Moore Threads plans a Hong Kong listing after its shares surged 420% since its Shanghai debut

Moore Threads, the Beijing-based AI chipmaker founded by former Nvidia China executive Zhang Jianzhong, plans to list in Hong Kong at an “appropriate time.“ The company’s shares have surged more than 420% since its Shanghai STAR board debut late last year, when it raised 8 billion yuan in a heavily oversubscribed offering that marked the biggest first-day pop for a major listing since China’s 2019 reforms. Revenue jumped 147% to 1.74 billion yuan in the first half of 2026, and its net loss narrowed sharply to 11.6 million yuan from 270.9 million a year earlier.

The Hong Kong listing is framed as an internationalisation move. Moore Threads said in a filing on Sunday that the offering would help attract R&D and management talent and deepen its global strategy. Chinese tech companies have been flooding into Hong Kong as US and EU barriers tighten, with first-time share sales in the city raising more than $42 billion in 2026, already a six-year high. Moore Threads would join Zhongji Innolight, which raised $6.8 billion in Hong Kong last month in the city’s biggest debut in seven years.

Moore Threads started as a graphics chip company for gaming and visual rendering before pivoting to AI accelerators that power large language models. It competes alongside Cambricon and Huawei to fill the market share void left after Nvidia’s forced exit from China under US export controls. US curbs have pushed China’s AI chip industry away from GPUs toward custom ASICs, but Moore Threads has stayed closer to the GPU model, positioning itself as the domestic alternative to the hardware Chinese AI labs can no longer buy.

The numbers tell the story of an industry growing fast from a low base. Moore Threads is nearly break-even after years of losses. Its Shanghai listing paved the way for a wave of Chinese AI-linked IPOs, including CXMT Corp., which raised 6.6 billion yuan last month in the second-largest mainland IPO in history and became the biggest China-listed company. The Hong Kong leg would give Moore Threads access to international capital and a listing jurisdiction that foreign investors can actually buy into. For a company filling Nvidia’s shoes in a market Nvidia was forced to leave, that access matters.