On September 7, Moore Threads Technology Co.,Ltd. (ASX: 688795), the leading A-share computing chip company often dubbed "China's Nvidia," experienced its first-ever 20% daily limit-down since its initial public offering. The stock closed at 415.48 yuan per share, marking a fresh post-listing low and pushing its total market capitalization below the 200 billion yuan threshold.
Market activity on the day showed the stock opening at 498 yuan, briefly climbing to an intraday high of 513.89 yuan before rapidly descending to the limit-down price of 415.48 yuan. By the close, trading volume reached 8.2421 million shares, with a total transaction value of approximately 3.467 billion yuan.
The immediate catalyst behind this sharp price movement points directly to the expiration of restricted share lock-ups. According to a prior announcement from the company, on September 7, 25.7745 million shares of IPO online placement restricted shares became eligible for trading, representing 5.48% of the company's total share capital. These shares had a lock-up period of nine months from the listing date, originally expiring on September 5 but postponed to September 7 due to the non-trading day.
In terms of scale, based on the September 4 closing price of 519.35 yuan, the market value of this release is approximately 13.386 billion yuan, making it the largest single-stock unlock in the entire market that day. More critically, the change in float structure is substantial: before the release, freely tradable shares were only about 30.225 million, accounting for 6.43% of total shares; after the 25.7745 million shares entered the market, the float expanded to 56 million shares, an increase of more than 85% over the original float.
Market consensus attributes the primary selling pressure in this limit-down to institutional placement shareholders. These released shares were all offline institutional placements from the IPO, with an acquisition cost of 114.28 yuan per share. Even selling at the limit-down price of 415.48 yuan, each share yields a profit of approximately 301 yuan, representing a floating gain exceeding 263%. For institutional investors whose lock-up period has expired, this constitutes a strong incentive to lock in gains.
Data from the exchange's post-market dragon-tiger list clearly identifies institutional investors as the main sellers. On September 7, the stock appeared on the list due to "daily closing price decline reaching 15% among the top five securities with price fluctuation limits," with a turnover rate of 14.72% and transaction value of 3.467 billion yuan. All top five selling seats on the list were "institutional-only" positions, with a combined net sell amount of 1.462 billion yuan. The largest institutional seller recorded a net sell of approximately 451 million yuan, followed by the second seat at 340 million yuan.
In response to the limit-down, the company's securities affairs representative told media, "Today is the major release day for restricted placement shares; we ask investors to view this rationally, as the company's fundamentals remain normal." The company also stated that production and operations continue to improve, with first-half revenue reaching 1.736 billion yuan, up 147% year-over-year, and continuous iteration of its core GPU technology.
From a fundamental perspective, the company's total operating revenue for the first half of 2026 stood at 1.736 billion yuan, a 147.42% year-over-year increase, already exceeding last year's full-year revenue. Net losses attributable to shareholders narrowed dramatically by 95.73% to negative 11.56 million yuan. Excluding share-based payment effects, the adjusted net profit for the half-year was 83.53 million yuan, marking the company's first-ever profitable half-year on an adjusted basis.
However, market observers point out that the share unlock merely served as the "trigger," while the market simultaneously re-evaluates the quality of the half-year report: revenue is highly concentrated in cloud-based intelligent computing products, and excluding non-recurring items, the company still recorded a loss of approximately 150 million yuan.
Notably, this release represents only the second stage of a "three-tier staircase" of unlocks for the company. According to announcements, on December 7, an even larger release wave is expected, with approximately 186 million shares unlocked, accounting for 39.55% of total share capital. This implies that three months from now, the market's available share supply will increase substantially, exerting sustained pressure on the stock price.
As of the close on September 7, the stock price stood at 415.48 yuan, still about 3.6 times the issue price of 114.28 yuan, but representing a decline of roughly 55.9% from its post-listing peak of 941.08 yuan.
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