China’s AI chip sector witnessed a historic moment as Moore Threads Technology made its Shanghai market debut, sending shares soaring over 420% and creating a new billionaire. Founder Zhang Jianzhong, a former head of Nvidia China, now commands an estimated net worth of $4.3 billion, while cofounders Wang Dong and Zhang Yubo also joined the ranks of global billionaires.
The company raised approximately 8 billion yuan ($1.1 billion) in its initial public offering, which was heavily oversubscribed by retail investors. Moore Threads develops graphics processing units (GPUs) and AI training software, positioning itself as a domestic alternative to Nvidia amid China’s push for technology self-reliance. The IPO underscores investor confidence and the growing importance of homegrown semiconductor innovation.
Read More: Netflix to Acquire Warner Bros. Film and Streaming Assets in $72 Billion Deal
Founder Zhang Jianzhong Joins the Billionaire Class
Zhang Jianzhong, the 59-year-old chairman and chief executive of Beijing-based Moore Threads, now commands an estimated net worth of $4.3 billion, according to Forbes calculations based on his stake in the company. The initial public offering has also minted two additional billionaires: cofounders Wang Dong and Zhang Yubo, whose respective fortunes are estimated at $1.4 billion and $1.7 billion.
Moore Threads raised approximately 8 billion yuan ($1.1 billion) in late November, selling 70 million shares at 114.28 yuan each. The company declined to comment on its valuation or market debut.
One of China’s Most Anticipated IPOs
The listing stands out as one of China’s most closely watched IPOs of the year. Retail investors snapped up shares at a feverish pace, oversubscribing the retail portion by 2,750 times despite a clawback mechanism that reallocated more shares to individual buyers.
Following its debut, Moore Threads now boasts a market capitalization of roughly 276 billion yuan. The company plans to channel IPO proceeds into talent acquisition as well as expanded research and development efforts.
Backed by Elite Investors Despite U.S. Sanctions
Ahead of its public listing, Moore Threads attracted funding from a high-profile group of investors, including HSG (formerly Sequoia China) and the investment arms of Chinese technology giants ByteDance and Tencent.
In 2023, the company was added to the U.S. government’s entity list, effectively cutting it off from advanced American chipmaking technologies. While the designation presents challenges, it has also underscored the strategic importance of Moore Threads within China’s broader push for semiconductor self-reliance.
Riding China’s Drive for Technology Independence
Moore Threads is benefiting from Beijing’s determination to reduce reliance on foreign chip suppliers as U.S. restrictions tighten. According to Kenny Ng, a Hong Kong–based securities strategist at Everbright Securities International, optimism around domestically produced chips has fueled investor demand across the sector.
That enthusiasm has also lifted rivals such as Cambricon Technologies. Its founder and CEO, Chen Tianshi, is now China’s 11th-richest person, with a net worth of $23.4 billion, according to Forbes’ Real-Time Billionaires List.
Strong Growth in a Rapidly Expanding Market
Moore Threads develops graphics processing units (GPUs) and related software used to train artificial intelligence models. The domestic market for such chips is expected to expand dramatically, growing to 1.3 trillion yuan by 2029 from 142.5 billion yuan in 2024, according to a November research note from Sinolink Securities.
The brokerage described Moore Threads as an “important force” in replacing overseas suppliers such as Nvidia. During the first nine months of this year, the company’s revenue surged 182% year on year to 784.6 million yuan, while losses narrowed 18.7% to 723.5 million yuan.
A Veteran Leader With Deep Industry Roots
Zhang Jianzhong brings nearly two decades of semiconductor industry experience to the company. He led Nvidia’s China operations for 14 years before departing in 2020—the same year he founded Moore Threads. Earlier in his career, Zhang held senior executive roles at Dell and Hewlett-Packard in China.
His wife, Liu Shanshan, served as a company director during Moore Threads’ early years before stepping down in 2023, according to the firm’s prospectus.
Frequently Asked Questions
What is Moore Threads Technology?
Moore Threads Technology is a Beijing-based Chinese semiconductor company specializing in graphics processing units (GPUs) and supporting software used for artificial intelligence training, data centers, and advanced computing.
Who founded Moore Threads?
The company was founded in 2020 by Zhang Jianzhong, a former head of Nvidia’s China operations. He currently serves as chairman and chief executive officer.
Why is Moore Threads often compared to Nvidia?
Moore Threads is viewed as a potential domestic alternative to Nvidia due to its focus on high-performance GPUs and AI computing solutions, particularly as China seeks to reduce reliance on foreign chip suppliers.
How much did Moore Threads raise in its IPO?
The company raised approximately 8 billion yuan (about $1.1 billion) by selling 70 million shares at 114.28 yuan each in its initial public offering.
Why did Moore Threads’ stock surge on its trading debut?
Investor enthusiasm was driven by strong demand for Chinese-made semiconductors, optimism about the company’s growth potential, and China’s broader push for technology self-reliance amid U.S. export restrictions.
Is Moore Threads affected by U.S. sanctions?
Yes. In 2023, Moore Threads was added to the U.S. government’s entity list, limiting its access to advanced American chipmaking technologies. This has increased its reliance on domestic innovation.
Conclusion
Moore Threads’ extraordinary market debut underscores both investor confidence and China’s accelerating push to build a self-reliant semiconductor ecosystem. The company’s rapid revenue growth, expanding product portfolio, and strong backing from leading technology investors have positioned it as a serious contender in the domestic AI chip market. While challenges remain particularly U.S. technology restrictions and ongoing losses the momentum behind Moore Threads reflects a broader shift toward homegrown innovation.
