‘China’s Nvidia’ Moore Threads skyrockets 400% after IPO
Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) maker widely dubbed “China’s Nvidia,” jumped more than 400% on their first day of trading in Shanghai after the company’s $1.1 billion IPO.
The stock opened strongly and is now valued at 584.98 yuan, more than five times its initial offer price of 114.28 yuan, News.Az reports, citing CNBC.
CITIC Securities acted as the lead underwriter for the listing, joined by BOC International Securities, China Merchants Securities, and GF Securities as joint book runners.
Although the company has not yet turned a profit, its listing prospectus said that funds from the IPO will be used to speed up research and development, particularly for next-generation AI training and inference GPU chips. Part of the capital will also support working cash needs.
Moore Threads’ market debut comes despite its placement under U.S. sanctions in 2023, which restricted its access to advanced chip manufacturing technology and facilities.
The firm is representative of a growing cast of Chinese companies developing AI processors amid Beijing’s efforts to reduce reliance on American chip designer Nvidia.
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