China's top domestic GPU maker has taken a confidential step toward a Hong Kong stock exchange listing, IFR reported. The $36 billion Moore Threads Technology move follows its Shanghai STAR Market debut and adds to a wave of Chinese AI chip startups seeking public capital to challenge Nvidia's grip on the country's $90 billion semiconductor market.
Moore Threads, the Chinese AI GPU developer valued at $36 billion, filed a confidential Hong Kong listing application, IFR reported.
The filing follows Moore Threads' Shanghai STAR Market debut and makes it the latest of China's "four little dragons" of AI chip startups to pursue a Hong Kong listing, according to Reuters Breakingviews. The quartet — Moore Threads, Shanghai Enflame Technology, MetaX Integrated Circuits and Shanghai Biren Technology — are leading Beijing's push to reduce reliance on Nvidia's graphics processing units used to train and deploy frontier AI models.
Moore Threads was founded by former Nvidia executive Zhang Jianzhong and has developed a custom programming platform that helps developers migrate code written for Nvidia's CUDA ecosystem to its own language. The company's Hong Kong filing comes as Nvidia's share of China's $90 billion AI semiconductor market has fallen from a near monopoly to an estimated 55 percent, according to IDC data cited by Reuters.
A successful Hong Kong listing would give Moore Threads additional capital to scale production and research as US export controls on high-end semiconductor equipment raise the cost of domestic chip development. The company did not disclose deal size, pricing or a target listing date in its confidential filing.
The filing follows a wave of Chinese AI chip listings. Enflame is raising about $900 million in a Shanghai IPO after drawing retail orders worth 6,109 times the shares available, while Biren already trades on the Hong Kong exchange. Huawei, the state-designated national champion, rounds out the domestic alternatives to Nvidia.
The broader sector is gaining momentum. Enflame, founded by two former AMD employees, reported a 1,475 percent year-on-year increase in first-quarter sales, though its net loss widened by more than a third to 444 million yuan ($66 million). Tencent holds a 20 percent stake in Enflame and is its top customer.
Moore Threads' Hong Kong application shows continued appetite for the city as a listing venue for Chinese technology companies during ongoing US-China tensions over AI chip export controls. A dual listing would give international investors direct access to one of China's most prominent domestic GPU developers, a segment that has drawn intense interest as Beijing prioritizes semiconductor self-sufficiency.
Investors will watch for the company's prospectus and pricing details as the filing advances through HKEX review. The confidential filing process allows Moore Threads to refine its offering before publicly disclosing terms.
This article is for informational purposes only and does not constitute investment advice.
