Core Viewpoint - Moer Thread, founded by former Nvidia executives, is set to launch its IPO on the STAR Market, aiming to raise approximately 8 billion yuan [1][3]. Company Overview - Moer Thread was established in June 2020 by Zhang Jianzhong, a former Nvidia executive, and has a registered capital of about 400 million yuan [3][4]. - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields such as AI and digital twins [5]. IPO Details - The IPO will open for subscription on November 24, 2025, with an issue price of 114.28 yuan per share and a total issuance of 70 million shares, raising around 8 billion yuan [3]. - The funds raised will be allocated to various R&D projects, including AI training chips and graphics chips, with approximately 25.10 billion yuan for AI chip development and 25.02 billion yuan for graphics chip development [3]. Financial Performance - Moer Thread's revenue for 2022, 2023, and 2024 is projected to be approximately 46.09 million yuan, 124 million yuan, and 438 million yuan, respectively, with net losses of about 1.84 billion yuan, 1.67 billion yuan, and 1.62 billion yuan [6][8]. - As of the first half of 2025, the company reported revenue of approximately 702 million yuan, with a net loss of about 271 million yuan [7]. R&D Investment - The company has significantly increased its R&D investment, with expenses of approximately 1.12 billion yuan, 1.33 billion yuan, and 1.36 billion yuan for 2022, 2023, and 2024, respectively [8]. - Moer Thread anticipates achieving profitability by 2027, with projected revenue of 5.98 billion yuan and a gross margin of 61% [8].

Core Viewpoint - Starshine Technology, listed on A-shares for less than two years, has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, aiming to enhance business development and brand competitiveness [1] Group 1: Company Overview - Starshine Technology was established in December 2017 and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on March 28, 2024 [1] - The company specializes in the design, research, and sales of edge AI SoC chips, and is recognized as the largest visual AI SoC supplier globally based on shipment volume in 2024 according to Frost & Sullivan [1] Group 2: Financial Performance - In the first half of this year, Starshine Technology achieved a revenue of approximately 1.385 billion yuan, representing a year-on-year growth of about 19.18% [1] - The revenue breakdown includes 909 million yuan from smart security, 325 million yuan from smart IoT, and approximately 151 million yuan from smart automotive businesses [1]

Core Points - The Shanghai Stock Exchange's listing review committee approved the initial public offering (IPO) of Moore Threads Technology (Beijing) Co., Ltd., marking it as the 55th company to pass the review this year [1] - Moore Threads is a fabless GPU chip design company established on June 11, 2020, focusing on the research, design, and sales of full-function GPU products [1][2] - The company plans to raise 800 million yuan for the development of new AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [2] Company Structure - As of June 30, 2025, Zhang Jianzhong is the actual controller of Moore Threads, holding a total of 36.36% of the shares through direct and indirect ownership [2] - The company has no single shareholder holding more than 30% of the shares and does not have a controlling shareholder [2] Market Position and Competition - The listing committee inquired about the company's competitive advantages and potential risks in the GPU market, including the impact of market competition and trade environment [3] - The company was asked to clarify its revenue recognition practices and customer relationships during the reporting period [3]

Core Viewpoint - The Shanghai Stock Exchange will review the initial public offering (IPO) of Moore Threads on September 26, 2025, marking a significant step for the company in the GPU chip design industry [1] Company Overview - Moore Threads was established on June 11, 2020, and operates as a fabless GPU chip design company focused on the research, design, and sales of fully functional GPU products [1] - As of June 30, 2025, the company has no single shareholder holding more than 30% of the shares, with Zhang Jianzhong being the actual controller of the company, holding a total of 36.36% of the shares [2] Financial Information - The company plans to raise CNY 800 million (approximately USD 112 million) through its IPO, which will be allocated to various R&D projects and to supplement working capital [3] - The projected allocation of the raised funds includes: - CNY 250.96 million for AI training and inference chip R&D - CNY 250.23 million for graphics chip R&D - CNY 198.18 million for AI SoC chip R&D - CNY 100.63 million for working capital [4] - Revenue figures for the years 2022 to 2025 show a growth trajectory, with revenues of CNY 4.61 million, CNY 12.40 million, CNY 43.85 million, and CNY 70.18 million respectively [4] - The company has reported net losses for the same period, with figures of CNY -183.96 million, CNY -167.33 million, CNY -149.19 million, and CNY -27.09 million [5] R&D Investment - From 2022 to 2024, the company’s cumulative R&D investment reached CNY 3.81 billion, which is approximately 626.03% of its cumulative revenue during the same period [7] - The company meets the listing criteria of the Shanghai Stock Exchange, which requires a market value of no less than CNY 1.5 billion and a minimum revenue of CNY 200 million in the most recent year [7]