“大肉签”2.9万股遭弃购！主承销商330万元全部“笑纳”！此前中签率仅万分之3.6

Core Viewpoint - Moore Threads has successfully completed its IPO on the Sci-Tech Innovation Board, with significant interest from investors, reflecting the growing demand for domestic GPU solutions in China [1][6]. Summary by Sections IPO Subscription Details - Offline investors subscribed for 39.2 million shares, with a total payment of 4.48 billion yuan, and no shares were abandoned [1]. - Online investors subscribed for 16.77 million shares, totaling 1.917 billion yuan, with 29,302 shares abandoned, amounting to 334.86 thousand yuan [1][2]. Underwriting and Abandonment - The shares abandoned by online investors will be fully underwritten by the lead underwriter, CITIC Securities, accounting for approximately 0.05% of the total issuance after strategic placements [2]. - The abandonment of over 29,000 shares has raised concerns among investors, with speculation that it may be due to operational issues [2]. Company Overview - Moore Threads is recognized as "China's version of Nvidia," focusing on the research, design, and sales of GPUs and related products [4]. - Since its establishment in 2020, the company has developed a full-function GPU aimed at high-performance computing fields such as AI and digital twins, launching four generations of GPU architectures [4][6]. Market Context - Nvidia dominates the global GPU market, particularly in AI computing and data centers, holding about 90% market share in cloud AI training GPUs [6]. - There is a rising demand for domestic GPU solutions in China, positioning Moore Threads favorably among investors [6]. Financial Performance - As of the IPO announcement, Moore Threads has not yet achieved profitability, with projected revenues of 46 million yuan, 124 million yuan, and 438 million yuan for 2022, 2023, and 2024 respectively, while incurring net losses of 1.894 billion yuan in 2022, 1.618 billion yuan in 2023, and 1.618 billion yuan in 2024 [6][7]. - For the first three quarters of 2025, the company reported revenues of 785 million yuan and a net loss of 724 million yuan [6][7]. Future Outlook - The company anticipates achieving profitability by 2027 based on market potential, product development, and customer engagement [7].