Moore Threads grows 147% and prepares for its leap to the Hong Kong Stock Exchange

Moore Threads, one of the Chinese GPU manufacturers trying to reduce the country’s dependence on Nvidia, is preparing a second listing in Hong Kong just eight months after its spectacular stock market debut in Shanghai. The company ended the first half of 2026 with revenues of 1.7 billion yuan (about $252 million), a 147% year-over-year increase, while reducing its net losses from 271 million to just 11.6 million yuan.

The essentials of Moore Threads in 20 seconds

• Moore Threads will seek to list with H-shares on the Hong Kong Stock Exchange.
• Half-year revenues reached 1.7 billion yuan, up 147%.
• Losses decreased from 271 million to 11.6 million yuan.
• The company raised 8 billion yuan with its Shanghai IPO.
• The U.S. continues to maintain trade restrictions on Moore Threads.

The board has approved a plan to issue H-shares and apply for admission to Hong Kong’s main market. According to the company, this move aims to expand its international presence, attract and retain talent, and strengthen its corporate structure. It still needs to clear the relevant regulatory procedures before it can materialize.

This development comes at a favorable time for its financials. Although Moore Threads is not yet a rival to Nvidia in terms of scale, available technology, or international presence, its results indicate a growing demand within China for locally developed accelerators.

From ex-Nvidia executives to building Chinese GPUs

Moore Threads was founded in 2020, with a history closely linked to Nvidia.

Its founder and CEO, Zhang Jianzhong, previously served as Nvidia vice president and led the US company’s operations in China. Moore Threads has aimed to build its own GPU computing platform capable of covering graphics, AI, and data centers.

The company develops its MUSA (Moore Threads Unified System Architecture), which intends to offer a general computing platform around its GPUs.

This is particularly important.

Nvidia’s dominance in AI is not just based on producing high-performance accelerators. For years, it has built an extensive environment around CUDA, including libraries, tools, frameworks, and software used by researchers, developers, and companies.

For any Chinese manufacturer, having competitive hardware is only part of the challenge. They also need to provide a sufficiently comprehensive software environment so companies can migrate and run their applications without reconstructing much of their infrastructure.

Moore Threads competes in this market with other Chinese developers such as Cambricon, MetaX, Biren Technology, and Enflame, along with Huawei’s Ascend accelerators.

The opportunity for all of these has increased due to U.S. restrictions on exporting advanced semiconductors and related technologies to China.

Moore Threads was added to a U.S. trade restriction list in 2023. Since then, the need to develop domestic alternatives to U.S. chips has gained even more importance in China’s tech policy.

A 147% growth and losses nearly disappearing

The first-half results reveal how much the business has changed in a short period.

Moore Threads achieved 1.7 billion yuan in revenue during the first six months of 2026, roughly $252 million based on the exchange rate used in the published figures.

This corresponds to a year-over-year growth of 147%.

Even more notable is the reduction in losses.

In the same period last year, the company lost approximately 271 million yuan. Between January and June 2026, net losses decreased to 11.6 million yuan.

These results do not yet guarantee that Moore Threads has achieved sustainable profitability. However, they show a significant reduction in losses while revenues are rapidly increasing.

This evolution is especially relevant given the business’s need for ongoing investments in chip design, software, and complete systems.

Developing a modern GPU requires large engineering teams and costly design tools. It also involves manufacturing, access to advanced memory, packaging, and creating a software environment to utilize the accelerators effectively afterward.

Capital remains one of the key resources to continue competing.

Its Shanghai debut was one of 2025’s biggest stock market phenomena

Moore Threads did not start from zero in the markets.

The company received approval to list on the STAR Market in Shanghai in September 2025. Its IPO aimed to raise 8 billion yuan, around $1.1 billion, to fund R&D projects, including next-generation AI chips for training and inference.

Demand was extraordinarily high.

The offering received applications from retail investors exceeding 4,000 times the available shares. The IPO price was set at 114.28 yuan per share.

Its stock market debut occurred on December 5, 2025.

Shares opened at 650 yuan and closed that day at 600.50 yuan, a 425% premium over the IPO price. By the close, the company’s market cap was about 282 billion yuan, approximately $39.9 billion at the then-exchange rate.

This surge reflected both the market’s optimism about Moore Threads and the huge interest of Chinese investors in domestic semiconductor companies.

It also highlights the need to distinguish two issues.

A high stock valuation does not mean a company has products comparable to Nvidia’s. The market can be valuing expectations of future growth, the scarcity of domestic alternatives, political support, or the potential to capture a significant share of Chinese demand.

The technological challenge remains much greater.

China needs domestic alternatives to Nvidia

Moore Threads’s growth is difficult to interpret without considering the technological restrictions between the U.S. and China.

AI accelerators have become strategic infrastructure. Training large models requires enormous computing capacity, while inference growth increases the need for accelerators even after training.

Nvidia remains the dominant supplier in the international market, but Washington has limited Chinese access to certain advanced chips and related technologies over recent years.

This situation has increased the strategic value of any manufacturer capable of offering a domestic alternative.

Beyond Moore Threads, it’s not the only one.

Cambricon also trades in Shanghai and doubled its value during 2025, while MetaX carried out another IPO closely watched by investors. Biren and Enflame are also part of the new generation of Chinese GPU and accelerator developers.

Domestic competition will be crucial as they all target similar markets: Chinese data centers that need to run training and inference workloads without relying entirely on U.S. hardware.

This includes large internet companies, cloud operators, universities, labs, and organizations deploying AI infrastructure.

Hong Kong could open a new funding avenue

The upcoming listing in Hong Kong would give Moore Threads a second stock exchange listing after Shanghai.

H-shares are companies incorporated in mainland China that trade on the Hong Kong Stock Exchange, providing access to an international investor base distinct from mainland markets.

The company has not yet disclosed how many shares it plans to issue or how much capital it aims to raise.

Therefore, it’s uncertain what dilution this may cause for shareholders or how much additional funding will be available for R&D, expansion, or new product development.

Moore Threads has stated it seeks to expand its international presence and enhance its ability to attract talent.

This move comes after a semester in which the company managed to grow its revenues threefold while significantly reducing losses.

That financial improvement does not yet make Moore Threads the next Nvidia. The technological and commercial gaps remain large, and U.S. restrictions continue to complicate Chinese companies’ access to certain manufacturing processes and advanced technologies.

However, China’s market is creating something that was much harder to achieve a few years ago: a large domestic market eager to adopt local alternatives.

The upcoming Hong Kong listing will be a test to see if this enthusiasm can also attract a broader, more international investor base.

Frequently Asked Questions

What is Moore Threads?

Moore Threads is a Chinese company founded in 2020 that develops GPUs and computing platforms for AI and graphics. Its founder, Zhang Jianzhong, was previously Nvidia’s vice president and responsible for its China operations.

How much did Moore Threads earn in the first half of 2026?

The company achieved 1.7 billion yuan, approximately $252 million, a 147% increase compared to the same period last year. Its net loss was reduced to 11.6 million yuan.

Is Moore Threads already listed on the stock exchange?

Yes. It has been trading on the Shanghai STAR Market since December 2025, after raising roughly 8 billion yuan through its IPO. It is now preparing a second listing via H-shares in Hong Kong.

Is Moore Threads really the Chinese Nvidia?

This is a nickname often used by media and analysts, but it does not mean both companies are equivalent. Moore Threads competes in GPUs and AI infrastructure, although Nvidia maintains a much larger scale, portfolio, and international presence.

via: scmp