'China's Nvidia' Moore Threads Shares Surge Over 500% In Blockbuster Shanghai IPO

Shares of chipmaker Moore Threads Technology, dubbed China’s Nvidia (NASDAQ:NVDA), rose as much as 502% as it debuted in Shanghai on Friday. 
IPO Proceeds For Massive R&D
Moore Threads’ shares debuted at 650 yuan ($91.92) on the STAR Market, a 468% surge from their IPO price of 114.28 yuan ($16.16), even as the broader market, the CSI300 Index, was trending lower.
The stock touched 688 yuan during the session. The massive debut followed a robust response to the IPO, which was oversubscribed by more than 4,000 times.
Moore secured 8 billion yuan ($1.13 billion) in what stands as the mainland's second-largest IPO of the year, following Huadian New Energy Group Co.'s $2.7 billion IPO in July.
Despite not yet being profitable, the company’s revenue in 2024 grew over threefold, as per its pro