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Moore Threads approves Hong Kong listing plan as China's GPU makers rush to public markets

Moore Threads approves Hong Kong listing plan as China's GPU makers rush to public markets

Money Moves

The US-blacklisted Nvidia challenger seeks foreign capital after a 147% revenue jump and a runaway Shanghai debut

August 9th, 2026: Board approves Hong Kong listing plan

Overview

Updated Aug 10

Moore Threads sells graphics chips that most foreign investors have had no easy way to buy into. On Sunday, its board approved a plan to change that, backing a share sale on the Hong Kong Stock Exchange on top of its existing Shanghai listing.

The Beijing chipmaker is trying to build a homegrown rival to Nvidia. It's not alone: rival GPU designer MetaX confidentially filed for its own Hong Kong listing in July 2026, after its Shanghai shares jumped nearly 700% on debut. Both are chasing foreign capital as private funding for Chinese chipmakers gets harder to find.

Why it matters

China's answer to Nvidia is now reachable by global investors, letting foreign money fund a chipmaker the US has cut off from American technology.

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Key Indicators

147%
H1 2026 revenue growth
First-half revenue rose about 147% year on year to roughly 1.7 billion yuan.
$252M
First-half 2026 revenue
Roughly 1.7 billion yuan, up from about 700 million yuan a year earlier.
11.6M yuan
H1 net loss
Loss narrowed sharply from 270.9 million yuan a year earlier.
~425%
Share gain since Shanghai debut
Stock has climbed roughly 425% since listing on the STAR Market in December 2025.
$1.1B
STAR Market IPO raise
Raised about 8 billion yuan in its Shanghai listing, the market's largest of 2025.

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People Involved

James Zhang Jianzhong
James Zhang Jianzhong
Founder and CEO, Moore Threads
Leading the company toward a second listing in Hong Kong

Organizations Involved

MT
Moore Threads
Semiconductor company
Approved plan to list H shares in Hong Kong

Beijing-based maker of general-purpose GPUs and AI accelerators, one of China's main domestic challengers to Nvidia.
Hong Kong Stock Exchange
Hong Kong Stock Exchange
Stock exchange
Target venue for Moore Threads' second listing

Hong Kong's main equity market, open to international investors who largely cannot access mainland China's STAR Market.
MI
MetaX Integrated Circuits
Semiconductor company
Confidentially filed for a Hong Kong listing after a blockbuster Shanghai debut

Shanghai-based GPU designer competing with Moore Threads to loosen Nvidia's grip on China's AI data centers.

Timeline

January 2020 August 2026

7 events Latest: August 9th, 2026 · 1 month ago
Tap a bar to jump to that date

  1. Board approves Hong Kong listing plan

    Latest Corporate

    Moore Threads discloses board approval for an H-share Hong Kong listing and reports first-half revenue up about 147% to roughly 1.7 billion yuan, with its net loss nearly erased.

  2. MetaX files confidentially for Hong Kong IPO

    Market

    MetaX submits a confidential Hong Kong listing application with Huatai International, aiming to close the sale by the end of 2026. Its Shanghai shares are up roughly 685% since their December 2025 debut.

  3. Rival MetaX discloses Hong Kong listing plan

    Market

    Shanghai GPU designer MetaX tells its exchange it plans a Hong Kong share sale, joining the wave of Chinese chipmakers seeking foreign capital.

  4. Rival Biren lists in Hong Kong

    Market

    Biren Technology raises about $717 million and jumps 82% on its Hong Kong debut, showing strong foreign demand for Chinese GPU makers.

  5. Runaway Shanghai debut

    Market

    Moore Threads lists on the STAR Market after raising about 8 billion yuan. Shares spike more than 400% on the first day, the market's largest IPO of 2025.

  6. US blacklists Moore Threads

    Regulatory

    The US Commerce Department adds Moore Threads and Biren to the Entity List, cutting their access to American software and chipmaking technology.

  7. Moore Threads founded

    Origin

    James Zhang Jianzhong leaves Nvidia's China leadership to start a domestic GPU maker in Beijing.

Scenarios

1

Moore Threads completes its Hong Kong listing

Likely Resolves by Aug 9, 2027

Discussed by: South China Morning Post, Bloomberg

The company files with the Hong Kong exchange and prices an H-share offering, following the path Biren and Iluvatar CoreX took earlier in 2026. Strong debut demand for peers suggests appetite exists among international funds seeking exposure to a domestic Nvidia challenger. Board approval is only the first step; the firm still needs Chinese regulatory sign-off and a completed prospectus.

2

Listing stalls as plan sits unfinished

Possible Resolves by Aug 9, 2027

Discussed by: SCMP, TrendForce

The board approved the plan, but no timeline or price was set, and the company said details are still being discussed. Regulatory review, market conditions, or its Entity List status could push the offering past a year with no shares trading. The plan stays on paper without a formal listing.

3

New US restrictions complicate the raise

Uncertain Resolves by Aug 9, 2027

Discussed by: CSIS, Rhodium Group

Washington has already blacklisted Moore Threads once. Fresh US action, such as investment limits on blacklisted Chinese chip firms or tighter foundry rules, could deter international investors or force the company to restructure the offering. Any such measure would test how far foreign capital will chase a sanctioned chipmaker.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

July 2020

SMIC's dual Shanghai listing (2020)

Semiconductor Manufacturing International Corporation, China's top chip foundry and already listed in Hong Kong, raised about $7.5 billion in a STAR Market listing. The sale came as US export controls tightened around Chinese chipmakers.

Then

Shares surged on debut and the raise gave SMIC a large war chest for domestic capacity.

Now

SMIC was added to the US Entity List months later, showing that public capital and sanctions can arrive close together.

Why this matters now

Like Moore Threads, SMIC used capital markets to fund a domestic push even under US pressure, and later faced tighter restrictions.

September 2020

Huawei's foundry squeeze (2020)

US rules cut Huawei off from chipmakers using American tools, halting production of its advanced processors. The company lost access to leading-edge manufacturing overnight.

Then

Huawei's smartphone and chip lines were severely disrupted.

Now

It pivoted to domestic suppliers and years-long self-sufficiency efforts that reshaped China's chip strategy.

Why this matters now

It shows the manufacturing bind blacklisted firms like Moore Threads face, and why they raise large sums to fund domestic workarounds.

January 2026

Biren's Hong Kong IPO (2026)

Fellow blacklisted GPU maker Biren raised about $717 million in Hong Kong. Institutional investors bid for nearly 26 times the shares available and the stock jumped 82% on its first day.

Then

The debut proved international investors would pay up for a sanctioned Chinese GPU startup.

Now

It opened a template Moore Threads is now following, with several peers converging on public markets in 2026.

Why this matters now

Biren's success directly shapes the demand Moore Threads expects and the venue it chose.

Sources

(10)
+4
South China Morning Post Bloomberg The Next Web Global Times TrendForce Caproasia South China Morning Post South China Morning Post Bloomberg South China Morning Post