Moore Threads Technology Co.,Ltd., hailed as "China's first domestic GPU stock," made its debut on the STAR Market today. Amid the AI boom, the company's listing has garnered unprecedented market attention. As the first new stock this year with an issue price exceeding 100 yuan, its potential subscription returns have become a focal point for investors.
Industry experts highlight that Moore Threads' debut performance is highly anticipated, given its positioning in the AI computing power sector, domestic substitution expectations, and a relatively small number of tradable shares.
**The Most Expensive IPO of the Year** Moore Threads set its IPO price at 114.28 yuan per share, making it the priciest new stock in 2025. The company issued 70 million new shares, raising a net amount of approximately 7.576 billion yuan, setting a new record for STAR Market fundraising this year.
The IPO process was remarkably swift, taking just 122 days from application acceptance in late June to registration approval in late October, ranking among the fastest approvals on the STAR Market this year.
The offering attracted strong investor interest, with 267 institutional investors and around 4.83 million retail investors participating. The offline subscription multiple reached 1,572x, while the online retail subscription saw 4.8266 million valid applications for 46.217 billion shares, resulting in a lottery-winning rate of 0.036%.
Founded in June 2020, Moore Threads specializes in the R&D, design, and sales of full-feature GPU chips, covering data center and desktop GPUs, along with related software systems. The company has launched four GPU architectures, forming a diversified computing acceleration product matrix for AI intelligence, high-performance computing, graphics rendering, and virtualization. Its MTT S4000 AI acceleration card and Kuae computing cluster already support training for trillion-parameter AI models.
Financially, the company reported revenue of 785 million yuan in the first three quarters of 2025, surpassing the total of the past three years, with a 182% YoY growth. Net losses narrowed to 724 million yuan, and management projects profitability by 2027.
**Potential for Record-Breaking IPO Gains** This year, A-share IPOs have shown strong profitability, with zero first-day declines so far. Among 100 new listings in 2025, first-day gains ranged from 6.84% to 1,211.11%.
If Moore Threads achieves the electronics sector's average first-day gain of 248.04%, its closing price would reach 397.74 yuan per share, delivering a staggering 141,700 yuan profit per lot—the highest this year. Even a 113.76% rise (244.28 yuan closing price) would make it the most profitable IPO of 2025.
**Institutions Bullish on Domestic Computing Power** As the foundation of AI, chip performance shapes AI models and economic landscapes. With surging demand for large AI models, domestic chips are transitioning from raw computing power to ecosystem usability.
CITIC Securities projects China's AI chip market to grow 7–9x from 2025's $35–40 billion by 2030, with domestic adoption rising from 30–40% to 60–70%. Dongguan Securities notes rapid progress in local AI chip development, with companies like Moore Threads and MetaX accelerating capital market moves, supported by tech giants like Tencent adopting domestic solutions.
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