Moore Threads shares soar 500% in blockbuster Shanghai debut as China pushes chip independence

'China's Nvidia' Moore Threads surges over 400% on trading debut after $1.1 billion listing

Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) manufacturer often referred to as "China's Nvidia," soared by more than 400% on its debut in Shanghai following its $1.1 billion listing. The stock is currently trading at 584.98 yuan, over five times its IPO price of 114.28 yuan. As U.S. curbs tighten, an increasing number of Chinese chipmakers are pushing into the AI processor space. Newer players like Enflame Technology and Biren Technology have stepped in, aiming to capture a share of the billions in GPU demand no longer served by Nvidia. China has also been clearing more semiconductor IPOs in its drive for tech independence.

As China's Nvidia challenger Moore Threads surges 500% in stock market debut, meet its founder James Zhang, also an ex-Nvidia employee. His career, education

Moore Threads, a Chinese chip firm, has made a remarkable stock market debut. Founded by James Zhang, formerly of Nvidia, the company's valuation soared, reflecting investor belief in China's push for chip independence. This comes as the US tightens export controls on advanced chips. Moore Threads aims to develop universal GPUs for AI and other high-performance computing needs. When Moore Threads founder and CEO James Zhang Jianzhong walked away from a successful 14-year career at Nvidia in 2020, few imagined he would return just four years later at the helm of one of China's most valuable new-age chip companies. Zhang, who once served as Nvidia's vice-president and head of its China operations, has now engineered one of the most spectacular market debuts in China's semiconductor history. His Beijing-based startup, Moore Threads Technology, opened at 650 yuan ($91.90) on the Shanghai Stock Exchange's STAR Market -- giving it a staggering 305 billion yuan valuation and instantly placing it among the exchange's top valuable tech firms. Moore Threads -- often dubbed "China's Nvidia" -- saw its stock price surge to more than five times its IPO price of 114.28 yuan, signalling overwhelming investor confidence in China's effort to reduce dependence on foreign chip suppliers. The company's debut comes at a time when Beijing is aggressively pushing tech self-sufficiency, especially in advanced semiconductors, as the U.S. continues tightening export controls on cutting-edge AI chips. This broader political and economic climate has created fertile ground for domestic GPU makers like Moore Threads. Analysts believe the company is uniquely positioned to benefit from China's urgent need for high-performance computing power. Brokerage firm Sinolink Securities, as cited by Reuters, echoed this sentiment, initiating coverage with a "buy" rating, calling Moore Threads potentially "a key force" in China's chip independence race. Much of the excitement surrounding Moore Threads can be traced back to James Zhang's background. A computer science graduate from the Nanjing University of Science and Technology, Zhang began his career at global tech giants HP and Dell before joining Nvidia in 2005 according to South China Morning Post. Over the next decade and beyond, he played a crucial role in expanding Nvidia's footprint in the Chinese market, eventually rising to the position of vice-president and general manager for China operations. Zhang's deep technical expertise, industry relationships, and insider understanding of the global GPU landscape gave Moore Threads more credibility with prominent investors like Sequoia, GGV Capital, and ByteDance backing the startup. Moore Threads was founded in 2020 around a mission to create Universal GPUs that can power everything from AI model training to 3D graphics rendering. Its product ecosystem stretches from standalone chips to graphics cards and even large-scale computing clusters. These GPUs are designed to handle an expanding range of heavy workloads, including AI acceleration, ultra-high-definition video processing, scientific computing, digital twins, physical simulation, and applications tied to the metaverse. The company says its computing architecture is optimized for green, secure, and scalable intelligent computing -- capabilities essential for China's fast-growing AI infrastructure. Moore Threads' blockbuster debut also reflects the market's appetite for AI-linked growth stories. The STAR Market's semiconductor index -- SSE STAR Chip Index -- currently trades at 118 times earnings, far above the broader Shanghai Composite's multiple of 12, according to Reuters.

