China’s Nvidia-like Moore Threads soars in trading debut after $1.1 billion IPO
SHANGHAI/BEIJING: Shares of Moore Threads Technology Co, dubbed by analysts as “China’s Nvidia”, soared on debut in Shanghai on Friday, on bets the U.S.-blacklisted startup will benefit from Beijing’s drive to boost domestic chip manufacturing.
The stock opened at 650 yuan ($91.91), more than five times its initial public offering (IPO) price of 114.28 yuan a share.
Beijing has stepped up approval of IPOs by semiconductor firms in a push towards tech self-sufficiency, with Washington restricting advanced chip exports to China in a bid to curb its development of AI and military capabilities.
