The first domestic GPU stock will be listed on Friday!

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On the evening of December 3, Moore Threads disclosed an announcement stating that, upon approval by the Shanghai Stock Exchange, the company's RMB common stock will be listed on the STAR Market of the Shanghai Stock Exchange on December 5, 2025 (this Friday).

The announcement shows that, according to the "Self-Regulatory Supervision Guidelines No. 5 for Listed Companies on the STAR Market of the Shanghai Stock Exchange—STAR Growth Tier," STAR Market companies that are unprofitable at the time of listing will be included in the STAR Growth Tier from the date of listing. As of the date of this announcement, Moore Threads remains unprofitable and will be included in the STAR Growth Tier from the date of listing.

On November 24, Moore Threads, known as the “first domestic GPU stock,” officially initiated its STAR Market IPO subscription, setting a new high for A-share IPO prices in 2025 with an offering price of 114.28 yuan per share. The company's offering attracted unprecedented institutional interest, with an offline subscription multiple as high as 1,572 times, 267 institutions participating in the bidding, and total subscription shares exceeding 70 billion shares.

According to Moore Threads' announcement, based on data provided by the Shanghai Stock Exchange, the number of valid online subscription accounts in this offering was 4,826,579, with valid subscription shares totaling 46,216,647,000 shares. The preliminary online winning rate was 0.02423369%.

It is worth noting that Moore Threads’ IPO process also set records, taking only 122 days from acceptance at the end of June to registration at the end of October, making it one of the fastest STAR Market listings this year.

Institutional Scramble Hits Yearly Peak

Moore Threads showed ultra-high enthusiasm from institutional investors during the preliminary inquiry phase.

According to the IPO announcement, a total of 267 offline investors submitted valid bids, managing 7,555 allocated targets, with valid subscription shares reaching 70.406 billion, and an offline subscription multiple of 1,572, far exceeding the majority of new stock inquiries this year.

The lineup of participating institutions was impressive: 86 public funds, 124 private funds, 30 securities firms, and 13 insurance institutions all appeared in the bidding queue.

Among them, Southern Fund applied with 404 products, seeking to subscribe for a total of 5.285 billion shares; E Fund Management applied with 389 products; ICBC Credit Suisse and Fullgoal Fund applied with 345 and 265 products respectively.

Bid price ranges varied from 88.79 yuan to 159.57 yuan, with Shanghai Xitai Investment offering the highest price of 159.57 yuan, nearly 40% above the final offering price. The largest number of shares subscribed by a single product was 22 million, with 1,231 products applying for this amount. Among these, Taikang Asset had 161 products, E Fund 137, Southern Fund 106, all subscribing for this quantity.

According to reports, a public fund manager from South China said, "'Domestic high-performance GPU + AI computing' is currently in the institutional high-attention range. Moore Threads, as a representative company, is attractive due to the intersection of its technical stack, industrial implementation, and policy support."

IPO Process Sets STAR Market Record

The Moore Threads IPO review process set multiple records. Accepted by the SSE on June 30, 2025, approved by the listing committee on September 26, and registered on October 30, taking only 122 days from start to finish—and just 88 days from acceptance to approval—becoming the fastest STAR Market IPO this year.

This offering also set several year-to-date records: the offering price of 114.28 yuan is the highest this year, issuance expenses of 424 million yuan are the highest for new stocks this year, and total funds raised of 8 billion yuan rank first on the STAR Market. Investors need to pay 57,140 yuan for a single lot.

The actual controller of the company, Zhang Jianzhong, is a former NVIDIA Global Vice President. Through direct and indirect holdings, he controls a combined 36.36% stake, which corresponds to approximately 5.82 billion yuan based on the offering market value. Shareholders include well-known investment institutions such as Shenzhen Venture Capital, Sequoia Capital, Guosheng Capital, and listed companies including H&T and Inno Tech.

So far this year, new stocks on the STAR Market have performed strongly, with the average first-day gain of the twelve new stocks listed in the fourth quarter at 273.75%. Amid the AI investment boom, Moore Threads, as “the first domestic GPU stock,” is highly anticipated by the market, but investors should carefully evaluate its high valuation and profitability outlook.

Risk warning and disclaimerThe market has risks, investment should be cautious. This article does not constitute personal investment advice, nor does it take into account individual users’ special investment objectives, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investment is at your own risk. ```