BEIJING — Moore Threads Technology Co, Ltd, a number one Chinese graphics processing unit (GPU) developer, noticed its share price surge greater than 400 % because it made its debut Friday on the Shanghai Stock Exchange’s STAR Market, China’s Nasdaq-style Science and Technology Innovation Board.
Offered at 114.28 yuan (about $16.15) per share in its preliminary public providing (IPO), Moore Threads Technology Co, Ltd opened at 650 yuan on Friday, surging 468.78 %. As the market closed, its share price stood at 600.50 yuan, up 425.46 %.
Founded 5 years in the past, the corporate makes a speciality of growing Universal GPU chips and associated merchandise that help mixed workloads together with AI computing acceleration, 3D graphics rendering, ultra-high-definition video encoding, bodily simulation, and scientific computing.
The firm had accomplished its total IPO course of in solely 122 days, from having its software accepted on June 30 to finishing registration on Oct 30.
This fast course of adopted China’s new regulatory measures introduced in mid-June to additional reform the STAR market to higher serve sci-tech innovation and promote the event of recent high quality productive forces. The measures embody giving precedence to the itemizing of enterprises making breakthroughs in new industries, new enterprise patterns and new applied sciences.
The sci-tech innovation board, generally generally known as the STAR Market, was inaugurated in June 2019 on the Shanghai Stock Exchange. It is designed to help firms within the high-tech and strategic rising sectors.