Chinese GPU Maker Moore Threads Reportedly Files for Hong Kong IPO
On.cc · 2 SOURCESabout 3 hours ago2 MIN
Summary
Moore Threads, the Chinese graphics processor designer nicknamed the "Chinese version of NVIDIA," has reportedly submitted a confidential application for a Hong Kong Stock Exchange listing. The company, currently traded on Shanghai's STAR Market under stock code 688795, is seeking to raise at least $1 billion through the proposed H-share issuance. CITIC Securities, which previously served as sponsor for the STAR Market IPO, is expected to lead the Hong Kong offering.
Key Points
- Moore Threads reportedly filed a confidential Hong Kong IPO application, targeting a listing on the Stock Exchange of Hong Kong
- The GPU designer seeks to raise at least $1 billion (approximately HK$78 billion) in the proposed share issuance
- CITIC Securities will serve as the lead underwriter for the Hong Kong stock offering
- The company announced plans in August to issue H-shares and list on the Hong Kong exchange
- Moore Threads A-shares have experienced significant volatility, falling 20% on Monday before declining another 10% on Tuesday to 371.17 RMB
- Proceeds will fund R&D, commercialization, sales infrastructure, strategic investments, acquisitions, and working capital
Why It Matters
A successful Hong Kong listing would provide Moore Threads with access to international capital markets amid ongoing US restrictions on advanced semiconductor technology to China, while giving global investors exposure to China's domestic GPU capabilities. The offering could become one of the largest tech listings in Hong Kong this year if market conditions support the ambitious fundraising target.
A successful Hong Kong listing would provide Moore Threads with access to international capital markets amid ongoing US restrictions on advanced semiconductor technology to China, while giving global investors exposure to China's domestic GPU capabilities. The offering could become one of the largest tech listings in Hong Kong this year if market conditions support the ambitious fundraising target.