Moore Threads, billed as China's first domestic GPU stock, debuted on 5 December with a near fivefold jump from its issue price, becoming the STAR Market's largest IPO in 2025. The company issued 70 million shares at CNY114.28 each, equal to 14.89% of total equity, and expects net proceeds of CNY7.576 billion (approx. US$1.07 billion) to accelerate AI chip development.
The shares opened significantly higher and briefly reached CNY688. Strong demand was clear during subscription, where the adjusted online allotment rate stood at 0.036% and the subscription multiple hit 2,751.
Institutional interest was also strong. Bloomberg and Sina reported participation from quant funds such as Ubiquant Investment, High-Flyer, and Lingjun Investment.
Though Chinese chipmakers are often seen as trailing US rivals, Moore Threads has attracted attention as a domestic contender. Its official documents benchmark the firm against Hygon Information Technology, Cambricon Technologies, Changsha Jingjia Microelectronics, Nvidia, AMD, and Qualcomm.
Hong Kong media noted that the approval process took only 122 days, highlighting strong state backing for China's semiconductor ambitions.
The company was added to the US Department of Commerce Entity List in 2023 and remains unprofitable. First-half 2025 revenue reached CNY700 million, exceeding its 2024 full-year level, but losses continued. Moore Threads expects to reach profitability in 2027.
Moore Threads is grouped with MetaX, Enflame Technology, and Biren Technology as one of China's "Four GPU Dragons", with the other three also preparing for listings.
Article edited by Jack Wu
