Overview
- Shares jumped 469% from the IPO price of 114.28 yuan on the STAR Market after the company raised nearly 8 billion yuan.
- The offering was about 4,000 times oversubscribed, with a retail allotment rate of 0.036%.
- Beijing is accelerating semiconductor IPO approvals as US export controls limit access to advanced foreign GPUs.
- Analysts warn on valuations, with Moore Threads priced at 123 times 2024 sales and the STAR Chip Index at 118 times earnings versus 12 for the Shanghai Composite.
- Rival MetaX priced its IPO at 104.66 yuan to raise roughly 4.2 billion yuan, and it touts a C600 GPU positioned between Nvidia’s A100 and H100 according to the company.