Illustrated photo showing Moore Threads logo on a smartphone in Suqian, Jiangsu Province, China, October 30, 2025.
Photo | Future Publishing | Getty Images
Shares of Beijing-based graphics processing unit (GPU) maker Moore Thread, also known as “China’s Nvidia,” soared more than 400% in its Shanghai debut after listing for $1.1 billion.
The company’s shares are currently trading at 584.98 yuan, more than five times the public price of 114.28 yuan.
Moore Thread’s IPO was led by CITIC Securities, which acted as lead manager for the offering. The joint bookrunners on the transaction were BOC International Securities, China Merchants Securities and GF Securities.
The company is not yet profitable, but at the time of its listing it said it needed the IPO proceeds to accelerate several core research and development initiatives, including a new generation of homegrown AI training and inference GPU chips. A portion of the funds will also be used to replenish working capital.
As US regulations tighten, more Chinese chip makers are entering the AI processor field.
Startups like Enflame Technology and Biren Technology are stepping in, aiming to grab a share of the billions in GPU demand that Nvidia no longer provides. China is also conducting more semiconductor IPOs, aiming for technological independence.
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