Nvidia Challenger Moore Threads Jumps 425% in China Debut

Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, jumped 425% in its Shanghai trading debut after raising 8 billion yuan ($1.13 billion), marking the biggest first-day pop for a major IPO since China’s 2019 reforms.

The initial public offering drew strong investor interest, with the retail portion oversubscribed some 2,750 times even after a clawback. Its debut doubled that of Semiconductor Manufacturing International Corp.’s 202% surge in 2020 to secure the top spot among IPOs larger than $1 billion.

Moore Threads’ listing comes as optimism over China’s drive for tech self-sufficiency intensifies, fueled by trade tensions ...