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 is currently trading at 584.98 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.
As U.S. curbs tighten, an increasing number of Chinese chipmakers are pushing into the AI processor space.
Newer players like Enflame Technology and Biren Technology have stepped in, aiming to capture a share of the billions in GPU demand no longer served by Nvidia. China has also been clearing more semiconductor IPOs in its drive for tech independence.
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