'China's Nvidia' Moore Threads Shares Surge Over 500% In Blockbuster Shanghai IPO - NVIDIA (NASDAQ:NVDA)

Shares of chipmaker Moore Threads Technology, dubbed China's Nvidia (NASDAQ:NVDA), rose as much as 502% as it debuted in Shanghai on Friday. IPO Proceeds For Massive R&D Moore Threads' shares debuted at 650 yuan ($91.92) on the STAR Market, a 468% surge from their IPO price of 114.28 yuan ($16.16), even as the broader market, the CSI300 Index, was trending lower. The stock touched 688 yuan during the session. The massive debut followed a robust response to the IPO, which was oversubscribed by more than 4,000 times. Moore secured 8 billion yuan ($1.13 billion) in what stands as the mainland's second-largest IPO of the year, following Huadian New Energy Group Co.'s $2.7 billion IPO in July. Despite not yet being profitable, the company's revenue in 2024 grew over threefold, as per its prospectus. It plans to use its IPO proceeds to fast-track core R&D, particularly next-generation, self-developed AI training and inference GPUs. Part of the funding will also go toward strengthening its working capital. This IPO underscores the rise of Chinese firms building their own AI processors, aligning with Beijing's push to cut dependence on U.S. chip designer Nvidia. The field now includes major players like Huawei and niche developers such as Cambricon, whose Shanghai-listed shares have jumped over 112% so far this year. Fast CSRC Nod And Strong Backing Moore Threads fast-tracked its way to market, receiving China Securities Regulatory Commission (CSRC) approval in just 88 days, far quicker than the STAR Market's roughly 470-day average. Its IPO was also bolstered by major backing, including a 7 million-yuan ($0.98 million) pre-IPO investment from DeepSeek and HighFlyer founder Liang Wenfeng, the company's largest institutional investor. Founded in 2020 by a former Nvidia executive, Zhang Jianzhong, the company was subjected to U.S. sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries. Zhang served as Nvidia's Global Vice President and General Manager for China. See Also: Lisa Su Says AMD Will Pay Trump's 15% Fee To Resume China AI Chip Sales Despite Beijing's Partial Block On Foreign Silicon Nvidia Caught In US-China Chip Tensions The surge in Moore Threads' shares comes at a time when the U.S. is imposing strict regulations on chip exports to China. A bipartisan group of U.S. senators has proposed the Secure and Feasible Exports Chips Act, which would bar Nvidia from selling its high-end H200 and next-generation Blackwell processors to China for 30 months. This act is aimed at restricting China's access to advanced AI technology. On the other hand, China has essentially pushed Nvidia out of its semiconductor market, ending the company's years-long dominance and slashing its AI-chip share "from 95% to 0%," in the words of CEO Jensen Huang. In November, regulators were said to have barred foreign AI chips, including those from Nvidia, from all new state-funded data center projects, mandating that any project under 30% completion replace imported hardware entirely. The company scores high on Momentum, Growth, and Quality in Benzinga's Edge Stock Rankings, with a favorable price trend in the long term, but weaker in the short and medium terms. Click here for deeper insights into the stock, the company, its peers, and competitors. Price Target: On a year-to-date basis, Nvidia stock surged 32.59% as p Shares of chipmaker Moore Threads Technology, dubbed China's Nvidia (NASDAQ:NVDA), rose as much as 502% as it debuted in Shanghai on Friday. IPO Proceeds For Massive R&D Moore Threads' shares debuted at 650 yuan ($91.92) on the STAR Market, a 468% surge from their IPO price of 114.28 yuan ($16.16), even as the broader market, the CSI300 Index, was trending lower. The stock rose as much as 502% to 688 yuan during the session. The massive debut followed a robust response to the IPO, which was oversubscribed by more than 4,000 times. Moore secured 8 billion yuan ($1.13 billion) in what stands as the mainland's second-largest IPO of the year, following Huadian New Energy Group Co.'s $2.7 billion IPO in July. Despite not yet being profitable, the company's revenue in 2024 grew over threefold, as per its prospectus. It plans to use its IPO proceeds to fast-track core R&D, particularly next-generation, self-developed AI training and inference GPUs. Part of the funding will also go toward strengthening its working capital. This IPO underscores the rise of Chinese firms building their own AI processors, aligning with Beijing's push to cut dependence on U.S. chip designer Nvidia. The field now includes major players like Huawei and niche developers such as Cambricon, whose Shanghai-listed shares have jumped over 112% so far this year. Fast CSRC Nod And Strong Backing Moore Threads fast-tracked its way to market, receiving China Securities Regulatory Commission (CSRC) approval in just 88 days, far quicker than the STAR Market's roughly 470-day average. Its IPO was also bolstered by major backing, including a 7 million-yuan ($0.98 million) pre-IPO investment from DeepSeek and HighFlyer founder Liang Wenfeng, the company's largest institutional investor. Founded in 2020 by a former Nvidia executive, Zhang Jianzhong, the company was subjected to U.S. sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries. Zhang served as Nvidia's Global Vice President and General Manager for China. See Also: Lisa Su Says AMD Will Pay Trump's 15% Fee To Resume China AI Chip Sales Despite Beijing's Partial Block On Foreign Silicon Nvidia Caught In US-China Chip Tensions The surge in Moore Threads' shares comes at a time when the U.S. is imposing strict regulations on chip exports to China. A bipartisan group of U.S. senators has proposed the Secure and Feasible Exports Chips Act, which would bar Nvidia from selling its high-end H200 and next-generation Blackwell processors to China for 30 months. This act is aimed at restricting China's access to advanced AI technology. On the other hand, China has essentially pushed Nvidia out of its semiconductor market, ending the company's years-long dominance and slashing its AI-chip share "from 95% to 0%," in the words of CEO Jensen Huang. In November, regulators were said to have barred foreign AI chips, including those from Nvidia, from all new state-funded data center projects, mandating that any project under 30% completion replace imported hardware entirely. The company scores high on Momentum, Growth, and Quality in Benzinga's Edge Stock Rankings, with a favorable price trend in the long term, but weaker in the short and medium terms. Click here for deeper insights into the stock, the company, its peers, and competitors. Price Target: On a year-to-date basis, Nvidia stock surged 32.59% as per Benzinga Pro. On Thursday, the stock climbed 2.12% to close at $183.38. Image via Shutterstock Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. NVDANVIDIA Corp $183.470.05% Overview Market News and Data brought to you by Benzinga APIs

