Shares of China's graphics processing units (GPUs) maker Moore Threads Technology Co jumped 28%% to a fresh high of 941 yuan, outpacing a 0.86% slip in benchmark CSI 300 Index.
Moore Threads, which is dubbed by analysts as "China's Nvidia", said on a WeChat post that its founder, chairman and CEO Zhang Jianzhong will unveil a next generation GPU architecture in MUSA Developer Conference between December 19 and 20.
Zhang will also present a roadmap encompassing product systems, core technologies, and industry solutions, the company.
Last week, the stock soared over 400% on debut in Shanghai, on bets the US-blacklisted startup will benefit from Beijing's drive to boost domestic chip manufacturing.
Moore Threads, which makes graphics processing units (GPUs) for artificial intelligence computing, could become a key force in accelerating China's efforts to replace foreign chips with local technology, brokerage Sinolink Securities said in a report ahead of the listing.
"The era of AI is driving rapid expansion in GPU demand," said Fan Zhiyuan, an analyst at Sinolink Securities.
The strong debut for the Beijing-based company founded in 2020 by former Nvidia China executive Zhang Jianzhong bodes well for homegrown semiconductor firms eyeing listings as they ride on China's efforts to reduce reliance on foreign chip suppliers.
Moore Threads, whose IPO was priced at 123 times 2024 sales, expects 2025 sales to jump as much as 242% to 1.5 billion yuan, as it joins several other Chinese start-ups seeking to fill Nvidia's void.
The chipmaker is "racing while bleeding," said Abraham Zhang, chairman of venture capital firm China Europe Capital, referring to Moore Threads' combined loss of 5 billion yuan over the past three years.
The IPO gave the company badly-needed capital, but "the company is racing against time for technology breakthroughs and commercialisation before burning through cash."
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