The Shanghai Stock Exchange Listing Review Committee has scheduled September 26 to review Moore Threads' initial public offering application. Founder and CEO Zhang Jianzhong previously served as Global Vice President and General Manager of China at NVIDIA, bringing nearly two decades of GPU industry expertise.

Moore Threads Intelligent Technology (Beijing) Co., Ltd. faces a crucial milestone in its IPO journey.

According to the Shanghai Stock Exchange website on September 19, the Listing Review Committee will review Moore Threads' IPO application on September 26. The company seeks to raise 8 billion yuan through its Science and Technology Innovation Board listing. CITIC Securities serves as the sponsor, with Beijing Jingtian & Gongcheng Law Firm and Ernst & Young Hua Ming LLP acting as legal and accounting advisors respectively.

Company founder and CEO Zhang Jianzhong previously held positions as Global Vice President and General Manager of China at NVIDIA, accumulating nearly twenty years of experience in the GPU industry.

As the review date approaches, Moore Threads has become a hot topic in capital markets. Wind data shows that on September 22, A-share "Moore Threads concept stocks" surged with limit-ups, driving the Moore Threads index up 6.1%. On September 23, the index continued rising by 1.35%.

**Domestic GPU Manufacturer**

Established in 2020, Moore Threads specializes in research, development, design, and sales of full-function GPUs and related products. The company focuses on providing computing acceleration platforms for high-performance computing fields including AI, digital twins, and scientific computing, positioning itself as one of the few domestic GPU companies capable of both graphics rendering and AI computation.

GPU stands for Graphics Processing Unit, serving as the intelligent core and computational hub of electronic computing devices. In high-end general-purpose chip sectors, GPUs play a decisive role in advancing artificial intelligence, big data, and cloud computing technologies.

According to the prospectus, Moore Threads holds a leading position in China's GPU sector. Based on its proprietary MUSA architecture, the company achieved breakthrough technology supporting AI computing acceleration, graphics rendering, physics simulation, scientific computing, and ultra-high-definition video encoding/decoding on a single chip architecture, significantly advancing China's GPU industry autonomy.

Currently, compared to international giants like NVIDIA, Moore Threads still faces gaps in comprehensive R&D capabilities, core technology accumulation, and product-customer ecosystems.

Moore Threads stated that through this listing, it will continue increasing investment in innovative R&D projects, responding to national strategies for "accelerating key technology autonomy" and "building new computing infrastructure," helping China achieve advanced products and leading technology in global intelligent computing while promoting high-quality digital economy development.

Additionally, the prospectus reveals that Moore Threads has successfully mass-produced five chips, accumulating complete R&D and industrialization experience in full-function general GPU technology and proprietary MUSA software stack. The company has launched four generations of GPU architectures and intelligent SoCs, forming a computing acceleration product matrix covering AI computing, high-performance computing, and graphics rendering, while achieving "cloud-edge-device" full-stack AI product line deployment.

As a domestic GPU company, Moore Threads heavily emphasizes R&D. Public information shows cumulative R&D investment exceeding 4.3 billion yuan, with nearly 900-person R&D team where over 75% hold master's degrees or higher, with core members predominantly from international technology giants.

As of June 30, 2025, Moore Threads has applied for over 1,000 patents, receiving 514 authorizations, ranking among leading domestic GPU companies in authorized patents, including 453 domestic invention patents covering multiple GPU core technology segments.

**Narrowing Losses**

Domestic substitution opportunities and broad market space bring future profitability potential for domestic GPU companies like Moore Threads.

This IPO fundraising will primarily support next-generation AI chips, graphics chips, and AI SoC chip development while further improving industrial ecosystem deployment.

Performance-wise, according to Moore Threads' latest financial data, revenue from 2022 to 2024 reached 46 million yuan, 124 million yuan, and 438 million yuan respectively, achieving a three-year compound growth rate of 208.44%.

In the first half of 2025, Moore Threads achieved revenue of 702 million yuan. According to the prospectus, the company could achieve consolidated statement profitability as early as 2027.

Moore Threads noted in its latest prospectus that during the reporting period, business revenue primarily came from AI computing, professional graphics acceleration, and desktop graphics acceleration sectors, all based on core GPU chips representing main business revenue.

