There was a major IPO explosion last night.

A long - awaited scene has emerged.

Last night (June 30th), the three major A - share exchanges witnessed an IPO explosion. Overnight, 41 IPO applications were newly accepted. Among them, the Beijing Stock Exchange accepted 32, the Science and Technology Innovation Board accepted 5, and the Shenzhen Stock Exchange accepted 4.

Among them, there are well - known super unicorns such as Muxi Integrated Circuit and Moore Threads.

As the first half of 2025 passed, the A - share market has accepted 177 companies, far exceeding the total number accepted throughout 2024.

"Seize this wave of IPO windows." Such sentiment is quietly spreading among investors and unicorn companies.

A Boiling Scene: 41 IPOs Accepted Overnight

The domestic GPU unicorn fired the first shot.

Moore Threads plans to raise up to 8 billion yuan this time, making it the company with the largest fundraising scale among the five companies whose IPO applications were accepted on the Science and Technology Innovation Board. It is also the largest IPO accepted on the Science and Technology Innovation Board so far this year. Founded in 2020, the company focuses on independently developed full - function GPUs and is committed to providing computing acceleration platforms for high - performance computing fields such as AI, digital twin, and scientific computing.

Its helmsman, Zhang Jianzhong, graduated from the Department of Computer Science at Nanjing University of Science and Technology with a bachelor's degree. He then furthered his studies in the major of industrial automation at the Automation Research Institute of the Ministry of Metallurgy and obtained a master's degree. After graduation, he worked at HP and Dell successively. In 2005, he joined NVIDIA and was promoted all the way to the global vice - president of NVIDIA and the general manager of the China region. He was once regarded as "the most valued man" by Huang Renxun, the founder of NVIDIA. After starting his own business, he led Moore Threads to become a unicorn company valued at over $1 billion in less than 100 days, setting the world industry record for the fastest promotion to a unicorn that year.

A prospectus unveiled the veil of Moore Threads. From 2022 to 2024, Moore Threads' revenues were 46.088 million yuan, 124 million yuan, and 438 million yuan respectively; the net losses after deducting non - recurring gains and losses were 1.412 billion yuan, 1.69 billion yuan, and 1.5 billion yuan respectively. The prospectus shows that the share - purchase price in the Pre - IPO round of Moore Threads was determined with reference to the company's valuation in the previous round of financing and the market prices around the financing time point, and the pre - investment valuation was 24.62 billion yuan.

Right behind, Muxi Integrated Circuit also joined the fray.

Coincidentally, Muxi Integrated Circuit was also founded in 2020 and is also committed to the independent research and development of full - stack high - performance general - purpose GPU chips and computing platforms. Its founder and CEO, Chen Weiliang, graduated from the University of Electronic Science and Technology of China with a bachelor's degree and obtained a master's degree from Tsinghua University in 2002. His career started with an indissoluble bond with GPUs. In 2007, he joined AMD as a senior director and worked there for 13 years.

The prospectus shows that as of the end of the reporting period, the cumulative sales volume of Muxi Co., Ltd.'s GPU products exceeded 25,000 units. However, the continuous losses cannot be ignored. From 2022 to 2024, Muxi Integrated Circuit's revenues were 426,000 yuan, 53.02 million yuan, and 743 million yuan respectively; the net losses after deducting non - recurring gains and losses were 784 million yuan, 890 million yuan, and 1.044 billion yuan respectively. The prospectus reveals that the post - investment valuation corresponding to Muxi Integrated Circuit's latest external equity financing was 21.071 billion yuan.

The IPO processes of Moore Threads and Muxi are highly symbolic. Once they are successfully listed, they will surely form a demonstration effect, boosting the confidence of the entire domestic chip industry and attracting more patient capital to invest in this crucial track.

Moreover, on the same day, the IPO applications of Yijia Additive Manufacturing, Qinheng Microelectronics, and Youyan Composite Materials were also accepted on the Science and Technology Innovation Board, covering industries such as 3D printing, interface chips, and metal composite materials. The five companies plan to raise nearly 15 billion yuan in total.

Meanwhile, the review processes of the three major exchanges have been fully launched, including a number of "little giant" enterprises. As of now, the number of companies whose IPO applications have been accepted in the A - share market in 2025 has exceeded that of the whole of last year. Such a grand occasion is amazing.

Seize the IPO Opening Window

There were early signs of this scene.

In February this year, the China Securities Regulatory Commission issued the "Implementation Opinions on the Capital Market's Efforts in the Five Major Financial Tasks."

It clearly stated that: Support technology - based enterprises in new industries, new business models, and new technologies that have made breakthroughs in key core technologies to issue and list with greater intensity, and continuously support high - quality unprofitable technology - based enterprises to issue and list.

Then in March, the quiet atmosphere began to be broken. A local venture capital tycoon shared, "I received a notice from the exchange, asking us to submit applications for good companies as soon as possible. IPOs are becoming more normalized, and the listing of unprofitable companies has resumed. It is estimated that there will be about 150 - 200 companies listed each year, that is, about two or three companies per week."

