Shares of “Moore Threads,” a Chinese graphics processing unit (GPU) maker sometimes referred to as “China’s Nvidia,” saw a remarkable surge exceeding 400% in its first day of trading on the Shanghai Stock Exchange, following its $1.1 billion listing.
CNBC reported that the stock closed at 600.500 yuan, more than five times its initial offering price of 114.28 yuan.
CITIC Securities led the offering as the primary guarantor, while BOC International Securities, China Merchants Securities, and GF Securities participated as joint bookrunners.
The company, which is not yet profitable, stated in its prospectus that the funds raised will be used to accelerate a number of important research and development projects, including the development of a new generation of AI chips for training and inference.
A portion of these funds will also be allocated to enhance working capital. (Sky News)
