Bloomberg: Moore Threads Greenlit for Shanghai IPO

Moore Threads Technology Co., a leading Chinese provider of graphics processing units for artificial intelligence and machine learning applications, has received approval for an initial public offering (IPO) on the Shanghai Stock Exchange's STAR Market. The Beijing-based firm was founded in 2020. The company intends to issue a minimum of 44.45 million shares, according to its prospectus. Moore Threads plans to allocate approximately 8 billion yuan ($1.1 billion) of the IPO proceeds to fund the development of next-generation AI and graphics chips, as well as to bolster working capital.