Chinese GPU design company Moore Threads Technology (Stock Code: 688802) has made a blockbuster debut on Shanghai's STAR Market. The stock soared 568.83% at the opening, reaching 700 yuan per share. Based on the opening price, successful applicants could earn a profit of nearly 300,000 yuan per lot. This extraordinary performance pushed the company's market capitalization to approximately 280 billion yuan, reflecting intense investor enthusiasm for domestic GPU players.
Founded in September 2020, Moore Threads is a full-stack GPU chip company with a product portfolio spanning AI inference, general-purpose computing, and graphics rendering. Its main product series, including Chengshan C, Chaoyun N, and Xicai G, target key scenarios like AI training and data centers. Its flagship Chengshan C600 series is positioned between NVIDIA's A100 and H100 in performance, with risk production slated for late 2025 and mass production in the first half of 2026. The next-generation C700 series, aiming to compete with the H100, is scheduled for tape-out in the second half of 2026.
The company's IPO was priced at 104.66 yuan per share, raising a net amount of about 3.9 billion yuan after expenses. These funds are earmarked for core R&D and industrialization, specifically for projects involving new high-performance general-purpose GPUs and next-gen AI inference GPUs, accelerating product iteration and import substitution efforts.
ICgoodFind's Insight
The overwhelming market reception for Moore Threads' IPO highlights the strategic premium placed by investors on China's push for semiconductor self-sufficiency, particularly in the high-value, AI-critical GPU segment. Its success underscores the potential and challenges of building a competitive domestic alternative in a technology-intensive market.
