Chinese GPU Maker Moore Threads Clears Listing Review on the Shanghai Stock Exchange

Moore Threads Passes SSE Listing Review, Accelerating Its Path in China’s GPU Industry

On September 26, Moore Threads Intelligent Technology (Beijing) Co., Ltd. successfully passed the listing review committee meeting of the Shanghai Stock Exchange (SSE), marking another milestone in its capital market journey.

Earlier this month, on September 6, the company updated its STAR Market IPO prospectus. According to the announcement, Moore Threads achieved revenue of RMB 702 million in the first half of 2025—exceeding the combined revenue of the past three years. However, net profit attributable to shareholders remained negative at RMB -271 million, with the company projecting its first consolidated profit as early as 2027.

The prospectus shows that Moore Threads recorded revenues of RMB 46.1 million, RMB 124 million, and RMB 438 million in 2022, 2023, and 2024, respectively. During the same period, net losses narrowed from RMB 1.84 billion to RMB 1.67 billion and RMB 1.49 billion. After excluding non-recurring items, the net losses were RMB 1.41 billion, RMB 1.69 billion, and RMB 1.5 billion, respectively.

Founded in 2020, Moore Threads specializes in the research, design, and sales of GPUs and related products. Anchored by its self-developed full-featured GPU, the company is committed to building computing acceleration platforms for AI, digital twins, and scientific computing. To date, it has launched four generations of GPU architectures and developed a diverse product matrix covering AI computing, cloud computing, and personal computing applications.

For its STAR Market listing, Moore Threads selected the standard under Article 2.1.2 (ii) of the SSE’s listing rules: a projected market capitalization of no less than RMB 1.5 billion, annual revenue of at least RMB 200 million in the most recent year, and cumulative R&D investment over the past three years accounting for at least 15% of cumulative revenue.

In 2024, the company generated RMB 438 million in revenue. Between 2022 and 2024, its cumulative R&D investment reached RMB 3.81 billion—an impressive 626% of its cumulative revenue over the same period. Combined with its current business performance, latest external equity financing valuation, and peer A-share company market capitalizations, Moore Threads is expected to achieve a post-IPO market value well above RMB 1.5 billion, meeting all the listing criteria.