Shares of Moore Threads Technology Co., Ltd. surged more than 400 percent Friday as the Chinese graphics processing unit developer debuted on the Shanghai Stock Exchange’s STAR Market.
The stock was offered at 114.28 yuan ($16.15) in its IPO and opened at 650 yuan, a 468.78 percent jump. It closed at 600.50 yuan, up 425.46 percent.
Founded five years ago, Moore Threads develops universal GPU chips for workloads including AI acceleration, 3D rendering, ultra‑HD video encoding, physical simulation and scientific computing.
The company completed its IPO process in just 122 days, following new regulatory measures aimed at speeding listings for firms in breakthrough industries.
The STAR Market, launched in 2019, is China’s Nasdaq‑style board designed to support high‑tech and strategic emerging sectors.