China's technology sector is witnessing the rapid ascent of a new billionaire, born from its ambitious semiconductor drive. Chen Weiliang, founder of chip startup MetaX Integrated Circuits Shanghai Co., is poised to join the country's rich list as his company prepares for a blockbuster initial public offering (IPO) in Shanghai.
From AMD Executive to Billionaire Founder
Chen Weiliang's journey to the cusp of immense wealth is a story of strategic risk-taking. Nearly five years ago, the 49-year-old engineer made a pivotal decision: he left a secure, top-tier executive role at American chip giant Advanced Micro Devices (AMD) after a 14-year career. His goal was to build his own semiconductor company from the ground up in Shanghai.
That gamble is about to pay off spectacularly. MetaX is set to list on Wednesday at a staggering valuation of $5.9 billion. According to the Bloomberg Billionaires Index, Chen holds 55 million shares in the firm. At the offer price, this stake is worth at least 5.8 billion yuan, or approximately $824 million, placing him firmly on the threshold of billionaire status.
Chen's story mirrors that of another recent tech success. Earlier this month, Zhang Jianzhong, founder of Moore Threads Technology Co. and a former NVIDIA executive, saw his net worth balloon to $4.3 billion following his company's IPO. Together, they represent a new wave of ultra-wealthy entrepreneurs emerging from China's determined push to build a self-reliant chip supply chain, a national priority amid ongoing tech tensions with the United States.
The "AMD Gang" and a Talent-First Strategy
A critical factor behind MetaX's swift rise has been Chen's aggressive and savvy recruitment strategy, often dubbed the "AMD Gang." He bypassed the typical startup growing pains by directly targeting and securing top engineering talent from his former employer and other global leaders.
Among his first and most crucial hires were chief technology officers Peng Li, one of AMD's first female Chinese scientists, and Yang Jian. The IPO is set to transform their fortunes as well, with each poised to gain wealth of around $56.7 million. Chen, an alumnus of the University of Electronic Science and Technology of China and Tsinghua University, also brought in former AMD colleagues Chen Yang, Zhou Jun, and Wang Ding to fill key management roles.
To lock in this elite talent, MetaX employed pre-IPO limited partnerships and generous share-based compensation. In 2024 alone, the company distributed 461 million yuan ($65.5 million) in such compensation, primarily to key managers. The strategy has been highly effective. More than 80% of its 870 employees hold indirect stakes, and at the offer price, owning just 0.017% of the company is enough to create a US dollar millionaire.
"It's almost the only way to attract a stable candidate to leave a stable business," explained Echo Wang, Regional Director at tech recruitment firm Hays Shanghai. She noted that while global giants offer top cash packages, startups like MetaX compete by offering potentially life-changing equity incentives.
Rapid Growth Amidst Fierce Competition and Risks
The IPO catapults MetaX into the heated race among China's chip 'unicorns,' all vying for dominance in a domestic market reshaped by Western export controls. However, the path ahead is fraught with challenges.
The company is burning cash at an alarming rate to catch up to leaders like NVIDIA in system performance and production. From 2022 through 2024, MetaX spent over 2.2 billion yuan on research and development. While its revenue is skyrocketing—reaching 915 million yuan in just the first half of 2025, surpassing all of 2024—it remains deeply unprofitable. The firm posted a net loss of 1.41 billion yuan in 2024 and projects it will not break even until 2026, a goal dependent on its flagship C500 chip competing successfully against rivals like Huawei's Ascend series.
Beyond financials, MetaX faces significant strategic vulnerabilities. The company relies heavily on a few major buyers. One key client in early 2025 was H3C Technologies Co., a subsidiary of a state-backed conglomerate that channels domestic chips into government data centers. Furthermore, as a "fabless" designer, MetaX depends entirely on third-party foundries to manufacture its chips. This makes its supply chain acutely vulnerable to US restrictions on advanced lithography equipment.
The company's own prospectus warns: "If our major suppliers experience capacity constraints or are subject to trade restrictions, our ability to deliver products could be materially impaired."
Industry analysts point out the intense competition. "Huawei, Hygon and Cambricon are considered to have more matured products and customer relationships," said Matthew Deng, Consulting Director at BDA China. Shen Meng, director of investment bank Chanson & Co., added that while founders with US experience can manage R&D, Chinese firms still "lag significantly behind global leaders in system-level performance, ecosystems, and production."
The story of Chen Weiliang and MetaX is a microcosm of China's semiconductor ambitions: spectacular wealth creation driven by national strategy, aggressive talent acquisition, and relentless investment, yet tempered by formidable financial, competitive, and geopolitical headwinds. Their success or failure will be a key indicator of whether China can truly build a self-sufficient chip industry.
