Moore Threads approves Hong Kong listing plan as China's GPU makers rush to public markets

Overview

Moore Threads sells graphics chips that most foreign investors have had no easy way to buy a stake in. On Sunday, its board approved a plan to change that, backing a share sale on the Hong Kong Stock Exchange on top of its existing Shanghai listing.

The Beijing chipmaker is one of China's leading attempts to build a homegrown rival to Nvidia. A Hong Kong listing would open it to international money and marks the latest Chinese GPU startup racing to raise public capital while private funding gets harder to find.

Why it matters

China's answer to Nvidia is now reachable by global investors, letting foreign money fund a chipmaker the US has cut off from American technology.

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Key Indicators

147%

H1 2026 revenue growth

First-half revenue rose about 147% year on year to roughly 1.7 billion yuan.

$252M

First-half 2026 revenue

Roughly 1.7 billion yuan, up from about 700 million yuan a year earlier.

11.6M yuan

H1 net loss

Loss narrowed sharply from 270.9 million yuan a year earlier.

~425%

Share gain since Shanghai debut

Stock has climbed roughly 425% since listing on the STAR Market in December 2025.

$1.1B

STAR Market IPO raise

Raised about 8 billion yuan in its Shanghai listing, the market's largest of 2025.

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People Involved

James Zhang Jianzhong

Leading the company toward a second listing in Hong Kong

Organizations Involved

Moore Threads

Semiconductor company

Approved plan to list H shares in Hong Kong

Beijing-based maker of general-purpose GPUs and AI accelerators, one of China's main domestic challengers to Nvidia.

Hong Kong Stock Exchange

Stock exchange

Target venue for Moore Threads' second listing

Hong Kong's main equity market, open to international investors who largely cannot access mainland China's STAR Market.

Timeline

January 2020 August 2026

5 events Latest: Yesterday

Tap a bar to jump to that date

August 2026
Board approves Hong Kong listing plan
Latest Corporate

Moore Threads discloses board approval for an H-share Hong Kong listing and reports first-half revenue up about 147% to roughly 1.7 billion yuan, with its net loss nearly erased.
Yesterday
January 2026
Rival Biren lists in Hong Kong
Market

Biren Technology raises about $717 million and jumps 82% on its Hong Kong debut, showing strong foreign demand for Chinese GPU makers.
January 2nd, 2026
December 2025
Runaway Shanghai debut
Market

Moore Threads lists on the STAR Market after raising about 8 billion yuan. Shares spike more than 400% on the first day, the market's largest IPO of 2025.
December 5th, 2025
October 2023
US blacklists Moore Threads
Regulatory

The US Commerce Department adds Moore Threads and Biren to the Entity List, cutting their access to American software and chipmaking technology.
October 17th, 2023
January 2020
Moore Threads founded
Origin

James Zhang Jianzhong leaves Nvidia's China leadership to start a domestic GPU maker in Beijing.
January 1st, 2020

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

July 2020

SMIC's dual Shanghai listing (2020)

Semiconductor Manufacturing International Corporation, China's top chip foundry and already listed in Hong Kong, raised about $7.5 billion in a STAR Market listing. The sale came as US export controls tightened around Chinese chipmakers.

Then

Shares surged on debut and the raise gave SMIC a large war chest for domestic capacity.

Now

SMIC was added to the US Entity List months later, showing that public capital and sanctions can arrive close together.

Why this matters now

Like Moore Threads, SMIC used capital markets to fund a domestic push even under US pressure, and later faced tighter restrictions.

January 2026

Biren's Hong Kong IPO (2026)

Fellow blacklisted GPU maker Biren raised about $717 million in Hong Kong. Institutional investors bid for nearly 26 times the shares available and the stock jumped 82% on its first day.

Then

The debut proved international investors would pay up for a sanctioned Chinese GPU startup.

Now

It opened a template Moore Threads is now following, with several peers converging on public markets in 2026.

Why this matters now

Biren's success directly shapes the demand Moore Threads expects and the venue it chose.

September 2020

Huawei's foundry squeeze (2020)

US rules cut Huawei off from chipmakers using American tools, halting production of its advanced processors. The company lost access to leading-edge manufacturing overnight.

Then

Huawei's smartphone and chip lines were severely disrupted.

Now

It pivoted to domestic suppliers and years-long self-sufficiency efforts that reshaped China's chip strategy.

Why this matters now

It shows the manufacturing bind blacklisted firms like Moore Threads face, and why they raise large sums to fund domestic workarounds.