Artificial-intelligence chip designer Moore Threads Technology plans to list in Hong Kong, adding to the growing list of Chinese chip companies seeking to tap the city for fresh capital.
The Beijing-based company said Sunday that its board has approved plans to issue H-shares and list on the main board of the Hong Kong exchange as the chip maker aims to deepen its internalization strategy and enhance its core competitiveness.
The company didn't disclose a timeline for the listing, which remains subject to regulatory approval.
Founded in 2020 by a former Nvidia executive, shares of Moore Threads more than quadrupled on their first day of trading following their December debut on Shanghai's Nasdaq-like STAR board. The company raised over $1 billion in its initial public offering as Beijing's push to reduce reliance on foreign technology fuels efforts to foster a homegrown Nvidia rival.
China's domestic AI chip makers, from Huawei Technologies to Moore Threads, have been eager to fill the gap left by Nvidia following U.S. restrictions on exports to China.
Moore Threads, alongside Shanghai-listed MetaX, Hong Kong-listed Biren Technology and Enflame Technology, which is in the process of a Shanghai initial public offering, are collectively known as the "Four Little Dragons" of domestic GPUs.
Moore Threads said in a separate release that its first-half net loss narrowed to 11.56 million yuan, equivalent to $1.70 million, from 270.9 million yuan in the same period last year. Revenue more than doubled to 1.74 billion yuan in the first six months.
The company attributed the growth to robust demand for graphic processing units amid the AI boom and the accelerating commercialization of its Kuae computing cluster.
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