#GPU龙头摩尔线程将赴港上市 “Moore Threads” Plans Hong Kong Listing as China’s First Domestic GPU Stock
On August 9, Moore Threads (688795.SH) announced that its board of directors had convened and approved proposals related to issuing H shares and listing on the Main Board of the Hong Kong Stock Exchange. The company plans to issue overseas-listed foreign shares (H shares) and apply for a listing on the HKEX Main Board, selecting an appropriate time to complete the process within the validity period of the shareholders’ meeting resolution.
The announcement showed that the offering still requires approval from the shareholders’ meeting, as well as filings, approvals and/or authorizations from relevant government and regulatory authorities. Specific details have yet to be determined, and there is significant uncertainty over whether the plan can be implemented. As of the close on August 7, Moore Threads (688795.SH) was priced at ¥597.89 per share, with a market capitalization of ¥281.02B.
Founded in 2020, Moore Threads is a leading full-function GPU company in China. On December 5, 2025, the company listed on the STAR Market at an offering price of ¥114.28 per share, becoming the “first domestic GPU stock.” On its first trading day, its share price surged 425%, with its market capitalization briefly exceeding ¥280 billion. Built around its self-developed MUSA unified architecture, the company has established a full-stack GPU product matrix covering the cloud, edge and terminal sectors. As of the end of 2025, the company had filed a cumulative 1,854 patent applications, including 1,743 invention patents, and had received authorization for 646 patents, including 590 invention patents. It had 1,009 R&D employees, accounting for 79% of its total workforce. On the same day it announced its Hong Kong listing plan, Moore Threads also released its 2026 interim report, posting impressive commercialization results. In the first half of 2026, it recorded revenue of ¥1.74B, up 147.42% year on year, with revenue already exceeding the full-year 2025 level; its losses narrowed significantly. The high growth was driven by the explosive demand for AI computing power, the large-scale rollout of the Kua’e Intelligent Computing Cluster, and continued volume growth of its server GPU products among telecom operators, internet companies, and government and enterprise customers, as domestic computing power moves toward large-scale commercial deployment. R&D investment remained intensive, reaching ¥769 million in the first half, or 44.3% of revenue.
For GPU companies, sustained and substantial R&D investment is an indispensable foundation for catching up with international giants and improving software ecosystems. Across the industry, the global AI computing power shortage continues to widen, making GPUs core infrastructure in the digital era. As one of the few domestic manufacturers capable of independently developing a full-function GPU software and hardware stack, Moore Threads has established a complete product line covering desktop GPUs, server computing cards, AI clusters, and terminal computing devices. Its MUSA software ecosystem continues to improve, helping break the long-standing monopoly of overseas manufacturers. From its STAR Market listing to its planned HKEX listing, the A+H structure has far-reaching significance for chip companies.
