Moore Threads' H1 Revenue Surges 147%, Plans Hong Kong IPO
Alina Collins
Chinese GPU designer Moore Threads grew first-half revenue 147% to RMB 1.7 billion, narrowed its net loss to just RMB 11.6 million, and disclosed plans to list H-shares on the Hong Kong Stock Exchange — its second capital-market move after a Shanghai STAR Market debut.
How much did the company make in the first half?
Moore Threads reported first-half revenue of RMB 1.7 billion, up 147% year-on-year.
Net loss shrank from RMB 271 million a year earlier to RMB 11.6 million — near break-even.
This means → the company is shifting from "burn cash for scale" to "generate its own cash flow," with losses down roughly 96%.
Why pick this moment for a Hong Kong listing?
The board has approved an H-share issuance and a main-board listing on HKEX; specific details are not yet finalized.
Moore Threads cited three goals: deepening its "international strategic footprint," attracting talent, and improving governance.
In plain terms = the A-share listing solved "raise money"; the Hong Kong listing solves "get seen by global investors" — two legs, not one.
What is the "China's mini-Nvidia" story?
Headquartered in Beijing, Moore Threads is one of China's leading GPU developers, often dubbed China's "mini-Nvidia."
The company completed its A-share IPO on Shanghai's STAR Market in December 2025; the Hong Kong plan is its second capital-market step.
This reflects a broader pattern: top Chinese GPU firms are securing domestic listings first, then quickly seeking offshore capital channels.
What will the market watch next?
Several Chinese tech companies have recently completed Hong Kong IPOs, giving Moore Threads an active listing window.
Whether the 147% revenue growth and loss-narrowing trend hold into the second half will be the key test for Hong Kong valuation.
In plain terms = the first-half scorecard is strong, but Hong Kong investors need to see whether the momentum survives into H2.
Content is for reference only, not financial advice.