On August 9, Moore Threads announced two major pieces of news: one is the plan for a Hong Kong stock listing, and the other is a stellar semi-annual report.
As soon as the news came out, the comment section exploded. Some investors pointed out: "Now listed companies hold huge amounts of raised funds, and they still want to manage finances, and immediately go to Hong Kong for secondary financing."
Eight months after listing, A-share market value has evaporated by 40%
In December 2025, Moore Threads landed on the STAR Market as the "first domestic GPU stock," raising 8 billion yuan.
On its first day of listing, its stock price soared by 468%, and on December 11, the stock price even touched 941.08 yuan, with market value surging to a historical high of 442.3 billion yuan.
But on December 12, it announced that to improve the efficiency of raised funds usage, it would use idle raised funds for financial management, buying principal-protected products, a move that sparked market controversy.
Some shareholders expressed dissatisfaction: "Logically speaking, when a company goes public and takes investors' money, it should be used for the promised projects. Is it appropriate to buy principal-protected wealth management products instead?"
After that, Moore Threads' stock price fluctuated significantly. As of August 10, the stock price had dropped to 573.97 yuan per share, with a market value of 269.8 billion yuan, a 40% evaporation from its peak.
Behind this, Moore Threads' initial valuation was overhyped, with its price-to-sales ratio severely deviating from fundamentals. Its dynamic price-to-sales ratio once exceeded 1000 times, significantly higher than the industry's static price-to-earnings ratio of about 60 times. At the same time, the huge gap between its wealth management behavior and investor expectations impacted investor confidence.
Around July, the AI computing power sector collectively pulled back, with many stocks halving, and Moore Threads could not escape the trend.
Planning Hong Kong listing, valuation faces test
According to Moore Threads' announcement on the use of raised funds, there is still money on the books. It received 7.57 billion yuan from the A-share issuance, spent nearly 2 billion yuan, bought 2.9 billion yuan in wealth management products, and still has 2.7 billion yuan in the bank.
And its purpose for listing in Hong Kong is to "deepen the international strategic layout, continuously attract and gather global excellent R&D and management talents, and improve corporate governance and core competitiveness."
For the GPU industry it is in, with tight technology iteration rhythm and fierce capital competition, listing in Hong Kong helps to open up international capital channels and attract top overseas talents.
Industry insiders say that more and more companies have undergone a fundamental shift in their understanding of the "A+H" platform, from a financing auxiliary tool to a core pillar of globalization strategy.
Now is the golden window for "A+H" listings. In 2024, the CSRC proposed supporting leading mainland enterprises to list in Hong Kong; the Hong Kong Stock Exchange simultaneously reformed IPO rules, lowering the listing threshold.
Since 2024, more than 270 mainland enterprises have listed in Hong Kong, raising over 650 billion Hong Kong dollars. Hard-tech leaders such as CATL, Zhongji Innolight, and Montage Technology have all completed or are in the process of the A+H path.
Among the "Four Little Dragons" of domestic GPUs, Biren Technology has already landed on the Hong Kong Stock Exchange, and Moore Threads' rival, MetaX, after listing on the A-share market at the end of last year, quickly announced its Hong Kong listing in June.
However, for Moore Threads, it is somewhat difficult for the Hong Kong IPO pricing to break through Biren Technology's ceiling. International investors may use Biren's Hong Kong valuation as a benchmark and demand a discount from Moore Threads.
Revenue surged in the first half, still in losses
However, in terms of performance, Moore Threads' revenue increased significantly in the first half, but it has not yet turned a profit.
In the first half, Moore Threads achieved revenue of 1.74 billion yuan, a year-on-year increase of 147.4%, surpassing its full-year revenue from last year.
The annual report explains that the significant revenue growth is due to the development of the AI industry and the strong market demand for full-function GPUs, coupled with the accelerated commercialization of the company's Kuae intelligent computing cluster, with product performance highly recognized by customers.
The Kuae intelligent computing cluster is a "super factory" specially built by Moore Threads for large models, providing computing power for training and inference of trillion-parameter large models.
Currently, Moore Threads' revenue almost entirely comes from its cloud product line, including cloud intelligent computing boards, intelligent computing all-in-one machines, and intelligent computing clusters, with first-half revenue of about 1.7 billion yuan.
The edge and terminal product line is currently small in scale and has not yet formed a scale.
Moore Threads' net loss narrowed sharply from 271 million yuan in the same period last year to 11.563 million yuan. The company is very close to profitability, but its non-GAAP net loss attributable to shareholders in the first half was still 150 million yuan, with non-recurring gains coming from government subsidies and investment income.
According to its previous disclosure, it expects to achieve profitability as early as 2027.
In the first half, Moore Threads' total operating costs also surged, exceeding 1.8 billion yuan.
Among them, R&D investment reached as high as 770 million yuan, a year-on-year increase of 38%; operating costs and sales expenses increased by 245% and 121% respectively, squeezed by both rising raw material prices and the expansion of the sales team.
Conclusion
Moore Threads' launch of a Hong Kong listing aims to broaden financing channels, facilitate the attraction of international talent, and improve corporate governance, which is a strategic layout for the future.
Its first-half revenue grew rapidly, but it is still not profitable after excluding non-recurring items, and R&D and sales investments are still increasing. On the GPU track, whether Moore Threads can continue to narrow the gap with global leading companies remains to be seen. In the face of market doubts, it ultimately needs to respond with performance and technological breakthroughs.
This article is from the WeChat public account "Yijian Finance" (易简财经), author: Feng Jianhong.
