2025年12月5日，中国资本市场上演了一场极其戏剧性的景象。 一家名为摩尔线程的芯片公司在A股科创板上市，开盘股价便从114.28元的发行价一路飙 升至650元，最高涨幅达到473%，中一签（500股）的投资者最高可赚超过28万元。 而同一天，一家名为"遇见小面"的中式面馆连锁企业在香港交易所挂牌，却遭遇了完全不同的命运，其股价以较发行价7.02港元低开近25%开场，最终 收盘时破发幅度达27.84%。 一家尚处于亏损状态的科技公司和一家已实现盈利的消费企业，在上市首日为何会迎来如此天壤之别的待遇？ 这背后的差异密码，恰恰揭示了A股与港股两个市场截然不同的游戏规则和投资逻辑。 | 英语家居 | 0.88 | 1464万 | 97 | 3.90亿 | | --- | --- | --- | --- | --- | | 603216 | | | | | | 電荷高新 002023 | 2.46 | 1.21亿 | 53 | 12.72亿 | | STERN AN 600711 | 1.56 | -8488万 | 86 | 44.18亿 | | 中国市场 000797 | 1.35 | 1.10亿 | 77 | ...

Core Viewpoint - The company Moer Technology has launched its IPO in the A-share market with a record-high issue price of 114.28 RMB per share, marking the highest issuance price in the A-share market for the year [1] Company Overview - Moer Technology, established in 2020, is recognized as a "little giant" enterprise by the national program for specialized and innovative companies and is considered an industry unicorn [1] - The company specializes in the research, design, and sales of full-function GPUs (graphics processing units) and is one of the few domestic GPU companies that integrate graphics rendering and AI computing [1] Financial Performance - Projected revenues for Moer Technology are approximately 0.46 billion RMB in 2022, 1.24 billion RMB in 2023, and 4.38 billion RMB in 2024 [1] IPO Details - The company plans to issue 70 million new shares, resulting in a post-issue total share capital of over 470 million shares, leading to a market valuation exceeding 50 billion RMB [1] - The IPO aims to raise 8 billion RMB, which will be allocated to the development of a new generation of self-controlled AI training and inference chips [1] Analyst Insights - According to analyst Peng Wenyu from Shenwan Hongyuan, Moer Technology's projects will enhance product performance and support the achievement of self-control in key areas, while also seizing opportunities in the integration of AI and graphics [1]