China's Nvidia-like Moore Threads surges 500% on debut, becomes second-biggest listing pop of 2025

The demand for AI- and chip-related stocks shows no signs of easing in 2025, as investors displayed similar enthusiasm for Moore Threads, a Beijing-based graphics processing unit (GPU) manufacturer often referred to as “China’s Nvidia,” which made a bumper market debut on Friday, December 05.

Moore Threads’ shares began trading at 650 yuan on the Shanghai Stock Exchange (SSE), marking a 468% jump from the initial public offering (IPO) price of 114.28 yuan. This makes it the second-biggest listing pop on Chinese markets in 2025 so far.

Despite the strong debut, the stock continued to rally, touching the day’s high of 688 yuan. It became a wealth creator in a single session, delivering bumper gains to investors who received an allotment during the bidding process.

The massive debut followed a robust response to the IPO, which was oversubscribed by more than 4,000 times.

The strong demand signals investors’ confidence in China’s economic policies aimed at reducing dependence on foreign chip suppliers. Moore Threads’ successful debut also comes despite the company being placed under U.S. sanctions in 2023, which restricted its access to advanced chip manufacturing processes and foundries.

Looking at the company’s IPO details, Moore Threads raised 8 billion yuan (US$1.13 billion), making it the second-largest IPO on the mainland this year. Proceeds will fund next-generation AI and graphics chip projects and support working capital. The offering is only smaller than Huadian New Energy Group’s US$2.7 billion IPO in July.

The company received approval from the China Securities Regulatory Commission in October, just four months after filing—significantly faster than the average processing time of about 470 days for last year’s applicants on the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market).

Beijing has accelerated approvals for semiconductor IPOs as part of its push for tech self-sufficiency, especially as Washington tightens restrictions on advanced chip exports to curb China’s progress in AI and military capabilities.

About Moore Threads

Moore Threads, which develops GPUs for artificial intelligence computing, was founded in 2020 by James Zhang Jianzhong along with several former senior GPU engineers from Nvidia. Zhang, who spent 14 years at Nvidia, now chairs Moore Threads’ board.

In the first half of this year, the company’s revenue reached about 70 million yuan, already surpassing its full-year revenue from the previous year. However, the company remains unprofitable, posting a net loss of US$271 million in the first half of 2025.

The company expects 2025 sales to surge as much as 242% to 1.5 billion yuan as it joins a growing group of Chinese start-ups aiming to fill Nvidia’s void. Moore Threads also aims to become profitable as early as 2027.

(With inputs from agencies)

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