Moore Threads · 摩尔线程智能科技（北京）有限责任公司
Fabless
Chinese name: 摩尔线程智能科技（北京）有限责任公司 (Mó’ěr Xiànchéng Zhìnéng Kējì (Běijīng) Yǒuxiàn Zérèn Gōngsī)
Founded June 2020 by Zhang Jianzhong, Nvidia’s former China general manager; filed for a mainland China IPO in late 2024 and completed it on the Shanghai STAR Market on December 5, 2025 at an issue price of ¥114.28/share — the stock later traded as high as ¥657.02 intraday. Added to the Entity List the same day as Biren (October 17, 2023), underscoring how directly the US targeted China’s two leading GPU startups together. On 7 August 2026 its board approved a plan to pursue an H-share listing on the Hong Kong Stock Exchange (announced 9–10 August); a special shareholders’ meeting approved the H-share plan (≤10% of post-issuance shares plus a 15% greenshoe) on 28 August 2026, though no CSRC overseas-listing filing or HKEX A1 had been published as of 11 October 2026.
What does this firm design?
Consumer and data-center GPUs, explicitly positioned in domestic coverage as ‘China’s answer to Nvidia.’ H1 2026 (filing 9 August): revenue ¥1.736 billion (+147.4% YoY — already more than full-year 2025’s ¥1.506 billion), cloud/data-center products 97.5% of sales, headline net loss narrowed 95.7% to ¥11.6 million (still ¥151 million loss on an adjusted basis) with gross margin 56.95%; the Kuae (夸娥) cluster business booked ¥660 million of contracted sales in the half. Next-generation ‘花港’ architecture (unpublished December 2025) targets >100,000-card clusters.
Key Facts
| Category | Fabless |
| Founded | 2020 |
| Location | Beijing, Beijing Municipality |
| Product Focus | Consumer and data-center GPUs |
| Node Sophistication | Designed for leading-edge nodes; fabrication access constrained by its Entity List status |
| Entity List | Yes — US Commerce BIS (Footnote 4 Foreign Direct Product Rule) |
| Last Verified | Newest source dated 28 Sep 2026 (3 sources) |
Design Score
4/5
Sources
- Moore Threads (Wikipedia) (28 Sep 2026)
- 摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上市招股说明书 (Shanghai Stock Exchange prospectus) (19 Sep 2025)
- 摩尔线程关于筹划发行H股股票并在香港联交所主板上市的提示性公告（公告2026-030） (09 Aug 2026)