China Chipmaker Moore Threads Soars 502% After $1.1-B IPO

By The Financial District
10 hours ago
1 min read

Moore Threads Technology Co., a leading Chinese artificial intelligence (AI) chipmaker, jumped 425% in its Shanghai trading debut after raising 8 billion yuan ($1.13 billion), marking the biggest first-day pop for a major initial public offering (IPO) since China’s 2019 reforms, Bloomberg News reported.

Moore Threads’ listing comes as optimism grows over China’s drive for tech self-sufficiency. (Photo: Moore Threads)

The IPO drew strong investor interest, with the retail portion oversubscribed about 2,750 times even after a clawback. Its debut surpassed Semiconductor Manufacturing International Corp.’s 202% surge in 2020 to secure the top spot among IPOs larger than $1 billion.

Moore Threads’ listing comes as optimism grows over China’s drive for tech self-sufficiency, fueled by trade tensions and fears of US technology restrictions.

Earlier this year, regulators eased listing rules for unprofitable firms on the Nasdaq-style STAR Market to bolster homegrown startups.