Driven by the global AI wave and accelerating domestic substitution of AI chips, China is witnessing a wave of local GPU companies moving from individual breakthroughs to a collective capital market surge. Just eight months after its debut on the STAR Market, Moor Threads (688795.SH), often called the "first domestic GPU stock," has quickly moved to establish a second capital platform.

On the afternoon of August 9th, Moor Threads announced that its board of directors had approved a resolution to issue H shares and list on the Main Board of the Hong Kong Stock Exchange. The company stated that this move is aimed at deepening its international strategy, attracting global R&D and management talent, and improving corporate governance and core competitiveness. According to the announcement, the company plans to complete the H-share issuance and listing within 24 months of shareholder approval.

Founded in June 2020, Moor Threads is one of the few local companies that competes with Nvidia by focusing on full-function GPUs. Its founder, Zhang Jianzhong, previously served as Nvidia's global vice president and China general manager. Unlike rivals like Biren Technology, which focus on GPGPUs, Moor Threads has persistently pursued a "full-function GPU" path with its self-developed MUSA architecture, covering AI computing, graphics rendering, physics simulation, video encoding, and scientific computing, from consumer graphics cards to data centers.

This push for a Hong Kong listing is not an isolated event but part of a broader "capital clustering effect" in the domestic GPU sector. Between late 2025 and early 2026, several leading companies accelerated their listing processes within a short period. On December 5, 2025, Moor Threads landed on the STAR Market, becoming the first domestic GPU stock. Twelve days later, Muxi shares followed on the STAR Market. On January 2, 2026, Biren Technology listed on the Hong Kong Stock Exchange, becoming the first GPU stock there. On January 22, 2026, Enflame Technology's STAR Market IPO was accepted by the Shanghai Stock Exchange, becoming the first A-share IPO accepted in 2026. Biren Technology was the first to head to Hong Kong. Less than six months later, Muxi announced its H-share issuance plan on June 12, aiming to raise funds for new GPU R&D and commercialization, software ecosystem development, and industry chain investments. Now, Moor Threads is following suit.

"Despite improvements in the A-share refinancing environment, many companies are still heading to Hong Kong," said Zhang Yirui, a managing director at CIC. "The core motivation is not just expanding financing channels, but a proactive pursuit of capital internationalization, brand globalization, and strategic resilience." He noted that the Hong Kong Stock Exchange launched a "Tech Company Express Lane" in 2026, offering fast-track approvals for eligible A-share companies. For hard-tech industries, where technology iterates by the month, a predictable timeline is critical. Zhang also pointed out a fundamental shift in how companies view the "A+H" platform, from an "auxiliary financing tool" to a "core pillar of global strategy." This shift is about moving from "supplementary financing" to "strategic positioning," with H shares no longer seen as a shadow market but as a platform for global resource allocation, demonstrating international compliance and transparency.

Alongside the Hong Kong IPO announcement, Moor Threads also disclosed how it has used the funds from its STAR Market IPO. According to its 2026 semi-annual report, the company completed its IPO in November 2025, issuing 70 million A shares at 114.28 yuan each, raising a total of 79.996 billion yuan. After deducting issuance costs, net proceeds were 75.76 billion yuan, fully received by November 28, 2025. As of June 30, cumulative investment in the planned projects amounted to 19.82 billion yuan, or 26.2% of the net proceeds, with 18.12 billion yuan invested this year alone, accounting for 91.4% of the cumulative total. The company plans to allocate 23.57 billion yuan for an AI training and inference chip project, 23.51 billion yuan for a graphics chip R&D project, 18.62 billion yuan for an AI SoC chip R&D project, and 10.06 billion yuan for working capital. As of June 30, the working capital project was the most advanced, with 7.79 billion yuan of the 10.06 billion yuan allocated already used. Among the three chip R&D projects, the AI training and inference chip was the fastest, with cumulative investment of 5.27 billion yuan, or 22.37% of the plan. The AI SoC chip was the slowest, with only 1.56 billion yuan invested, or 8.36% of the plan. Meanwhile, over 56 billion yuan remains in wealth management products and negotiated deposits. This includes 29 billion yuan in cash management products, 11 billion yuan in large-denomination certificates of deposit, 3 billion yuan in time deposits, and 15 billion yuan in structured deposits, with expected annual yields of 0.65% to 2.0% and maturities of 3 to 6 months. Additionally, 27.23 billion yuan is held in negotiated deposits across 11 bank accounts, with interest rates of 0.35% to 0.55%, available for immediate withdrawal for investment projects.

In its latest announcement on August 9th, Moor Threads also released its semi-annual results. The company reported revenue of 1.736 billion yuan for the first half of the year, a surge of 147.42% year-on-year, exceeding its full-year 2025 revenue of 1.505 billion yuan. Its net loss attributable to shareholders narrowed sharply from 271 million yuan to 11.56 million yuan, approaching profitability. However, operating cash flow was negative 2.169 billion yuan, expanding from negative 1.164 billion yuan in the same period last year. The company attributed this to increased procurement spending to expand production scale.