Shanghai, Jan 25, 2026, 08:43 (CST) — Market closed.
Moore Threads Technology Co Ltd’s Class A shares closed Friday 1.6% lower at 618.53 yuan. The stock has slipped 4.4% over the last five trading days. 1
The shift is significant given the trade remains crowded. Moore Threads, a GPU designer, went public on Shanghai’s STAR Market tech board on Dec. 5. It’s now lumped in with other “domestic GPU” firms aiming for IPOs. 2
The company scheduled a shareholder vote for Feb. 6, setting the record date on Jan. 30. The main item on the agenda is a limit on routine related-party purchases—transactions involving entities connected by ownership or control, which often attract heightened governance oversight.
Moore Threads released its first annual earnings forecast since going public, projecting 2025 revenue between 1.45 billion and 1.52 billion yuan—a surge of 231% to 247% year on year. Despite the strong top-line growth, the company expects a net loss attributable to shareholders ranging from 950 million to 1.06 billion yuan. These preliminary, unaudited numbers highlight ongoing heavy R&D expenses as Moore Threads ramps up mass production of its flagship MTT S5000 card, designed for AI training and inference tasks—building and running AI models. The firm cautioned it hasn’t yet broken even. 3
A filing revealed the company sold 70 million shares at 114.28 yuan apiece in its IPO, generating 7.9996 billion yuan gross and 7.5761 billion yuan net after fees. Since the net fell short of the 8.0 billion yuan budgeted for four projects, the firm narrowed the allocation to three key chip R&D initiatives. It plans to cover the 423.9 million yuan shortfall with its own cash to keep the total investment on track.
Moore Threads noted that it and its project subsidiaries might cover certain costs—like staff wages, social insurance, and taxes—using their own funds when those expenses can’t be paid directly from the dedicated proceeds accounts due to banking and tax regulations. The company plans to reimburse these outlays from the proceeds accounts on a rolling basis within six months. CITIC Securities, the sponsor, raised no objections.
In its related-party filing, the company proposed a 2026 cap of 1.48 billion yuan for raw material, asset, and technical service purchases from related suppliers—down from roughly 1.67 billion yuan in actual 2025 orders. It declined to name some counterparties, citing commercial secrets and disclosure exemptions. The company added that these deals are priced at market rates and don’t compromise its independence. 4
Investing.com data revealed that shares closed Friday between 616.08 and 625.60 yuan, having fluctuated from 556 yuan up to 941.08 yuan over the past 52 weeks. That’s a wide range for a company still posting losses, leaving investors jittery ahead of Monday’s open. 5
Volatility has marked this stock from the start. The Beijing-based startup, often called “China’s Nvidia” and facing U.S. sanctions, has attracted both supporters and doubters. William Xin, chairman of Spring Mountain Pu Jiang Investment Management Co, told Reuters ahead of the listing that “a stock cannot defy gravity.” Yet Sinolink Securities analyst Fan Zhiyuan sees the “era of AI” fueling GPU demand. 6
China’s A-share market kicks off again Monday, eyes on Moore Threads after last week’s drop. Traders also track any new IPO news shaking up the domestic AI-chip sector. Key date ahead: Jan. 30, when the record date arrives for the Feb. 6 vote on the related-party cap. After that, all focus shifts to the release date for its audited 2025 annual report.
