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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Moore Threads, often dubbed the “Chinese Nvidia,” has begun its initial public offering (IPO) process, drawing strong interest from both domestic and global investors. The company was founded by a former Nvidia executive, adding to market expectations.
According to the Shanghai Stock Exchange on the 24th, Moore Threads opened subscription for retail investors as it seeks to list on the STAR Market, China’s Nasdaq-style technology board. Once listed, it will become the first dedicated GPU company to go public in China.
The company set its IPO price at 114.28 yuan per share, the highest offering price among newly issued A-shares this year. Moore Threads plans to raise 7 billion yuan through the issuance of 70 million new shares, targeting a post-listing valuation of 53.7 billion yuan (approx. KRW 11.2 trillion).
Investor demand has been intense from the early book-building stage. A total of 267 institutional investors participated, producing a subscription ratio of 1,572 to 1, one of the highest on record. The listing process has also moved unusually quickly: the company submitted its application in late June, passed the exchange’s review on September 26, and received final registration approval in late October—completing the core IPO procedures in just 122 days, an unprecedented pace for the STAR Market.
China’s Shenwan Hongyuan Securities commented, “Moore Threads’ fully self-developed full-stack GPUs are poised to accelerate the rapid expansion of AI computing. With capabilities spanning both graphics and AI, the company is expected to expand its market influence.”
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
