Moore Threads Soars as Much as 502% on Shanghai Debut After $1.1 Billion IPO

Overview

• Shares jumped as much as 502% to 688 yuan in early trade before easing to about a 420% gain by the midday break.
• The offering on Shanghai’s STAR Market was priced at 114.28 yuan and raised roughly 8 billion yuan, about $1.1 billion.
• Demand was extreme, with the retail portion reportedly about 2,750 times subscribed.
• Founded by a former head of Nvidia’s China unit, the company is pitched as a local GPU supplier as U.S. curbs keep top-end Nvidia chips out of China.
• Moore Threads plans to channel proceeds into AI chip R&D and working capital, though it remains loss-making despite rapid sales growth.