Furthermore, Moore Threads' losses continue narrowing. Net losses decreased from 1.84 billion yuan in 2022 to 1.673 billion yuan in 2023, further narrowing to 1.492 billion yuan in 2024, with first-half 2025 data at 271 million yuan.

On June 18, 2025, the Science and Technology Innovation Board "1+6" new policy launched comprehensive measures supporting quality unprofitable technology companies' listings.

On September 22, CSRC Chairman Wu Qing stated at a State Council Information Office briefing that three unprofitable technology companies have completed registration after restarting the Science and Technology Innovation Board's fifth listing standard, while the ChiNext third standard welcomed its first application.

Market participants believe the Science and Technology Innovation Board "1+6" new policy provides stronger support for high-growth potential hard-tech enterprises entering capital markets. The policy enhances market inclusiveness while strengthening capital markets' function serving national strategy, providing robust support for new productive forces development.

Moore Threads projects in its prospectus that consolidated statement profitability may be achieved in 2027, including government subsidy income. Excluding such income, the company expects marginal profitability in 2027.

**Founder's 14-Year NVIDIA Tenure**

With Moore Threads' review approaching, some A-share listed companies directly or indirectly holding stakes have seen stock price movements.

Wind data shows that on September 22, Yingqu Technology, DHC Software, Hetai Intelligent Manufacturing, and Lianmei Holdings hit limit-ups, with multiple other stocks posting significant gains.

Huachen Equipment disclosed on the interactive platform that it serves as a limited partner in Ningbo Meishan Bonded Port Area Deliao Venture Investment Partnership, holding a 15% stake. Deliao Venture holds 2.6405 million Moore Threads shares, representing 0.6601% ownership.

ZTT disclosed that its wholly-owned subsidiary ZTT Financial Investment subscribed to Beijing China Mobile Digital New Economy Industry Fund Partnership in December 2023. According to Moore Threads' prospectus, this fund holds Moore Threads shares.

Sheng Yuan Environmental stated that in 2021, it indirectly participated in Moore Threads investment by subscribing 300 million yuan in Zhongyuan Qianhai Equity Investment Fund Partnership shares. The fund invested 29.735 million yuan in Moore Threads, representing 0.2423% ownership.

Beyond these participating institutions, Moore Threads' prospectus reveals that as of the prospectus signing date, total share capital reached 400.028 million shares with 86 direct shareholders showing dispersed ownership. The largest shareholder, Nanjing Shenao, holds 14.5455% as the company's shareholding platform; the second-largest shareholder is founder and actual controller Zhang Jianzhong with 11.0598%. Additional notable investors include Shenzhen Minghao, Sequoia Capital, Shenzhen Capital Group, China Merchants Venture Capital, Tencent Investment, Hongtai Fund, and Lenovo Changjiang.

As of June 30, 2025, Zhang Jianzhong directly holds 11.06% of Moore Threads shares while signing concerted action agreements with founder shareholding platforms Nanjing Shenao and Hangzhou Huaao, serving as executive partner for three employee shareholding platforms: Hangzhou Huaao, Hangzhou Zhongao, and Hangzhou Jingao, collectively controlling 36.36% of shares as the actual controller.

Notably, among Moore Threads' seven board members, three have NVIDIA backgrounds.

The prospectus introduces Zhang Jianzhong: Moore Threads founder, chairman, and general manager, Chinese nationality, master's degree, senior engineer. From May 1990 to March 1992, he served as senior researcher at the National Computer Laboratory Department of the Metallurgical Automation Research and Design Institute. From April 1992 to May 2001, he worked as product general manager at Hewlett-Packard China. From June 2001 to March 2006, he served as general manager of the Global Customer Department at Dell (China).

From April 2006 to September 2020, Zhang Jianzhong served as Global Vice President and General Manager of Greater China at NVIDIA. After Moore Threads began operations in October 2020, he participated in company management as the actual controller, serving as general manager from November 2023 and chairman from December 2023 to present.

Additionally, Zhou Yuan served as Senior Director of Market Ecosystem at NVIDIA from October 2004 to September 2020, while Zhang Yubo worked as GPU architect at NVIDIA from October 2013 to November 2017.

If successfully listed, Moore Threads would become the first "domestic GPU" stock. Subsequent developments warrant continued attention.