On August 9th, Moore Threads announced two major pieces of news: a plan for a Hong Kong listing and a stellar semi-annual report.
The announcements immediately sparked heated discussions in comment sections. Some investors pointed out: "The listed company is now sitting on a huge sum of raised capital, investing it in wealth management products, and is about to seek secondary financing in Hong Kong."
8 Months After Listing, A-Share Market Cap Has Shrunk by 40%
In December 2025, Moore Threads debuted on the STAR Market as the "first domestic GPU stock," raising 8 billion yuan.
On its first trading day, its stock price soared 468%, and on December 11th, it even touched a high of 941.08 yuan, pushing its market capitalization to a historical peak of 442.3 billion yuan.
However, on December 12th, it announced that to improve the efficiency of its raised funds, it would use idle capital for wealth management, purchasing principal-guaranteed products—a move that sparked market controversy.
Some shareholders expressed dissatisfaction: "In principle, after a company goes public and takes investors' money, it should be used for promised projects. Is it appropriate to use it to buy principal-guaranteed wealth management products?"
Subsequently, Moore Threads' stock price experienced significant fluctuations. As of August 10th, the stock price fell to 573.97 yuan per share, with a market cap of 269.8 billion yuan, a 40% drop from its peak.
Behind this, Moore Threads' valuation was excessively hyped during its initial listing, with its price-to-sales ratio severely deviating from fundamentals. Its dynamic P/S ratio once exceeded 1,000x, significantly higher than the industry's static P/E ratio of around 60x. Meanwhile, its wealth management actions created a huge gap with investor expectations, impacting investor confidence.
Around July, the AI computing power sector experienced a collective pullback, with many stocks halving in value, and Moore Threads was no exception.
Planning Hong Kong IPO, Valuation Faces Test
According to Moore Threads' fund usage announcement, it still has money on its books. It received 7.57 billion yuan from its A-share issuance, spent nearly 2 billion yuan, invested 2.9 billion yuan in wealth management products, and has 2.7 billion yuan deposited in banks.
The purpose of its Hong Kong listing is to "deepen its international strategic layout, continuously attract and gather outstanding global R&D and management talent, and enhance corporate governance and core competitiveness."
For the GPU industry it operates in, characterized by rapid technological iteration and intense capital competition, listing in Hong Kong helps open international capital channels and attract top overseas talent.
Industry insiders indicate that the perception of the "A+H" platform among enterprises has fundamentally shifted from a financing tool to a core strategic pillar for globalization.
Now is a golden window for "A+H" listings. In 2024, the China Securities Regulatory Commission proposed supporting leading domestic industry enterprises to list in Hong Kong; the Hong Kong Stock Exchange simultaneously reformed IPO rules, lowering listing thresholds.
Since 2024, over 270 mainland enterprises have listed in Hong Kong, raising over 650 billion Hong Kong dollars. Leading hard-tech companies like CATL, InnoLight, and Montage Technology have already completed or are pursuing the A+H path.
Among the "Four Little Dragons" of domestic GPUs, Biren Technology has already listed in Hong Kong. MetaX, which went public on the A-share market at the end of last year, swiftly announced plans for a Hong Kong listing in June.
However, for Moore Threads, it will be challenging for its Hong Kong IPO pricing to break through Biren Technology's valuation ceiling. International investors may use Biren's Hong Kong valuation as a benchmark and demand a discount for Moore Threads.
Revenue Surged in First Half, Still in the Red
In terms of performance, Moore Threads' revenue grew significantly in the first half, but it still hasn't turned a profit.
In the first half, Moore Threads achieved revenue of 1.74 billion yuan, a year-on-year increase of 147.4%, exceeding its full-year revenue from last year.
The semi-annual report explains that the significant revenue growth was driven by the development of the AI industry and strong market demand for full-feature GPUs, coupled with the accelerated commercialization of the company's Kua'e Intelligent Computing Cluster, whose performance has been highly recognized by customers.
The Kua'e Intelligent Computing Cluster is a "super factory" built by Moore Threads specifically for large language models, providing the computing power needed for training and inference of trillion-parameter-scale models.
Currently, almost all of Moore Threads' revenue comes from its cloud product line, including cloud intelligent computing cards, all-in-one intelligent computing machines, and intelligent computing clusters, generating about 1.7 billion yuan in the first half.
The edge and terminal product lines are still relatively small in scale and have not yet formed significant volume.
Moore Threads' net loss narrowed sharply from 271 million yuan in the same period last year to 11.563 million yuan. The company is very close to profitability, but its non-GAAP net profit attributable to the parent company still showed a loss of 150 million yuan in the first half, with non-recurring gains coming from government subsidies and investment income.
According to its previous disclosures, the earliest it expects to turn profitable is 2027.
In the first half, Moore Threads' total operating costs also surged, exceeding 1.8 billion yuan.
Among these, R&D investment reached 770 million yuan, a year-on-year increase of 38%; operating costs and sales expenses grew by 245% and 121% respectively, squeezed by both rising raw material prices and sales team expansion.
Conclusion
Moore Threads' initiation of a Hong Kong listing aims to broaden financing channels, facilitate attracting international talent, and enhance corporate governance, representing a strategic layout for the future.
Its revenue grew rapidly in the first half, but it is still not profitable on a non-GAAP basis, with R&D and sales investments continuing to increase. On the GPU track, whether Moore Threads can continue to narrow the gap with global industry leaders remains to be seen. Faced with market skepticism, it ultimately needs to respond with performance and technological breakthroughs.
This article is from the WeChat public account "Yijian Caijing," author: Feng Jianhong
