On December 3, the Shanghai Stock Exchange announced that the domestic full - featured GPU enterprise, Moore Threads Intelligent Technology (Beijing) Co., Ltd., had finalized its pricing and was set to make its market debut on the Science and Technology Innovation Board at 9:30 a.m. on Friday, December 5, 2025.

With this move, the domestic GPU enterprise, which was established merely four years ago, has successfully navigated the entire journey from registration to listing. From the acceptance of its application on June 30 to the approval on September 26, it took a mere 122 days, setting a new record for the approval speed on the Science and Technology Innovation Board this year.

According to the listing announcement, Moore Threads' stock code is 688795. It plans to issue 70 million shares, aiming to raise 8 billion yuan in funds. The issue price is set at 114.28 yuan per share. This corresponds to a post - dilution market sales ratio of 122.51 times for 2024, with a market capitalization of approximately 53.7 billion yuan, making it the most expensive new stock issued this year.

The funds raised will be mainly allocated to the research and development of the new - generation 'Pinghu' architecture GPUs, the establishment of a 10,000 - card - level intelligent computing center, and the development of intelligent automotive SOCs. The company has plans to launch automotive - grade chips in 2026, tapping into incremental markets such as AI PCs and intelligent cockpits.

Publicly available materials reveal that Moore Threads was registered in Beijing in October 2020. Its founder, Zhang Jianzhong, previously served as the Global Vice President of NVIDIA. The company positions itself as a provider of full - featured GPUs, with its product range covering three major areas: AI intelligent computing, graphics acceleration, and intelligent SOCs. Over the past four years, it has launched four generations of self - developed architectures and completed five chip tape - outs.

At the technical level, the company's fourth - generation GPU, 'Pinghu,' is built on the self - developed MUSA architecture. Its single - chip FP32 computing power is close to that of NVIDIA's RTX 3060. The company claims that the efficiency of its 1,000 - card cluster outperforms overseas products of the same generation and scale, and it is compatible with the CUDA ecosystem. Moreover, its AI intelligent computing clusters have been deployed in Gui'an, Hefei, and other locations. The largest cluster has expanded to the 10,000 - card level, capable of supporting the training of large models with hundreds of billions of parameters.

In terms of performance, the company's revenue increased from 46 million yuan in fiscal year 2022 to 785 million yuan in the first three quarters of 2025. However, the company has not yet turned a profit, with cumulative losses amounting to 5.939 billion yuan. The company explained that the high losses are mainly due to intense R&D efforts and high costs associated with tape - outs and packaging tests. It anticipates achieving profitability by 2027.

Regulatory warnings point out that the company has not yet achieved profitability and is exposed to risks such as core technology iteration, supply chain constraints, and customer concentration. Investors are advised to make prudent decisions.

Once listed, Moore Threads will become the 'first domestic GPU stock' on the A - share market. Its stock price performance will serve as a benchmark for subsequent companies in the same sector, such as Biren and MetaX, which are waiting to go public.