China’s Nvidia counterpart “Moore Threads” skyrockets 468% on first trading day; early investors reap 6,200x returns, creating an A-share legend

Moore Threads Soars 468.78% on STAR Market Debut, Market Cap Surpasses RMB 270 Billion; Early Investors See Over 6,200x Gains, Making It One of the Year’s Most Profitable IPOs and Fueling High Expectations for China’s Domestic High-Performance Computing Chips

This article is sourced from Wallstreetcn and compiled, translated, and written by Foresight News.

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As China’s “first domestic GPU stock,” Moore Threads ignited market enthusiasm with an astonishing surge on its STAR Market debut, directly affirming its technological scarcity and highlighting strong market optimism for the future of domestic high-performance computing chips amid the AI wave.

On December 5, Moore Threads officially debuted on the STAR Market, opening at RMB 650, a 468.78% jump from its IPO price of RMB 114.28. Intraday, the stock hit a high of RMB 688, up 502%, with its market cap briefly exceeding RMB 270 billion. Based on the opening price, a single winning lot (500 shares) yielded a floating profit of over RMB 280,000, making it one of the most profitable new stocks this year. At press time, the stock traded at RMB 590.59 per share, up 416.79%. (“Winning lot” = successful subscription.)

Moore Threads also delivered staggering returns for early investors—one of the earliest backers, Peixian Qianyao, saw its initial investment appreciate by over 6,262 times, creating a capital legend.

This IPO attracted 267 institutions to participate in the bidding, with offline subscriptions oversubscribed by 1,572 times. Top institutions like Southern Fund and E Fund submitted hundreds of products for subscription. The company raised about RMB 8 billion, making this year’s largest IPO on the STAR Market. Despite currently operating at a loss, its price-to-sales ratio stands at a lofty 122x, far exceeding overseas giants like Nvidia, indicating the market is pricing in significant future growth and unique technological value.

As the only domestic company capable of matching Nvidia’s functionality, Moore Threads has achieved technological breakthroughs in AI computing, graphics rendering, physics simulation, and video encoding/decoding on a single chip, all based on its self-developed MUSA architecture. The company expects to achieve profitability as early as 2027. It took only 158 days from submitting its application to listing—a “STAR Market acceleration.”

Founder, Chairman, and General Manager Zhang Jianzhong stated that the company will maintain an annual iteration pace for its full-featured GPU chips, aiming to build a comprehensive computing platform covering both cloud and terminal scenarios. He emphasized that as long as AI continues to evolve, the demand for computing power will not be a bubble.

A “Scarce Asset” Favored by Institutions

Moore Threads demonstrated overwhelming institutional investor enthusiasm during the initial inquiry phase. According to the IPO announcement, 267 offline investors submitted valid bids, with 7,555 managed placements and valid subscription shares reaching 70.406 billion, oversubscribed 1,572 times—far exceeding most IPOs this year.

The participating institutions included 86 public funds, 124 private funds, 30 brokerages, and 13 insurance institutions. Southern Fund submitted 404 products for a total intended subscription of 5.285 billion shares; E Fund submitted 389 products; ICBC Credit Suisse and China Universal submitted 345 and 265 products, respectively.

The preliminary online winning ratio was 0.02423369%. When subscriptions opened on November 24, the IPO price of RMB 114.28 per share set this year’s record for highest new stock issue price. The IPO raised about RMB 8 billion, making it the largest STAR Market IPO project this year.

From submitting the IPO application on June 30 to listing on December 5, the entire process took only 158 days. As the only domestic GPU manufacturer with deep deployments in both B2B and B2C markets, Moore Threads is seen by capital markets as a “rare, irreplicable asset.”

Early Investors Rake in 6,200x Profits

Since its founding in 2020, Moore Threads quickly became a focus in the primary market, advancing financing at an astonishing pace with cumulative fundraising exceeding RMB 10 billion and a pre-IPO shareholder base of 86.

Its fundraising prowess is not only reflected in total financing but also in the staggering returns for early investors—Peixian Qianyao, one of the earliest backers, saw its initial investment multiply by more than 6,262 times, creating a capital legend.

Moore Threads’ birth coincided with a domestic semiconductor investment boom in 2020, with fierce competition in the GPU track. Despite this, Moore Threads, branded as “China’s Nvidia,” stunned the market from the start, completing two financing rounds in less than 100 days and reaching a valuation of over $1 billion, setting the industry record for “fastest unicorn” and showcasing its strong market appeal and development potential.

After initial market recognition, Moore Threads fully ignited the enthusiasm of capital markets. From Pre-A to A rounds in 2021, it attracted “bulk-buy” investments from dozens of top institutions, including Shenzhen Capital Group, Sequoia China, GGV Capital, ByteDance, and Guosheng Capital. This frenzy indicates that both long-established institutions and cross-industry investors view Moore Threads as a must-have leading target, rushing in to jointly fuel its rapid growth.

Profitability Challenges Amid High Valuation

Despite high market enthusiasm, the company is still operating at a loss. Moore Threads’ 2024 revenue was RMB 438 million, with a net loss of RMB 1.618 billion and a price-to-sales ratio of 122x, far exceeding overseas GPU leaders like Nvidia.

Revenue has climbed rapidly in recent years, from RMB 46.0883 million in 2022 to RMB 438 million in 2024, and reached RMB 785 million in the first three quarters of 2025. However, due to massive R&D investment, net losses from 2022 to 2024 were RMB 1.894 billion, RMB 1.703 billion, and RMB 1.618 billion, respectively. In the first three quarters of 2025, losses reached RMB 724 million, with a single-quarter loss of RMB 453 million in Q3, an increase of nearly RMB 180 million year-over-year.

R&D expenses remain high: RMB 1.116 billion, RMB 1.334 billion, and RMB 1.359 billion from 2022 to 2024, and RMB 557 million in the first half of 2025. R&D expenses have long exceeded operating income, reflecting the company’s emphasis on technological development. Moore Threads expects to achieve consolidated profitability as early as 2027, indicating domestic GPU firms still face a long incubation period.

“Full-Function GPU” Benchmarks Nvidia

“Moore Threads is the definitional full-function GPU,” Zhang Jianzhong explained. Unlike other domestic GPU companies, Moore Threads’ products are “full-function GPUs.” Based on their self-developed MUSA architecture, the company was the first to achieve breakthroughs in a single chip architecture that simultaneously supports AI computing acceleration, graphics rendering, physics simulation, and ultra-high-definition video processing.

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