China’s domestic GPU sector has entered a new phase of capitalization. Moore Threads and MetaX have listed on the STAR Market, Biren debuted on the Hong Kong Stock Exchange in early January 2026, Iluvatar CoreX completed its Hong Kong IPO, and Enflame has finished listing counseling ahead of a STAR Market filing. Within one month, five Shanghai-based GPU firms accessed public capital markets, accelerating the commercialization of China’s AI chip industry.