Moore Threads, billed as China’s first domestic GPU stock, debuted on 5 December with a near fivefold jump from its issue price, becoming the STAR Market’s largest IPO in 2025. The company issued 70 million shares at CNY114.28 each, equal to 14.89% of total equity, and expects net proceeds of CNY7.576 billion (approx. US$1.07 billion) to accelerate AI chip development.