Moore Thread Set to Make History with Upcoming Listing on December 5

Key Takeaways:

• Moore Thread, a pioneer in domestic GPU technology, will list its shares on the Science and Technology Innovation Board on December 5, 2025.
• The company will raise a significant 8 billion yuan to bolster its AI and graphics chip projects.
• With a market valuation of 53.715 billion yuan, Moore Thread is positioned as a key player in the tech industry.

On December 3, Moore Thread, recognized as the first domestic GPU stock, officially confirmed its listing date. The company will commence trading on the Science and Technology Innovation Board, with its shares available to investors on December 5, 2025.

According to the company’s latest announcement, the RMB ordinary shares will be listed following the Shanghai Stock Exchange’s review and approval process. Notably, companies that do not show profitability at the time of listing will be classified under the Science and Technology Innovation Growth Layer from their listing date.

As of now, Moore Thread has not yet achieved profitability and will be categorized under the growth layer upon its debut in the market.

The company kicked off its subscription process at the end of November, with the subscription code being 787795. Shares are priced at 114.28 yuan each, with a total issuance of 70 million shares, of which 11.2 million are available for online subscription.

Based on the initial issue price, Moore Thread is projected to reach a total market valuation of approximately 53.715 billion yuan upon its public listing.

In this online issuance, the number of valid subscription households reached 4.83 million, with a remarkable total of 46.217 billion shares subscribed. The preliminary winning rate for online issuers stands at 0.02423369%, meaning investors can expect to invest around 57,140 yuan to secure a winning lottery subscription.

Setting a record, the issue price of 114.28 yuan is among the highest seen this year, with a total issuance fee of 424 million yuan marking the top for new shares throughout the same period. The total capital raised is 8 billion yuan, making it the largest fundraising initiative this year on the Science and Technology Innovation Board and the second largest across the entire stock market.

The funds raised from this listing will play a crucial role in advancing Moore Thread’s research and development initiatives. Key projects include the next generation of independent controllable AI chips, graphics chips, and AI System on Chips (SoCs), ensuring that the company remains at the forefront of technological innovation in the GPU sector.

Zhang Jianzhong, the founder, chairman, and general manager of Moore Thread, emphasized that the company’s products are nearing or have reached international standards in performance metrics, achieving breakthroughs in critical areas often seen as bottlenecks in GPU technology.

For instance, the MTT S80 graphics card from Moore Thread boasts single-precision floating-point computing performance comparable to that of NVIDIA’s RTX 3060. Zhang acknowledged that the issues surrounding graphics APIs and driver ecosystems are pivotal in shaping user experience and overall product competitiveness. Addressing these challenges remains a high priority for the company’s ongoing development efforts.

Understanding that robust hardware specifications must be complemented by a powerful software ecosystem to unlock full potential, Moore Thread expresses commitment to continual research and development. The company aims to introduce new consumer-grade graphics cards that are timed effectively with market dynamics and user feedback.