Moore Threads Plans Hong Kong Listing After Revenue Jumps 147% and Its Stock Soars 420%
China's most-watched homegrown GPU maker approved a Hong Kong Main Board listing after first-half revenue hit RMB 1.74 billion, up 147%. The move rides a $42 billion IPO wave as Chinese chipmakers race to fund their answer to Nvidia.
Moore Threads, China’s most closely watched homegrown GPU designer, is heading to Hong Kong. The Beijing company’s board approved a plan on August 7 to issue H shares and list on the Hong Kong Stock Exchange’s Main Board, with timing and offering size still open. The announcement landed alongside first-half numbers that explain the confidence: revenue of RMB 1.74 billion ($242 million), up 147.42% year over year.
The bottom line moved even faster than the top. Moore Threads cut its net loss to RMB 11.6 million ($1.7 million) — down 95.73% from RMB 270.9 million a year earlier. Break-even is now within sight for a company that was burning cash on architecture R&D just two years ago. It still spent RMB 769.1 million on R&D in the half, more than 44% of revenue, which is exactly what you’d expect from a firm trying to close a decade-long gap with Nvidia.
Investors have already priced in a lot of that closing. Since debuting on Shanghai’s STAR Market in December 2025, Moore Threads shares have surged more than 420%. Founded by Zhang Jianzhong, a former head of Nvidia’s China business, the company has become the flagship bet on Beijing’s push for domestic AI silicon — a push that stopped being optional once US export controls cut Chinese datacenters off from Nvidia’s top accelerators.
The Hong Kong move is strategic, not just financial. Moore Threads frames it as deepening its “internationalization strategy” and attracting R&D and management talent — H shares let the company pay global engineers in globally tradable stock. It also joins a stampede: first-time share sales in Hong Kong have raised more than $42 billion in 2026, a six-year high, as Chinese tech firms locked out of US and EU capital markets converge on the city. Fellow AI chip designers are lining up behind it.
The honest caveat: a 147% revenue jump off a small base does not make Moore Threads an Nvidia competitor. Its GPUs still trail on process node, software ecosystem, and interconnect — CUDA’s moat remains the real barrier, and no Chinese firm has crossed it. But the trajectory matters more than the absolute position. Chinese AI labs like DeepSeek and Alibaba’s Qwen team are increasingly optimizing for domestic silicon because they have no alternative, which hands Moore Threads something Nvidia never had to earn: a captive market with state backing and guaranteed demand.
For anyone tracking the AI hardware market, the signal is clear. The chip war now has a second front — capital markets — and China’s champions are raising war chests while the raising is good.