Muxi passed the review, and investors have made huge profits.

28 days after Moore Threads passed the review, MagicCore Technology Co., Ltd. also received good news.

On October 24th, their application for IPO on the Science and Technology Innovation Board passed the review of the listing committee of the Shanghai Stock Exchange. This also means that the two companies, both part of the "Four Leading Domestic GPU Companies", have entered the final stage of the competition for the title of "The First Domestic GPU Stock".

It only took MagicCore Technology Co., Ltd. 5 years from its establishment to its upcoming listing. Behind its rocket - like development speed is the strong support of numerous investors.

Along the way, MagicCore Technology Co., Ltd. has raised more than 10 billion yuan in total. The investors include 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, private equity tycoon Ge Weidong and his Hundun Investment, etc. Its valuation exceeds 21 billion yuan.

Surprisingly, before the official listing, the circle of friends of MagicCore Technology Co., Ltd. has already tasted the fruits of wealth in advance.

In addition to Ge Weidong, who made a hasty investment in the company as an individual in 2025 and has already made a small profit of about 200 million yuan, the stock prices of listed companies such as Chunzhong Technology, Zhongke Lanxun, Zhongshan Public Utilities, Septwolves, and Youfa Group, which hold shares or are related to this company, have also risen to varying degrees recently.

Shanghai's Star Unicorn Competes for the Title of "The First Domestic GPU Stock"

The story of MagicCore Technology Co., Ltd. dates back to five years ago.

At that time, as the Sino - US technological competition intensified, the importance of domestic GPUs continued to increase, and the market was also expanding. A group of practitioners who had been deeply involved in the chip field for many years discovered the huge opportunities therein, and finally a large - scale domestic GPU entrepreneurship wave quickly emerged.

It was at that time that companies such as Enflame Technology, Biren Technology, Moore Threads, and MagicCore Technology Co., Ltd. were established within three years. They not only quickly grew into the "Four Leading Domestic GPU Companies" but also transformed into star unicorns. Finally, in just a few years, they all embarked on the IPO path.

After assisting in the establishment of MagicCore Technology Co., Ltd., Kong Lingguo, the founding and managing partner of Heliconius Capital, once said bluntly that many people would be reluctant if technical experts like Chen Weiliang didn't start their own businesses and give it a try. After Chen Weiliang founded 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 worked at AMD for many years, indeed had the confidence. This core team, with an average of nearly 20 years of end - to - end R & D experience in high - performance GPU products, had led the R & D and mass production of more than a dozen world - class high - performance GPU products, covering the entire process from GPU architecture definition, GPU IP design, GPU SoC design to the mass - production delivery of GPU system solutions.

Except for Moore Threads, which is located in Beijing, the other three companies, including MagicCore Technology Co., Ltd., were founded in Shanghai. Although it is the latest established company among the "Four Leading Domestic GPU Companies", the development speed of MagicCore Technology Co., Ltd. is also amazing.

Attracted by policies such as R & D subsidies, tax and fee exemptions, and talent support, the company finally chose to set up its headquarters in Lingang, Shanghai. With the strong R & D ability of its technical team and the protection of multiple policies in Lingang, Shanghai, it established subsidiaries in cities such as Beijing, Nanjing, and Chengdu in less than half a year.

At the beginning of its establishment, GPU chips and board products for integrated training and inference and general computing became the focus of MagicCore Technology Co., Ltd. In the first half of 2021, they successively completed the R & D project establishment of the N100 series of MagicThink and the C500 series of MagicCloud. Finally, it only took 3 years to achieve the successful mass production of the two chips in one tape - out.

According to MagicCore Technology Co., Ltd., the C500 series of MagicCloud integrated training and inference GPUs can well meet the diversified computing power needs of artificial intelligence training/inference, general computing, scientific computing, etc. Its comprehensive performance is comparable to that of NVIDIA's A100, and it has more performance advantages than NVIDIA's currently available product in China, the H20, in the large - model training scenario.

After 5 years of development, this startup company, which independently develops full - stack high - performance GPU chips and computing platforms, has products covering artificial intelligence computing, general computing, and graphic rendering. The cumulative sales of its GPU products have exceeded 25,000 units. Since 2022, its total revenue in 39 months has exceeded 1.1 billion yuan, while the net loss is close to 3.3 billion yuan.

28 days after Moore Threads passed the review, MagicCore Technology Co., Ltd., which applied for listing on the Science and Technology Innovation Board at the same time as the former, also successfully passed the review on October 24th. Although Moore Threads has submitted a registration application, it is still uncertain which company will ultimately win the title of "The First Domestic GPU Stock".

Raised Over 10 Billion Yuan, Valued Over 21 Billion Yuan

The rocket - like development speed cannot be achieved without the support of a large amount of funds.

Two months after its establishment, MagicCore Technology Co., Ltd. completed its angel - round financing from investors such as Heliconius Capital and TEDA Science and Technology Investment. In addition to judging that there is a huge market space for domestic GPUs, Heliconius Capital, the leading investor, believes that MagicCore Technology Co., Ltd., which has a team with complete experience from GPU chip design to mass production, is very rare in the industry.

In January 2021, Sequoia Capital China and ZhenFund made their moves. With the follow - up investment from Heliconius Capital, TEDA Science and Technology Investment, etc., the company completed a Pre - A round of financing of hundreds of millions of yuan. In less than a month, it received investments from Matrix Partners China, Lightspeed China Partners, Heliconius Capital, Sequoia Capital China, ZhenFund, etc.

