An illustration picture exhibits Moore Threads brand in a smartphone in Suqian, Jiangsu Province, China on October 30, 2025.
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Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) producer also known as “China’s Nvidia,” soared by greater than 400% on its debut in Shanghai following its $1.1 billion itemizing.
The inventory is at present buying and selling at 584.98 yuan, over 5 occasions its IPO value of 114.28 yuan.
Moore Threads’ IPO was led by CITIC Securities, which served because the lead underwriter for the providing. The joint ebook runners on the deal have been BOC Worldwide Securities, China Retailers Securities, and GF Securities.
The corporate, which isn’t but worthwhile, stated in its itemizing that the IPO proceeds are wanted to speed up a number of core analysis and improvement initiatives, together with new-generation self-developed AI coaching and inference GPU chips. A portion of the funds can even be used to complement working capital.
Moore Thread’s profitable IPO comes regardless of it being positioned underneath U.S. sanctions in 2023, which restricted its entry to superior chip manufacturing processes and foundries.
The agency is consultant of a rising forged of Chinese language corporations creating AI processors amid Beijing’s efforts to cut back reliance on American chip designer Nvidia.
Different corporations within the area embrace tech giants like Huawei, in addition to extra specialised gamers like Cambricon — a agency whose shares on the Shanghai alternate have surged greater than 100% 12 months thus far.
Washington has maintained various export restrictions on Nvidia for years, stopping it from promoting its most superior AI chips to China. Extra just lately, Beijing has additionally stepped in to dam imports of Nvidia’s chips because it tries to encourage home alternate options like Moore Threads.
Newer gamers like Enflame Know-how and Biren Know-how have additionally entered the area, aiming to seize a share of the billions in GPU demand not served by Nvidia. Chinese language regulators have additionally been clearing extra semiconductor IPOs of their drive for higher AI independence.
