An illustration photo shows Moore Threads logo 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) manufacturer often referred to as “China’s Nvidia,” soared by more than 400% on its debut in Shanghai following its $1.1 billion listing.
The stock closed at 600.500 yuan, over five times its IPO price of 114.28 yuan.
Moore Threads’ IPO was led by CITIC Securities, which served as the lead underwriter for the offering. The joint book runners on the deal were BOC International Securities, China Merchants Securities, and GF Securities.
The company, which is not yet profitable, said in its listing that the IPO proceeds are needed to accelerate several core research and development initiatives, including new-generation self-developed AI training and inference GPU chips. A portion of the funds will also be used to supplement working capital.
Moore Thread’s successful IPO comes despite it being placed under U.S. sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries.
The firm is representative of a growing cast of Chinese companies developing AI processors amid Beijing’s efforts to reduce reliance on American chip designer Nvidia.
Other companies in the space include tech giants like Huawei, as well as more specialized players like Cambricon — a firm whose shares on the Shanghai exchange have surged more than 100% year to date.
Washington has maintained varying export restrictions on Nvidia for years, preventing it from selling its most advanced AI chips to China. More recently, Beijing has also stepped in to block imports of Nvidia’s chips as it tries to encourage domestic alternatives like Moore Threads.
Newer players like Enflame Technology and Biren Technology have also entered the space, aiming to capture a share of the billions in GPU demand no longer served by Nvidia. Chinese regulators have also been clearing more semiconductor IPOs in their drive for greater AI independence.