China's Nvidia-like Moore Threads set for trading debut after $1.1 billion IPO

SHANGHAI/BEIJING, Dec 5 (Reuters) - Moore Threads Technology Co, dubbed by analysts as "China's Nvidia", is expected to make a strong market debut in Shanghai on Friday, on bets that the U.S.-blacklisted startup will benefit from Beijing's drive to boost domestic chip manufacturing. Beijing has stepped up approval of initial public offerings by semiconductor firms in a push towards tech self-sufficiency, with Washington restricting advanced chip exports to China in a bid to curb its development of AI and military capabilities. Moore Threads, which makes graphics processing units (GPUs) for artificial intelligence computing, could become a key force in accelerating China's efforts to replace foreign chips with local technology, brokerage Sinolink Securities said in a report initiating coverage with a "buy" rating on the stock. "The era of AI is driving rapid expansion in GPU demand," Sinolink Securities analyst Fan Zhiyuan said, setting a target price of 182.25 yuan for the stock, nearly 60% higher than the IPO price. The company last week raised nearly 8 billion yuan ($1.13 billion) selling shares at 114.28 yuan apiece. Its performance on Shanghai's STAR Market will be closely watched amid worries about stretched tech valuations. A strong debut for the Beijing-based company, founded in 2020 by former Nvidia China executive Zhang Jianzhong, would bode well for a growing number of homegrown semiconductor firms eyeing listings riding on China's efforts to reduce reliance on foreign chip suppliers. The Shanghai Stock Exchange has accepted a slew of IPO applications this year from chipmakers including MetaX Integrated Circuits (Shanghai), SJ Semiconductor and Xiamen UX IC. Chinese tech giants including Huawei, Alibaba and Baidu have also stepped up investments in AI chip development, as China restricted Nvidia's chip sales in the country. Moore Threads, whose IPO was priced at 123 times 2024 sales, expects 2025 sales to jump as much as 242% to 1.5 billion yuan, as it joins several other Chinese start-ups seeking to fill Nvidia's void. China's SSE STAR Chip Index index currently trades at 118 times earnings, compared with a multiple of 12 for the Shanghai Composite Index. ($1 = 7.0714 Chinese yuan renminbi) (Reporting by Shanghai and Beijing Newsroom; Editing by Sumeet Chatterjee and Sonali Paul)