China-based GPU maker Moore Threads has seen a surge following its initial public offering in Shanghai. Dubbed the “Nvidia of China,” the company’s shares surged more than 400% on its first day of trading following the $1.1 billion listing, closing at 600.50 yuan.
This figure is more than five times the IPO price of 114.28 yuan.
CITIC Securities led the IPO, with BOC International Securities, China Merchants Securities, and GF Securities serving as joint bookrunners. Moore Threads, which is not yet profitable, announced that the proceeds from the IPO will be used to accelerate R&D for next-generation AI training and inference GPU chips. A portion of the proceeds will be earmarked for working capital.
However, the company's IPO success has been overshadowed by renewed allegations within the Chinese crypto community. Li Feng, known as the figure behind Moore Academy, has allegedly been involved in cryptocurrency projects in the past. Li Feng is alleged to have launched tokens alongside figures like Li Xiaolai and Xue Manzi in 2017.
Even more striking is the statement that OKX founder Star shared in his circle in 2018: Star said that Li Feng borrowed 1500 BTC from him, but did not pay it back and even disappeared completely after a while.
Although Li Feng is sometimes publicly referred to as the “co-founder” of Moore Threads, his name is not listed on the company's executive lists. This has led to speculation that Li is not deeply involved in the company's operations.
When the debates flared up again, OKX founder Star made the following statement on the X platform:
“One cannot remain constantly in the shadow of a negative past. We need to look to the future and generate more positive energy. The debt issue should be left to the law. I wish every entrepreneur success.”
*This is not investment advice.
