Moore Threads Technology Co., Ltd., a leading Chinese graphics processing unit (GPU) developer, saw its share price surge by more than 400 percent as it made its debut Friday on the Shanghai Stock Exchange's STAR Market, China's Nasdaq-style Science and Technology Innovation Board.
Offered at 114.28 yuan (about 16.15 U.S. dollars) per share in its initial public offering (IPO), Moore Threads Technology Company opened at 650 yuan and peaked at 688 yuan on Friday, up 502 percent. By market close, its share price stood at 600.50 yuan, up 425.46 percent.
The bids received exceed the entire market capitalization of U.S. industry leader Nvidia.
Moore Threads was founded in 2020 by former Nvidia China head James Zhang Jianzhong. The company specializes in developing universal GPU chips and related products that support combined workloads, including AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding, physical simulation, and scientific computing.
The company completed its entire IPO process in only 122 days, from the acceptance of its application on June 30 to the completion of registration on Oct. 30.
The successful IPO comes despite the company having been placed under U.S. sanctions in 2023.
Chinese GPU developer sees stock price surge on market debut
Chinese GPU developer sees stock price surge on market debut
Chinese GPU developer sees stock price surge on market debut
Nigeria's fuel market is undergoing a rare shake-up as competition pushes prices lower, bringing relief to local consumers while raising concerns over business durability.
In the capital city of Abuja, the state oil firm Nigerian National Petroleum Company (NNPC) has been selling petrol at about 815 naira per liter (about 0.57 U.S. dollars per liter), down from about 0.66 U.S. dollars per liter earlier in 2026. Other stations supplied by private giant Dangote are offering even lower prices, selling at around 750 naira (about 0.53 U.S. dollars) per liter.
For millions of Nigerians, the drop has been easing pressure on transport, food and daily living costs.
"I spend relatively lower on fuel and, by implication, transportation now than what it used to be," said Salifu Usman, a local resident in Abuja.
"We are happy with what we are seeing, because, of course, for a very long time, we are witnessing the crash down of price, even during festive period," said Jonathan Madaki, another resident.
The price cut has also allowed for higher profit margins for local small business operators, who have long relied on petrol-powered generators to cope with chronic power shortages.
Behind the price cuts is a growing battle for market share. The Nigeria-based Dangote Refinery, the largest in Africa, has boosted domestic supply and slashed its wholesale price to around 700 naira (about 0.49 U.S. dollars) per liter.
The move has forced importers and the state oil company to lower their own prices to stay competitive. But as margins shrink, analysts warn, what now appears to be a price war may not last.
"My own interpretation is that we are going to that stage where, especially those that, if it keeps coming down, I think those that bring in products may find it not so attractive again. So I don't actually see how sustainable this price war, if I may use that term, will be," said energy expert Paul Ogwu.
Nigeria petrol price cuts ease living costs, raise durability concerns
