Moore Threads plans Hong Kong listing after 420% share surge on Shanghai debut

Moore Threads Technology, a Chinese GPU and AI chip company that debuted on the Shanghai STAR Market in December 2025, is already plotting its next move: a listing on the Hong Kong Stock Exchange. The company’s board has approved plans to issue H shares on the HKEX main board, a strategic play to tap international investors after its domestic IPO delivered one of the most eye-popping first-day performances in recent memory.

Shares of Moore Threads surged roughly 425% on their first day of trading, closing near 600 yuan after an offering price of 114.28 yuan per share. The IPO itself raised approximately 8 billion yuan, or about $1.1B.

From Nvidia alumni to China’s chip ambitions

Moore Threads was founded in 2020 by James Zhang Jianzhong, a former Nvidia executive. The company initially targeted gaming graphics, building GPUs designed for consumer entertainment. But as US export restrictions on advanced chips tightened, Moore Threads pivoted its focus toward AI training and inference chips, positioning itself squarely in the center of China’s push for technological self-sufficiency.

The company’s investor roster includes Sequoia China, GGV Capital, Shenzhen Capital Group, ByteDance, and Tencent.

Why Hong Kong, and why now

The decision to pursue a Hong Kong listing so soon after the Shanghai IPO is about more than just raising additional funds. HKEX serves as a bridge between mainland Chinese capital markets and international investors, many of whom cannot easily buy shares on the STAR Market. The proceeds from any Hong Kong offering would go toward developing next-generation GPU and AI chip technology, according to the company’s stated plans.

The bigger picture for China’s chip sector

The company’s backers at ByteDance and Tencent are not just financial investors. They are potential customers with massive AI infrastructure needs, which gives Moore Threads a built-in demand runway that most startups would envy.

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