Overview
- The listing sold 70 million shares at 114.28 yuan each, raising about 8,000 million yuan on Shanghai’s STAR Market and marking the venue’s biggest IPO of 2025.
- Shares opened at 650 yuan and closed at 600.5 yuan, finishing roughly 425% above the offer price after a volatile first session.
- The company says funds will accelerate development of next‑generation training and inference GPUs and strengthen working capital.
- Moore Threads remains unprofitable despite rapid growth, reporting 124 million yuan revenue in 2023, 438 million in 2024, and 785 million in the first three quarters of 2025.
- Placement on the U.S. Entity List limits access to advanced foundry technology, increasing reliance on domestic fabs, while a fast 88‑day approval and competition from Cambricon and Huawei highlight execution risks.