After communicating with the investment community at that time, many investors and investment bankers told us that the exchanges were encouraging companies to actively submit applications. Investment institutions were busy connecting the companies they invested in with investment banks and securities firms to seize this rare IPO window period. "It will take about 3 - 5 months to see the results of the applications, as it still takes some time to sort out the financial data."

Subsequently, the Pre - IPO round of financing has been surging. First, Yunjing Intelligent officially announced the completion of a $100 million financing, jointly led by Tencent Investment and the Beijing Robot Industry Development Investment Fund. The company announced the official launch of the Pre - IPO round of financing, starting the final sprint before listing. Wolei Intelligent announced the completion of a Pre - IPO round of financing exceeding 100 million yuan, jointly led by Tongchuang Weiye and Jiangxia Science and Technology Investment, followed by institutions such as Huarui Equipment Fund and the fund under NetEase. At the same time, the Shanghai Guotou Leading Artificial Intelligence Industry Mother Fund jointly led the investment in Biren Technology.

Finally, a symbolic scene emerged. Wu Qing, the chairman of the China Securities Regulatory Commission, announced the "1 + 6" policy measures to further deepen the reform of the Science and Technology Innovation Board at the Lujiazui Forum. Among them, "1" means setting up a science and technology innovation growth tier on the Science and Technology Innovation Board, and restarting the listing of unprofitable companies under the fifth set of standards for the Science and Technology Innovation Board, to more precisely serve high - quality technology companies with significant technological breakthroughs, broad business prospects, and large continuous R & D investments. At the same time, special arrangements have been made in strengthening information disclosure and risk disclosure, and enhancing investor suitability management.

"6" refers to the introduction of 6 reform measures on the Science and Technology Innovation Board. Specifically, for companies applying the fifth set of standards for the Science and Technology Innovation Board, a system of senior professional institutional investors will be piloted; a pre - review mechanism for IPOs will be piloted for high - quality technology companies; the scope of application of the fifth set of standards will be expanded to support more cutting - edge technology fields such as artificial intelligence, commercial aerospace, and low - altitude economy; unprofitable technology companies under review will be supported to carry out activities such as capital increase and share expansion among existing shareholders; the refinancing system and the criteria for identifying strategic investors of Science and Technology Innovation Board companies will be improved; and more investment products and risk management tools will be added to the Science and Technology Innovation Board.

It is worth mentioning that today (July 1st), Wuhan Heyuan Biotech will be reviewed for listing on the Science and Technology Innovation Board. This is also the first company applying the fifth set of standards for the Science and Technology Innovation Board to be reviewed since the announcement of the "restart of the listing of unprofitable companies under the fifth set of standards for the Science and Technology Innovation Board."

Earlier, investors mentioned several names to us: semiconductor unicorns such as Moore Threads, Suiyuan Technology, and Muxi Integrated Circuit have all quietly updated their listing guidance progress this year, secretly accelerating their IPO steps. The brand manager of one of the companies directly told the investment community, "We are fully prepared for the IPO and just waiting for the signal to submit the application first."

This is a precious IPO window.

"Looking at Projects During the Day, Meeting Investment Banks at Night"

In the past two years, the difficulties in exiting the primary market have been vividly remembered.

For a long time, IPO has been a relatively relied - upon exit path for domestic VC/PE. However, in the past period, the capital market's gate has tightened. The number of IPOs has decreased from three to five hundred per year to less than one hundred, narrowing the exit channel and continuously increasing the exit difficulty for VC/PE.

Consequently, a trillion - level venture capital backlog is forming. Data shows that as of the end of 2024, the scale of funds in the primary market in China for exit and extension periods reached 16 trillion yuan, and the market exit pressure is extremely high.

Therefore, we can see that the liquidity problem in the primary market has become more and more serious. Without exits, LPs will surely be more cautious in investing, and less money will be invested in startups and innovation, which means that the healthy cycle of "fundraising, investment, management, and exit" has been broken.

Previously, a venture capital tycoon with more than 20 years of experience sighed to us, "If the poor exit situation in the primary market continues for another two years, I don't know where the industry will go." In his opinion, solving the problem of indigestion in the primary market can make the venture capital flow.

In such a situation, last night's "IPO acceptance wave" has excited many VC/PE investors. "After talking about it for half a year, we finally see a glimmer of hope."

In the past six months, some people have smelled the signal. "Looking at projects during the day, meeting investment banks at night." Many primary market investors are busy preparing for the IPOs of the companies they invested in. This may be the most important window period this year, but it is unlikely to return to the previous IPO boom.

"What the industry urgently needs to solve is to create an exit path that is healthy, predictable, and has a certain degree of stability, regardless of the speed," said Kuang Ziping, the founding managing partner of Qiming Venture Partners, at the Zero2IPO Annual Conference. He doesn't hope that the IPO gate will be wide open but hopes for predictability.

The primary market has its ups and downs.

As the IPO steps are getting closer, a new cycle is starting - no one wants to be a bystander.

This article is from the WeChat official account "Investment World" (ID: pedaily2012), written by Liu Bo and Yang Jiyun, and published by 36Kr with authorization.