCore Technology Co., Ltd. will not be solely influenced by the federal government’s elevated help for the home built-in circuit trade but in addition as a result of this firm was based by senior professionals within the home built-in circuit subject, which is of nice significance for China to grasp key know-how nodes in built-in circuits and domesticate home excessive – finish chip design abilities.
In September 2022, the corporate accomplished its Pre – B spherical of financing. The buyers had been Hundun Investment, Haitong Creative Capital, Zhongxin Capital, CCB International, Puchao Capital, Changce Investment, Shanghai Guosheng Investment Group, China Internet Investment Fund, Guochuang Zhongding Investment, and Matrix Partners China.
At that point, within the view of Matrix Partners China, MagicCore Technology Co., Ltd. had a really scarce workforce with expertise and skill in excessive – efficiency GPU and GPGPU product R & D, and the R & D work had been going easily since its institution.
Since February 2023, the corporate has accomplished a number of rounds of financing in 2 years. The buyers embrace Orient Fortune Capital, Matrix Partners China, GF Xinde Investment, China Internet Investment Fund, Hexuan Capital, Qixia Capital, Hunan Guochuang Industrial Investment, Pudong Capital, Shanghai Science and Technology Innovation Fund, Puchao Capital, Rongzhihe, Yuanlu Jiajia, Nisheng International, Zhongyuan Hanggang Fund, Keli Venture Capital, Guodao Financial Services, Yuhang Financial Holding, Henan Investment Group, TEDA Science and Technology Investment, Zhuoyuan Capital, Beigui Investment, Sanhe Capital, Futeng Capital, China Merchants Capital, Heliconius Capital, Ge Weidong, and his Hundun Investment, and so on.
This additionally signifies that along with investing in MagicCore Technology Co., Ltd. by way of Hundun Investment, Ge Weidong additionally personally invested 300 million yuan.
In the month after the completion of the earlier spherical of financing, MagicCore Technology Co., Ltd. accomplished its final spherical of financing earlier than itemizing. After receiving greater than 7.2 billion yuan from dozens of buyers, its valuation exceeded 21 billion yuan in March 2025.
The lineup of buyers can be fairly massive, together with Sequoia Capital China, Smart Internet Industry Fund, Matrix Partners China, IDG Capital, Primavera Capital Group, Monolith Capital, Orient Fortune Capital, Lenovo Capital and Incubation Group, CICC Capital, SMIC Juyuan, China National State – owned Capital Operation Corporation, NewMargin Ventures, Puhua Capital, Puchao Capital, Henan Investment Group, TEDA Science and Technology Investment, Zhuoyuan Capital, Heliconius Capital, CITIC Jingshi Investment, Xiaochi Capital, Yingchengxin Capital, Turing Asset Management, Beiyang Haitang Fund, Hunan Energy Group, China Life Investment, Puxin Capital, CITIC Securities Investment, Zhongqing Capital, Zhenghe Haoyuan Fund, Wahaha Venture Capital, firms below Septwolves and Qisheng Capital, Ge Weidong, Hundun Investment, Rong Yanlin… Sichuan Shuangma, Chunzhong Technology, Zhongke Lanxun, and so on.
Among them, the person shareholders are Ge Weidong and 37 – 12 months – outdated Rong Yanlin, who respectively invested about 339 million yuan and 150 million yuan in MagicCore Technology Co., Ltd. At the identical time, listed firms akin to Sichuan Shuangma, Chunzhong Technology, and Zhongke Lanxun selected to straight put money into the corporate.
However, this isn’t the tip. In order to finish the continual iterative upgrading of the prevailing core product strains and the change to home provide chains, and on the identical time improve the corporate’s total R & D power and enrich its know-how reserves, MagicCore Technology Co., Ltd., which has already raised greater than 10 billion yuan, lastly selected to lift 3.904 billion yuan by way of itemizing.
The Wealth – Creating “Chinese NVIDIA”, Ge Weidong Has Already Made a Small Profit of About 200 Million Yuan
Before the official itemizing, the circle of mates of MagicCore Technology Co., Ltd. has already tasted the fruits of wealth prematurely.
Since December 2023, the corporate has skilled 8 fairness transfers in 15 months. Some shareholders have already obtained sure monetary returns by way of this technique.
