Moore Threads Technology listed on the SSE Star Market on 5 December, raising nearly RMB8 billion and becoming China’s “first domestic GPU [graphics processing unit] stock”. Jingtian & Gongcheng and Jia Yuan Law Offices advised on the IPO.
The company issued 70 million shares at an offer price of RMB114.28 per share. On debut, Moore Threads Technology opened 468.78% above the offer price, briefly pushing its market capitalisation past RMB300 billion. It is the largest Star Market IPO in the past two years, and the second-largest A-share IPO this year, following Huadian New Energy’s listing in July.
Jingtian & Gongcheng acted as Moore Threads Technology’s counsel, with partner Yu Chao leading the team. Partners Lang Yuanpeng, Xiang Zhenhua, Hou Min, Li Meng and Jane Zhang provided support.
Jia Yuan advised the sponsor and lead underwriter, CITIC Securities. Senior partner Yi Jiansheng led the team, with partners Zhou Yazhou and Qi Man also involved.
Founded in 2020, Moore Threads focuses on GPU technology R&D, offering accelerated computing infrastructure and one-stop solutions for global markets. Core members of its co-founding team previously worked together at international technology companies including HP and Nvidia.
IPO proceeds will fund next-generation chip R&D, including integrated AI training and inference chips, graphics chips, AISoC chips, as well as supplement working capital.
Notably, the IPO process was completed in just 122 days – from acceptance of the application on 30 June to registration on 30 October.
