Moore Threads’ ¥8 Billion IPO: China's GPU Hopeful Goes Public Amid Massive Losses

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Key Points

IPO Approval: Moore Threads (Mo’er Xiancheng 摩尔线程), a Chinese GPU challenger, has received approval for its IPO on Shanghai’s STAR Market, aiming to raise roughly ¥8 billion RMB ($1.1 billion USD).
Aggressive R&D Focus: The company, founded in 2020, plans to use the IPO funds to develop next-gen AI chips, graphics chips, and AI SoCs, positioning itself as a domestic powerhouse for full-featured GPUs.
High Growth, Significant Losses: While showing impressive revenue growth from ¥46.08 million RMB in 2022 to ¥438 million RMB in 2024, Moore Threads has incurred substantial net losses (e.g., ¥1.84 billion RMB in 2022), primarily due to its “build-at-all-costs” R&D strategy.
Extreme R&D Spending: The company’s R&D expenses as a percentage of operating revenue were extraordinarily high, reaching 2422.51% in 2022 and 309.88% in 2024, indicating a deep commitment to technological advancement over immediate profitability.
Leadership Structure: Despite not having a single controlling shareholder over 30%, Zhang Jianzhong (Zhang Jianzhong 张建中) acts as the de facto controlling person, holding sway over 36.36% of the shares through direct holdings and various agreements.

China’s GPU challenger, Moore Threads (Mo’er Xiancheng 摩尔线程), just got the green light for its IPO on Shanghai’s tech-focused STAR Market, and the numbers are staggering.

The company is aiming to raise roughly ¥8 billion RMB ($1.1 billion USD) in what is shaping up to be the largest IPO on the Sci-Tech Innovation Board this year.

This is a massive signal for China’s burgeoning semiconductor scene.

Let’s break down what’s happening with this high-growth, cash-burning chip designer.

What Exactly is Moore Threads?

Founded in just 2020, Moore Threads is on a mission to build a domestic powerhouse for GPUs (Graphics Processing Units).

They’re not just making simple chips.

The company is focused on creating independently developed, full-featured GPUs designed to power the next wave of tech.

Think high-performance computing for demanding fields like:

Artificial Intelligence (AI)
Digital Twins
Scientific Computing

In a world dominated by a few key players, Moore Threads is China’s ambitious play for a seat at the table.


Project	Amount (Billion RMB)	Amount (Million USD)
Next-Gen AI Chips	3.0	413.0
Next-Gen Graphics Chips	2.5	344.2
Next-Gen AI SoCs	1.5	206.5
Working Capital	1.0	137.7
Total	8.0	1101.4

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The ¥8 Billion RMB ($1.1B USD) War Chest: Here’s the Plan

This IPO isn’t just for show. It’s a massive capital injection designed to fuel an aggressive R&D roadmap.

Moore Threads plans to pour the funds directly into developing its next-generation technology:

Next-Gen AI Chips: Developing new chips that integrate both AI training and inference capabilities.

Next-Gen Graphics Chips: Pushing the envelope on their core graphics processing technology.

Next-Gen AI SoCs: Building advanced “System-on-Chip” solutions for AI applications.

Working Capital: Fueling day-to-day operations and growth.

To put this in perspective, this filing isn’t just the biggest for the Sci-Tech Innovation Board in 2025.

It’s also the second-largest IPO accepted across all of China’s major stock exchanges (Shanghai, Shenzhen, and Beijing) this year.

The stakes are high.

The Financials: Skyrocketing Revenue, Eye-Watering Losses

Here’s the classic high-growth tech story told in numbers.

The revenue growth is impressive, but the company is still deep in the red as it invests heavily in its future.

The books from 2022 to 2024 show a clear trend:

2022:

Revenue: ¥46.08 million RMB ($6.34 million USD)

Net Loss: ¥1.84 billion RMB ($253 million USD)

2023:

Revenue: ¥124 million RMB ($17.1 million USD)

Net Loss: ¥1.67 billion RMB ($230 million USD)

2024:

Revenue: ¥438 million RMB ($60.3 million USD)

Net Loss: ¥1.49 billion RMB ($205 million USD)

While the losses are substantial, they are shrinking year-over-year.

But the real story behind these numbers isn’t the loss itself—it’s why it’s happening.


Year	Revenue (Million RMB)	Net Loss (Billion RMB)	R&D as % of Revenue
2022	46.08	1.84	2422.51%
2023	124.00	1.67	1076.31%
2024	438.00	1.49	309.88%

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An All-In Bet on R&D

This is where it gets wild.

Moore Threads is operating on a “build-at-all-costs” R&D strategy, and its spending ratios are off the charts.

The company’s R&D expenses as a percentage of its operating revenue were:

2022: 2422.51%
2023: 1076.31%
2024: 309.88%

You read that right.

In 2022, the company spent over 24 times its revenue on research and development.

This is a clear indicator of a deep-tech, venture-backed playbook: achieve technological superiority first, and worry about profitability later.

This aggressive spending is precisely why a listing on the Sci-Tech Innovation Board, which welcomes promising but unprofitable companies, makes perfect sense.


Year	R&D as % of Revenue
2022	2422.51%
2023	1076.31%
2024	309.88%

Who’s in Charge? A Look at the Control Structure

Interestingly, Moore Threads doesn’t have a single controlling shareholder with a stake of over 30%.

However, there is a clear leader at the helm.

Zhang Jianzhong (Zhang Jianzhong 张建中) is the company’s de facto controlling person, holding sway over 36.36% of the company’s shares.

His control is structured through a combination of:

Direct Holdings: 11.06% of the company’s shares.

Concerted Action Agreements: Deals with shareholder platforms Nanjing Shen’ao (Nanjing Shen’ao 南京神傲) and Hangzhou Hua’ao (Hangzhou Hua’ao 杭州华傲).

Employee Platforms: Serving as the executive partner for three employee shareholding platforms—Hangzhou Hua’ao (Hangzhou Hua’ao 杭州华傲), Hangzhou Zhong’ao (Hangzhou Zhong’ao 杭州众傲), and Hangzhou Jing’ao (Hangzhou Jing’ao 杭州京傲).

This structure centralizes decision-making power with Zhang Jianzhong, giving the company a clear strategic director despite its distributed ownership.

Zhang Jianzhong’s Share Control Breakdown

Direct Holdings: 11.06%
Via Nanjing Shen’ao: 12.50%
Via Hangzhou Hua’ao (as executive partner): 5.80%
Via Hangzhou Zhong’ao (as executive partner): 4.00%
Via Hangzhou Jing’ao (as executive partner): 3.00%
Total De Facto Control: 36.36%

The Bottom Line: A High-Stakes Play for Chip Sovereignty

Moore Threads’ massive IPO is more than just a financial event; it’s a strategic move in the global tech race.

For investors, founders, and market watchers, this is a front-row seat to China’s high-risk, high-reward strategy to achieve semiconductor independence.

The company is burning billions to build a world-class GPU contender from the ground up.

Whether this bet pays off will be one of the most fascinating stories in tech to watch. This IPO is a bold, capital-intensive step toward realizing Moore Threads’ GPU ambitions.