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Chinese AI chip developer Moore Threads gets go-ahead for Shanghai IPO
US-sanctioned Moore Threads plans to raise about US$1 billion from its listing on Shanghai’s Nasdaq-style Star Market
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Ann Caoin Shanghai
Moore Threads Technology, a Chinese developer of graphics processing units (GPUs), on Friday received approval for an initial public offering (IPO) on Shanghai’s Nasdaq-style Star Market.
Founded in 2020, Beijing-based Moore Threads plans to raise 8 billion yuan (US$1.1 billion) from its IPO, according to its prospectus.
It took the company just 88 days from filing an application for an IPO in June to receiving regulatory approval from the Shanghai Stock Exchange.
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Moore Threads, which was added to a US trade blacklist in late 2023, has emerged as a potential competitor to leading American GPU suppliers Nvidia and Advanced Micro Devices (AMD). Moore Threads’ founder and CEO, Zhang Jianzong, was formerly a vice-president at Nvidia and served as general manager of the firm’s China operations.
The latest fundraising initiative by Moore Threads reflects growing efforts in the country’s semiconductor industry and artificial intelligence sector to push forward Beijing’s tech self-sufficiency agenda amid US export restrictions on China and rising geopolitical tensions.
Moore Threads plans to use the proceeds from its public listing on research and development for its multiple integrated circuit projects, including next-generation AI chips for training and inference tasks, according to its prospectus.
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