Core Viewpoint - The article highlights the significant market interest and record-breaking achievements of Moole Thread, often referred to as the "Chinese version of Nvidia" and the "first domestic GPU stock" [1][6]. Group 1: IPO Details - Moole Thread's IPO saw a low online subscription rate of 0.03635054%, with 482.66 million investors participating, indicating that only about 4 out of 10,000 investors would receive shares [1]. - The issuance price of Moole Thread is 114.28 yuan, marking the highest issuance price on the Sci-Tech Innovation Board this year [2]. - The offline allocation results showed that 267 institutional investors participated, with A-class investors receiving 98.44% of the allocations, while B-class investors received only 1.56% [4]. - The IPO process from acceptance to approval took only 88 days, setting a record for the fastest IPO review on the Sci-Tech Innovation Board [5]. Group 2: Market Potential and Company Performance - Moole Thread's appeal is driven by the potential for significant returns, with a possibility of earning over 500,000 yuan if the stock price increases tenfold on the opening day [6]. - Despite not being profitable yet, Moole Thread is positioned within the context of China's push for technological independence and the rapid replacement of foreign high-end chips [6][7]. - The global GPU market is projected to reach 36,119 billion yuan by 2029, with China's GPU market expected to account for nearly 40% of this figure [7]. - Revenue projections for Moole Thread indicate growth from 0.46 million yuan in 2022 to an expected 7.02 million yuan in the first half of 2023, but the company is still facing significant losses [8]. - The company anticipates achieving profitability by 2027 if research and market expansion proceed smoothly [8].

Core Viewpoint - The IPO of Moore Threads, known as the "Chinese version of Nvidia," has generated significant interest in the capital market, with a public offering of 70 million shares at a price of 114.28 yuan per share, aiming to raise a total of 8 billion yuan, marking the largest fundraising scale for a new stock on the Sci-Tech Innovation Board this year [1][2]. Group 1: IPO Details - Moore Threads' IPO is set to raise 8 billion yuan, with an issuance price of 114.28 yuan per share, which is the highest for A-share new stock since 2025 [1]. - The company received a staggering 1,571.56 times the initial offline issuance scale in valid subscription bids from 267 offline investors [1]. - The company has introduced 10 strategic placement entities, with a total investment amount of 1.59992 billion yuan, including significant contributions from state-owned and well-known investment institutions [2]. Group 2: Company Background and Market Position - Founded in 2020, Moore Threads is a latecomer in the GPU sector, focusing on a "full-function GPU" development path, unlike its competitors [5]. - The company has developed a proprietary MUSA architecture that supports various applications, including AI computing and graphics rendering, positioning it as a strong competitor to Nvidia [5]. - The core team includes several former Nvidia executives, enhancing the company's credibility and expertise in the GPU market [5]. Group 3: Financial Performance - Moore Threads reported revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan for the years 2022 to 2024, with a total revenue of approximately 6.08 billion yuan over three years [8]. - The company remains in a continuous loss phase, with net losses of 1.894 billion yuan, 1.703 billion yuan, and 1.618 billion yuan from 2022 to 2024, although the loss margin has narrowed in the first half of 2025 [8]. - The company anticipates achieving profitability by 2027 if research and market expansion proceed smoothly [8]. Group 4: Future Plans and Investments - The funds raised from the IPO will be allocated to various projects, including 2.51 billion yuan for the development of a new generation of AI training and inference chips, and 2.502 billion yuan for new graphics chip development [9].