Both Sequoia Capital China and ZhenFund are very optimistic about MagicCore Technology Co., Ltd., which has a complete - structured team in the GPU field, and have high hopes for them to produce domestic self - controllable GPUs that meet market demand.

In August 2021, the company received 1 billion yuan from investors such as 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 completed its Series A financing.

The favor of the national team and industrial capital towards MagicCore Technology Co., Ltd. is not only influenced by the government's increased support for the domestic integrated circuit industry but also because this company was founded by senior professionals in the domestic integrated circuit field, which is of great significance for China to master key technology nodes in integrated circuits and cultivate domestic high - end chip design talents.

In September 2022, the company completed its Pre - B round of financing. The investors were 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 time, in the view of Matrix Partners China, MagicCore Technology Co., Ltd. had a very scarce team with experience and ability in high - performance GPU and GPGPU product R & D, and the R & D work had been going smoothly since its establishment.

Since February 2023, the company has completed several rounds of financing in 2 years. The investors include 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, etc.

This also means that in addition to investing in MagicCore Technology Co., Ltd. through Hundun Investment, Ge Weidong also personally invested 300 million yuan.

In the month after the completion of the previous round of financing, MagicCore Technology Co., Ltd. completed its last round of financing before listing. After receiving more than 7.2 billion yuan from dozens of investors, its valuation exceeded 21 billion yuan in March 2025.

The lineup of investors is also quite large, including 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, companies under Septwolves and Qisheng Capital, Ge Weidong, Hundun Investment, Rong Yanlin... Sichuan Shuangma, Chunzhong Technology, Zhongke Lanxun, etc.

Among them, the individual shareholders are Ge Weidong and 37 - year - old Rong Yanlin, who respectively invested about 339 million yuan and 150 million yuan in MagicCore Technology Co., Ltd. At the same time, listed companies such as Sichuan Shuangma, Chunzhong Technology, and Zhongke Lanxun chose to directly invest in the company.

However, this is not the end. In order to complete the continuous iterative upgrading of the existing core product lines and the switch to domestic supply chains, and at the same time enhance the company's overall R & D strength and enrich its technology reserves, MagicCore Technology Co., Ltd., which has already raised more than 10 billion yuan, finally chose to raise 3.904 billion yuan through listing.

The Wealth - Creating "Chinese NVIDIA", Ge Weidong Has Already Made a Small Profit of About 200 Million Yuan

Before the official listing, the circle of friends of MagicCore Technology Co., Ltd. has already tasted the fruits of wealth in advance.

Since December 2023, the company has experienced 8 equity transfers in 15 months. Some shareholders have already received certain financial returns through this method.

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 part of its equity in the company through the Hangzhou Property Rights Exchange. Finally, He Yunxia and Yang Zhen spent about 120 million yuan and 42.15 million yuan respectively to acquire the equity. 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 top 5 natural - person shareholders of MagicCore Technology Co., Ltd., along with Chen Weiliang, who directly 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 listing, 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 rough calculation of the 21 - billion - yuan valuation, the value 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 also means that since Ge Weidong made a hasty investment in the company as an individual in February 2025, he spent about 639 million yuan in total in about a month to invest in MagicCore Technology Co., Ltd., and finally made a floating profit of about 200 million yuan in a short period. If we also consider Hundun Investment and the market's pursuit of MagicCore Technology Co., Ltd., once the company goes public, it will bring even more generous returns to Ge Weidong.

It is worth noting that as the listing process of MagicCore Technology Co., Ltd. accelerates, the stock prices of listed companies such as Chunzhong Technology, Zhongke Lanxun, Zhongshan Public Utilities, Septwolves, and Youfa Group, which hold shares or are related to this company, have also risen to varying degrees recently.

In addition to the investors, the financial advisors (FA) that provided financing services for MagicCore Technology Co., Ltd. have also made a lot of money. According to the prospectus, including the relatively large financing advisory fees, their service fees in 2022 - 2024 were 36.2538 million yuan, 44.5006 million yuan, and 85.1042 million yuan respectively. In the first 3 months of 2025, the amount of this service fee increased to 91.8151 million yuan.

According to MagicCore Technology Co., Ltd., in order to speed up the financing process, they hired multiple third - party institutions to provide financing intermediary services for the company during the reporting period and paid financing service fees to the third - party institutions at a certain percentage of the financing amount. At the same time, for the Pre - IPO round of financing of more than 7.2 billion yuan completed in March 2025, the amount of the accrued but unpaid financing advisory fees is relatively large.

Although the company did not disclose the names of the FAs that served them, from the previous public financing news of MagicCore Technology Co., Ltd., it must include Light Source Capital. As early as 2021, Light Source Capital began to provide financing services for MagicCore Technology Co., Ltd. and served as the exclusive financial advisor in its 1 - billion - yuan Series A financing and hundreds - of - millions - of - yuan Pre - B round of financing.

In my article "Investors in the 'Chinese NVIDIA' Are Making Huge Profits", I mentioned that before Moore Threads went public, their circle of friends had already made a fortune. First, it was Moore Threads, and now it's MagicCore Technology Co., Ltd. The wealth halo of the "Chinese NVIDIA" is attracting more and more investors' attention.

This article is from the WeChat public account "China Venture Capital", author: Lu Zhigao, published by 36Kr with authorization.