Moore Threads Technology, a Chinese designer of artificial intelligence graphics processing units, is planning a listing in Hong Kong to create another channel for raising funds as it scales its GPU and AI computing efforts. The company currently trades on Shanghai's STAR Market under the ticker 688795 and first listed in December 2025.
Since its Shanghai debut, Moore Threads has attracted attention as one of China's domestic GPU developers. Management says the company develops full-function GPUs and related systems intended for AI acceleration, graphics rendering, scientific computing and other workloads. A Hong Kong public offering would add an additional capital-raising option to support those technology investments.
The planned Hong Kong listing comes against a backdrop of heightened activity among Chinese AI and semiconductor firms seeking public capital. The trend follows recent listings by other domestic chipmakers - including Biren Technology, which launched a Hong Kong IPO earlier this year - and a broader push by multiple local GPU developers to pursue market listings as demand for locally designed AI hardware grows.
Moore Threads has been broadening its product portfolio beyond conventional graphics functions. The company's disclosed 2026 product lineup is said to cover computing across cloud, edge and terminal environments. Management has positioned the roadmap to pursue AI applications that require progressively greater computing capacity and infrastructure.
That effort is occurring amid tighter U.S. restrictions on advanced technology exports to China. Those controls have increased pressure on Chinese companies to develop domestic alternatives to foreign suppliers, including Nvidia and other advanced technology vendors.
On the financial side, Moore Threads reported a net loss of 1 billion yuan in 2025, an improvement from a 1.62 billion yuan loss in the prior year. At the same time, the company's assets more than doubled to reach 15.34 billion yuan. Those results underscore the capital intensity of developing GPU technologies and building AI computing infrastructure.
For Moore Threads, a secondary listing in Hong Kong could provide fresh funding as it seeks to scale its technology and solidify its position in China's expanding AI computing market. The prospect of an additional financing route comes as multiple domestic GPU developers accelerate fundraising and pursue public listings to meet rising demand for locally designed AI hardware.
Market and sector context
- Semiconductors and AI hardware: Moore Threads' listing plans are part of a broader uptick in activity among Chinese AI chipmakers seeking capital to expand GPU and AI infrastructure capabilities.
- Capital markets: A Hong Kong listing would create another avenue for public financing beyond the STAR Market for the Shanghai-listed developer.
- Technology supply chains: Tighter U.S. export restrictions on advanced tech are cited as a factor that increases urgency for domestic alternatives to foreign suppliers.
Financial snapshot
- Net loss in 2025: 1 billion yuan, narrower than the 1.62 billion yuan loss a year earlier.
- Total assets: 15.34 billion yuan, more than double versus the prior period.