Moore Threads (摩爾線程), known as the "Chinese Nvidia," reported a 147% increase in revenue for the first half of 2026 compared to the same period last year, continuing its rapid growth. As China accelerates its efforts to build a domestic AI computing ecosystem in response to U.S. sanctions, Moore Threads is also pursuing a listing on the Hong Kong Stock Exchange to enhance global fundraising and research and development investments.
According to the South China Morning Post (SCMP), Moore Threads announced its plans for a Hong Kong listing on the evening of August 9 through a disclosure on the Shanghai Stock Exchange. The company stated that the listing would deepen its internationalization strategy, secure top research and development talent, and strengthen its corporate governance and core competitiveness. However, it added that discussions with relevant parties are ongoing, and specific details regarding the listing method and timeline will be finalized later.
Moore Threads successfully debuted on the STAR Market, often referred to as China's Nasdaq, at the end of last year. Following its listing, the stock price surged, exceeding eight times the initial offering price of 114.28 yuan within just five trading days. This increase is attributed to heightened market expectations for the company as a representative of China's AI chip localization strategy amid tightening U.S. export controls on AI semiconductors.
The move to pursue a dual listing in Hong Kong is seen as a strategy to secure funding in response to the growing demand for Chinese AI computing. Notably, Hong Kong offers greater accessibility for global institutional investors and foreign capital compared to the mainland market, which is expected to help Moore Threads expand its base of overseas investors and enhance its recognition in the global market.
Guo Tao, a representative of the China Artificial Intelligence Association and an angel investor, told SCMP, "Listing in Hong Kong, a global capital hub, will attract sustained interest from foreign sovereign wealth funds and global technology research institutions. This could significantly elevate Moore Threads' status in the global industry."
Guo estimated that following the Hong Kong listing, the company's valuation could reach between 150 billion and 170 billion yuan (approximately $23.3 billion). This is lower than its current market capitalization of about 281 billion yuan on the Shanghai Stock Exchange. Analysts suggest that while mainland investors place significant importance on policy expectations regarding AI independence and localization, global investors may focus more on cash flow, profitability, and product commercialization achievements.
Moore Threads is considered one of the key beneficiaries of China's AI semiconductor independence. Like Nvidia, it develops high-performance GPUs across a range of products while also investing in software and developer ecosystem development. The company's GPUs have gained attention as they are included in the Chinese government's list of technologies related to localization, alongside major Chinese AI semiconductor firms such as Huawei, MetaX, T-head, Haiguang, and Birun Technology.
Driven by the increasing demand for AI computing, Moore Threads has seen rapid improvements in its performance. In its report for the first half of the year, the company announced that its revenue reached 1.736 billion yuan, a 147% increase compared to the same period last year, nearly 2.5 times larger than the previous year.
Profitability has also significantly improved. The net loss for the first half of the year was 11.5631 million yuan, down over 95% from a loss of 271 million yuan in the same period last year. As revenue grows rapidly, the company is moving closer to breaking even.
Notably, the revenue for the first half of the year has already achieved about 65% of the annual revenue forecast of 2.68 billion yuan set by global investment bank JP Morgan in April. JP Morgan projects that Moore Threads' annual revenue could increase to 4.69 billion yuan next year.
* This article has been translated by AI.
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