29,000 Winning Shares Left Unclaimed — Underwriter Scoops Up the Full 3.3 Million Yuan! The Winning Rate Was Only 0.036%!

On the evening of November 27, Moore Threads released its “Announcement of IPO Results and Listing on the STAR Market.”

In the offline subscription portion, institutional investors subscribed to a total of 39.2 million shares, with valid payments amounting to 4.48 billion yuan — and not a single share was abandoned. On the online side, retail investors subscribed to 16.77 million shares, contributing payments totaling 1.917 billion yuan. However, 29,302 shares were ultimately left unpurchased, corresponding to 3.3486 million yuan in abandoned subscription funds.

Notably, the announcement clarified that all abandoned shares—both online and offline—will be fully absorbed by CITIC Securities, the sponsor and lead underwriter of the offering. In total, CITIC Securities will take on 29,302 shares, valued at 3.3486 million yuan. These underwritten shares account for approximately 0.05% of the issuance after deducting reserved strategic shares and around 0.04% of the overall offering scale.

Many investors expressed disappointment over the abandonment of more than 29,000 shares. According to commentary from Wang Jiyue, a well-known investment banker quoted by Beijing Business Daily, the most likely cause was operational oversight — successful applicants simply had insufficient funds in their accounts at payment time, a situation he described as “very common.”

Moore Threads has frequently been referred to by investors as the “Chinese NVIDIA.” According to its prospectus, the company specializes in the research, design, and commercialization of GPUs and related products. Founded in 2020, Moore Threads has built its business around a fully self-developed general-purpose GPU architecture, aiming to deliver accelerated computing for AI, digital-twin simulations, scientific computing, and other high-performance applications. The company has already released four generations of GPU designs and formed a broad product matrix spanning AI compute, cloud compute, and personal compute acceleration.

Globally, NVIDIA maintains overwhelming dominance in the GPU market, particularly in the AI and data-center sectors. Analysts estimate that NVIDIA commands roughly 90% of the cloud-based AI training GPU market, meaning the vast majority of GPUs used for training advanced AI models come from NVIDIA.

With China’s push for domestic alternatives, expectations for Moore Threads are high. Past subscription data underscores this enthusiasm: prior to listing, online subscription accounts reached 4.83 million, with total online requested shares exceeding 46.22 billion. The initial subscription multiplier reached an astonishing 4,126×. After implementing the claw-back mechanism, the final online allocation settled at 16.8 million shares, with a winning rate of just 0.03635%.

Financially, Moore Threads is still in its investment and expansion phase and has yet to achieve profitability. From 2022 to 2024, the company recorded revenues of 46 million yuan, 124 million yuan, and 438 million yuan respectively, while net losses were 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan. In the first three quarters of 2025, revenue reached 785 million yuan, while net losses stood at 724 million yuan.

As of June 30, 2025, the company’s accumulated losses totaled 1.478 billion yuan. However, Moore Threads expressed confidence that based on market demand, product maturity, customer integration, and pipeline progression, the company could achieve consolidated profitability as early as 2027.

Sources: National Business Daily, Red Star News, Yicai, Metropolitan Express.