The company's shares were listed at 114.28 yuan, and during its first day of trading, the stock surged over sixfold, reaching 688 yuan.
Moore Threads, often called the "Chinese Nvidia," plans to utilize the funds from its IPO to invest in the development of AI chips and next-generation graphics chips, as well as to bolster its working capital.
The company reported a 182% increase in revenue for the first three quarters of this year, reaching 780 million yuan. However, it also recorded a net loss of 724 million yuan, according to Bloomberg.
Moore Threads was founded in 2020 by former Nvidia executive Zhang Jianzhong. Initially, the company focused on manufacturing graphics chips, but it later pivoted to produce AI accelerators used for running large language models.
In October 2023, the company was placed on the US Department of Commerce's Entity List, restricting its access to American technology.
source: bloomberg.com
Moore Threads, often called the "Chinese Nvidia," plans to utilize the funds from its IPO to invest in the development of AI chips and next-generation graphics chips, as well as to bolster its working capital.
The company reported a 182% increase in revenue for the first three quarters of this year, reaching 780 million yuan. However, it also recorded a net loss of 724 million yuan, according to Bloomberg.
Moore Threads was founded in 2020 by former Nvidia executive Zhang Jianzhong. Initially, the company focused on manufacturing graphics chips, but it later pivoted to produce AI accelerators used for running large language models.
In October 2023, the company was placed on the US Department of Commerce's Entity List, restricting its access to American technology.
source: bloomberg.com