惊呆了！摩尔线程上市募资用途说的漂亮，竟然全都拿去买理财了？

Core Viewpoint - The company Moer Thread, a leading domestic GPU manufacturer, has raised approximately 8 billion yuan through its IPO and has quickly allocated 7.5 billion yuan of this capital into low-risk financial products such as bank deposits and large certificates of deposit, raising concerns among investors about its commitment to research and development [5][10]. Group 1: Financial Performance and Fund Allocation - Moer Thread's IPO price was set at 114.28 yuan per share, with a total issuance of 70 million shares, resulting in a fundraising amount of nearly 8 billion yuan [5][10]. - After deducting issuance costs, the net funds raised amounted to approximately 7.576 billion yuan, which the company has labeled as "idle funds" [10]. - The company has invested 7.5 billion yuan into various types of bank deposits, indicating a preference for low-risk financial management rather than immediate investment in R&D projects [5][10]. Group 2: Market Reaction and Investor Sentiment - Investors have expressed skepticism and criticism regarding the company's decision to invest a significant portion of its IPO funds into financial products instead of R&D, questioning the motivation and future innovation potential of the company [5][10]. - Following the announcement of its financial strategy, Moer Thread's stock price experienced a significant drop, falling nearly 20% in one day, which resulted in a market capitalization loss of 60 billion yuan [15][16]. - The stock's trading dynamics have been characterized by a low float, with only 2.938 million shares available for trading, leading to heightened volatility and speculative trading behavior [10][11]. Group 3: Valuation Metrics - Moer Thread's market valuation has been described as excessive, with a price-to-sales ratio reaching 1008 times, significantly higher than the industry average of 59 times [11][13]. - Comparatively, other companies in the same sector, such as Cambrian, have lower price-to-sales ratios, indicating that Moer Thread's valuation may not be sustainable in the long term [13].