Media365
Moore Threads Technology surged by more than fivefold in Shanghai, as enthusiastic investors vied to get shares of the Beijing-based semiconductor supplier of chips for artificial intelligence, helping to clock one of the most dazzling trading debuts in China’s stock market.
Moore’s shares began trading at 650 yuan amid a declining market, a 468 per cent jump from their initial public offering (IPO) price of 114.28 yuan. China’s benchmark CSI300 Index slipped 0.1 per cent.
The surge in Moore reflects China’s prioritisation of technology self-sufficiency in a critical five-year plan that outlined the nation’s economic and social development goals through 2030. China is now engaged in a tit-for-tat competition with the US in the tech area from AI large-language models to sophisticated chips and robotics.
Moore raised 8 billion yuan (US$1.13 billion) in the second-largest IPO on the mainland this year. Proceeds from the IPO will finance its next-generation projects in AI and graphics chips and supplement working capital. The offering is only smaller than Huadian New Energy Group’s US$2.7 billion IPO in July.
More to follow …
