Chinese IPO Boom: "China's Nvidia" Moore Thread Heads to Hong Kong Exchange

Dual Listing Just Eight Months After Shanghai Debut
Chinese Government Competes with U.S. in AI
Encouraging Capital Raising Through Equities and Bonds

Moore Thread, often referred to as "the Chinese Nvidia," is seeking to raise additional capital in Hong Kong just about eight months after its debut on the Shanghai Stock Exchange. Analysts note that as the Chinese government's support strategies have shifted, companies are increasingly turning to public equity or bond markets for fundraising.

Listing on Hong Kong Stock Exchange Following STAR Market Debut

Humanoid robots are displayed at the World AI Conference held in Shanghai, China, on July 17. Photo by AP

According to the South China Morning Post (SCMP) on August 10, Chinese artificial intelligence (AI) semiconductor firm Moore Thread announced on August 9 that it plans "to seek a listing on the Hong Kong Stock Exchange at an appropriate time, considering market conditions." This comes approximately eight months after its December 2025 listing on the Shanghai STAR Market—a technology board often dubbed the "Chinese Nasdaq."

Moore Thread is a graphics processing unit (GPU) company founded in 2020 by Zhang Jianzhong, a former Nvidia Global Vice President and China General Manager. The company has played a critical role by filling the void created by U.S. export restrictions on Nvidia products to China. Global investment bank JP Morgan categorizes Moore Thread as part of the second tier of AI semiconductor development companies in China, along with MetaX, Biren Technology, Iluvata CoreX, and Enflame. Boosted by the push for semiconductor self-sufficiency in China, Moore Thread's financial metrics have improved: its sales in the first half of 2026 surged 147% year-on-year to 1.7 billion yuan. Net loss shrank sharply from 271 million yuan a year earlier to just 11.6 million yuan.

From Chinese Government Grants to Market Listings for Funding Expansion

Chinese President Xi Jinping attending the opening ceremony of the World AI Conference held in Shanghai. Photo by EPA Yonhap News

Recently, there has been a marked increase in cases of AI and semiconductor companies in China raising capital through initial public offerings (IPOs). Last month, Chinese DRAM manufacturer CXMT (Changxin Memory Technologies) raised approximately 9.8 billion dollars, overtaking the Industrial and Commercial Bank of China (ICBC)—China's long-time market cap leader—to become the new market heavyweight. Stock exchanges have accelerated IPO reviews for strategic enterprises, offering fast-track approvals that allow trading to commence in less than eight months from application. Companies like DeepSeek and Moonshot AI also aim to go public within the year. In many cases, firms first debut on the global stage via the Hong Kong Stock Exchange before moving to China's domestic markets. Both Z.AI and MiniMax, which were simultaneously listed in Hong Kong this January, are now pursuing listings on Chinese stock exchanges.

This trend has emerged as the Chinese government has changed its approach to corporate support, as Bloomberg News pointed out. Rather than relying primarily on direct subsidies, tax breaks, or injections of state capital, China is now emphasizing active use of capital markets—including equities and bonds. This shift also seeks to channel part of China’s estimated 26 trillion dollars (about 36,714 trillion won) in household savings into strategic industries. Hong Hao, Chief Investment Officer at Lotus Asset Management, said, "In the U.S., hyperscalers are essentially shouldering much of the expansion of AI infrastructure. In China, if the state doesn’t provide the funding, the capital will ultimately have to come from the market."

According to Bloomberg’s data, Chinese technology companies have raised about 217 billion dollars (around 30.64 trillion won) via IPOs and bond issues over the past two years. However, this remains only about one-sixth of the amount raised by U.S. giants like Alphabet and Amazon. The outlet noted, "AI technology, which now demands the most capital of any industry in modern history, is emerging as a next-generation engine for economic growth and military advantage. While capital access has long been a key U.S. strength, China is now striving to close this gap."

This content was produced with the assistance of AI translation services.