Moore Threads plans Hong Kong listing after posting 147% jump in first-half revenue

Chinese AI chipmaker Moore Threads plans to list on the Hong Kong stock exchange following a 147% increase in first-half revenue, as the firm seeks additional capital amid rising demand for domestic computing power. The company announced on Sunday that its board had approved the issuance of H shares and listing on the main board of the Hong Kong stock exchange, aiming to broaden its global presence, attract talent, and enhance competitiveness.

Revenue reached 1.7 billion yuan (US$252 million) in the six-month period ended June, with net loss narrowing to 11.6 million yuan from 271 million yuan a year earlier. Moore Threads, a maker of graphics processing units (GPUs) dubbed China's "little Nvidias," went public in December on Shanghai's Star Market. The company's listing in Hong Kong is expected to attract overseas sovereign wealth funds and technology research institutions, according to Guo Tao, an angel investor.

The Hong Kong stock market has seen a surge in new company listings, with 104 debuts between January and July, nearly double the figure from the same period last year.