China Chipmaker Moore Threads Soars 502% After $1.1 Billion IPO

Moore Threads Technology Co., a leading Chinese artificial intelligence chipmaker, surged in its Shanghai trading debut after raising 8 billion yuan ($1.13 billion) in the year’s second-largest onshore IPO.

The firm’s stock soared as much as 502% after being sold at 114.28 yuan a piece during the initial public offering. If gains hold, the debut would mark the biggest first-day pop for an IPO over $1 billion since China’s 2019 IPO reforms, according to data compiled by Bloomberg.

The listing comes as optimism over China’s drive for tech self-sufficiency intensifies, fueled by trade tensions and fears of US ...