According to the prospectus, Yuhang Financial Holding, Haitong Creative Capital, Fosun RZ Capital, Heliconius Capital, Rongzhihe, Chen Weiliang, and Shanghai Guosheng Investment Group have cashed out 162 million yuan, 50 million yuan, about 50 million yuan, 40 million yuan, 31.85 million yuan, 20 million yuan, and 12.8 million yuan respectively.
Among them, Yuhang Financial Holding publicly listed and transferred a part of its fairness within the firm by way of the Hangzhou Property Rights Exchange. Finally, He Yunxia and Yang Zhen spent about 120 million yuan and 42.15 million yuan respectively to accumulate the fairness. After this operation, He Yunxia, who holds 0.47% of the shares, and Yang Zhen, who holds 0.16% of the shares, are listed among the many prime 5 pure – individual shareholders of MagicCore Technology Co., Ltd., together with Chen Weiliang, who straight holds 5.59% of the shares, Ge Weidong, who holds 3.98% of the shares, and Rong Yanlin, who holds 0.71% of the shares.
Before the itemizing, Matrix Partners China holds 5.13% of the shares, Heliconius Capital holds 3.99% of the shares, and Hundun Investment holds 3.5% of the shares. Based on a tough calculation of the 21 – billion – yuan valuation, the worth of the shares held by Matrix Partners China, Heliconius Capital, Hundun Investment, Ge Weidong, Rong Yanlin, He Yunxia, and Yang Zhen is about 1.077 billion yuan, 838 million yuan, 735 million yuan, 836 million yuan, 149 million yuan, 99 million yuan, and 37 million yuan respectively.
This additionally signifies that since Ge Weidong made a hasty funding within the firm as a person in February 2025, he spent about 639 million yuan in complete in a couple of month to put money into MagicCore Technology Co., Ltd., and at last made a floating revenue of about 200 million yuan in a brief interval. If we additionally contemplate Hundun Investment and the market’s pursuit of MagicCore Technology Co., Ltd., as soon as the corporate goes public, it’s going to deliver much more beneficiant returns to Ge Weidong.
It is price noting that because the itemizing technique of MagicCore Technology Co., Ltd. accelerates, the inventory costs of listed firms akin to Chunzhong Technology, Zhongke Lanxun, Zhongshan Public Utilities, Septwolves, and Youfa Group, which maintain shares or are associated to this firm, have additionally risen to various levels just lately.
In addition to the buyers, the monetary advisors (FA) that offered financing companies for MagicCore Technology Co., Ltd. have additionally made some huge cash. According to the prospectus, together with the comparatively massive financing advisory charges, their service charges in 2022 – 2024 had been 36.2538 million yuan, 44.5006 million yuan, and 85.1042 million yuan respectively. In the primary 3 months of 2025, the quantity of this service charge elevated to 91.8151 million yuan.
According to MagicCore Technology Co., Ltd., with a purpose to pace up the financing course of, they employed a number of third – celebration establishments to offer financing middleman companies for the corporate through the reporting interval and paid financing service charges to the third – celebration establishments at a sure share of the financing quantity. At the identical time, for the Pre – IPO spherical of financing of greater than 7.2 billion yuan accomplished in March 2025, the quantity of the accrued however unpaid financing advisory charges is comparatively massive.
Although the corporate didn’t disclose the names of the FAs that served them, from the earlier public financing information of MagicCore Technology Co., Ltd., it should embrace Light Source Capital. As early as 2021, Light Source Capital started to offer financing companies for MagicCore Technology Co., Ltd. and served because the unique monetary advisor in its 1 – billion – yuan Series A financing and a whole lot – of – thousands and thousands – of – yuan Pre – B spherical of financing.
In my article “Investors in the ‘Chinese NVIDIA’ Are Making Huge Profits”, I discussed that earlier than Moore Threads went public, their circle of mates had already made a fortune. First, it was Moore Threads, and now it is MagicCore Technology Co., Ltd. The wealth halo of the “Chinese NVIDIA” is attracting an increasing number of buyers’ consideration.
This article is from the WeChat public account “China Venture Capital”, writer: Lu Zhigao, revealed by 36Kr with authorization.