China’s ‘little Nvidia’ plans Hong Kong listing after 147% revenue jump

Moore Threads plans Hong Kong listing after posting 147% jump in first-half revenue

The Chinese AI chip developer plans a listing in Hong Kong to deepen its ‘international strategic footprint’

Chinese artificial intelligence (AI) chip developer Moore Threads plans to seek a listing in Hong Kong after reporting a 147 per cent jump in first-half revenue, as the Nvidia challenger seeks fresh capital amid booming demand for home-grown computing power.

The Shanghai-listed company said on Sunday that its board had approved a plan to issue H shares and list on the main board of the Hong Kong stock exchange, a move designed to deepen the firm’s “international strategic footprint”, attract and retain talent, and “further enhance corporate governance and core competitiveness”.

Separately, the company said its revenue had reached 1.7 billion yuan (US$252 million) in the six months ended June. Its net loss narrowed to 11.6 million yuan from 271 million yuan a year earlier.

Moore Threads added that it was actively discussing listing plans with relevant parties, with further details yet to be finalised.

The listing plan adds to a bumper year for the Hong Kong stock market, which has seen a string of debuts by high-profile Chinese tech companies in recent months.