Moore Threads eyes Hong Kong listing after 147% revenue surge

Chinese AI chip developer Moore Threads announced on Sunday that its board has approved a plan to issue H-shares and list on the main board of the Hong Kong Stock Exchange, as the company seeks to expand its international presence amid surging demand for domestic computing power.scmp+1

Revenue Surge Narrows Losses

The Beijing-based GPU maker, often dubbed one of China's "little Nvidias," reported first-half 2026 revenue of RMB 1.736 billion (US$252 million), a 147% increase year-over-year. Net losses narrowed by nearly 96% to RMB 115.6 million, bringing the company within striking distance of breakeven.thestandard+1

The revenue growth was driven largely by the commercialization of the company's KUAE intelligent computing clusters, including the full delivery of a RMB 660 million sales contract signed in March. Gross profit reached RMB 989 million with an overall gross margin of roughly 57%.news.futunn

Expanding Footprint

Moore Threads said the Hong Kong listing aims to deepen its "international strategic footprint," attract and retain talent, and enhance corporate governance. The company is actively engaging with intermediaries, though no final details have been confirmed and the plan remains subject to shareholder and regulatory approvals.scmp+1

The firm debuted on Shanghai's STAR Market in December 2025, raising nearly RMB 8 billion and soaring over 420% on its first trading day. Its shares closed at 597.9 yuan last Friday, giving it a market capitalization of RMB 281 billion.thestandard

R&D and Supply Chain

Research and development spending climbed 38% to RMB 769 million in the first half, accounting for more than 44% of revenue. The company employed 1,019 R&D personnel, representing 74% of its workforce. Moore Threads said its MUSA software ecosystem became the first to achieve Day-0 compatibility with leading AI models including DeepSeek-V4 and Kimi K3.news.futunn

To ensure supply chain stability, the company proactively increased inventory procurement, pushing inventory to RMB 3.55 billion — a 166% increase from year-end — and resulting in negative operating cash flow of RMB 2.17 billion for the period.news.futunn

The planned listing adds to a bumper year for Hong Kong's stock market, which has seen a string of debuts by high-profile Chinese technology companies in recent months.scmp