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
China and Russia have agreed to resolutely safeguard the outcomes of the victory of World War II, safeguard world peace and security, and uphold historical truth and international justice, Foreign Ministry spokesman Lin Jian said at a press conference in Beijing on Friday.
In response to a related media query, Lin briefed the press on the outcomes of Chinese Foreign Minister Wang Yi's visit to Russia and the 20th round of China-Russia strategic security consultation earlier this week.
"This year marks the 80th anniversary of the victory of the Chinese People's War of Resistance Against Japanese Aggression and the Soviet Union's Great Patriotic War. The two heads of state attended commemorations in each other's country, and agreed to firmly safeguard the outcomes of the victory of World War II and resolutely oppose any retrogressive acts attempting to whitewash colonial aggression, sending a powerful message for upholding justice and fairness in the current era," Lin noted.
"During the recent China-Russia strategic security consultation, the two sides conducted strategic alignment on issues related to Japan, reaching a high degree of consensus. Both sides agreed to resolutely safeguard the outcomes of the victory of World War II won at the cost of lives and blood, firmly oppose any erroneous words and deeds that attempt to whitewash the history of colonial aggression, and resolutely counter any attempts to revive fascism or Japanese militarism. Both sides stressed that China and Russia, as major countries and permanent members of the United Nations Security Council, will shoulder their shared responsibility to safeguard world peace and security, and uphold historical truth and international justice," said the spokesman.
"We stand ready to continue coordinating and cooperating with Russia to resolutely curb the provocative acts of Japan's far-right forces that undermine regional peace and stability and attempt to remilitarize," Lin said.
China, Russia agree to resolutely safeguard outcomes of World War II victory: spokesman
