Beijing-based AI chipmaker Moore Threads Technology raised ~$1.13 billion (8 billion yuan) in its Shanghai STAR Market IPO, with shares debuting at 114.28 yuan and soaring as much as 500% on the first day of trading.
Moore Threads, also called ‘China’s Nvidia,’ benefited from bets that the startup will benefit from Beijing’s drive to boost domestic chip manufacturing.
Founded in 2020 by ex-Nvidia executive Zhang Jianzhong, Moore Threads shifted from gaming graphics to AI accelerators, capitalizing on U.S. curbs on Nvidia (NVDA) and China’s tech self-sufficiency push.
The price-to-sales ratio was at 123 times, higher than the average of 111 times for peers. The chipmaker expects 2025 sales to jump as much as 242% to 1.5 billion yuan.
The IPO ranks as this year’s second-largest onshore offering in China, lagging Huadian New Energy’s $2.7 billion figure.