Moore Threads, the Chinese GPU designer that listed on Shanghai’s STAR Market in December 2025, plans a secondary offering in Hong Kong less than a year later. The company disclosed the plan alongside first-half results showing revenue of 1.736 billion yuan, up 147 per cent year on year.
The numbers reveal both momentum and strain. Net loss narrowed to 11.56 million yuan from 271 million yuan a year earlier. Excluding government subsidies, the adjusted net loss was 151 million yuan, against 317 million yuan in the first half of 2025. The company received 88.23 million yuan in government grants during the period.
R&D still eating nearly half of revenue
Research and development spending reached 770 million yuan in the first half, or 44.3 per cent of revenue. The R&D headcount stood at 1,019 people, equal to 74.16 per cent of total staff. The company is marketing its “Pinghu” architecture as a full-function GPU platform for large-model training and inference, with native support for Transformer and MoE structures, FP8/BF16 mixed precision and a ten-thousand-card KUAE cluster.
Moore Threads claims its KUAE cluster hits 60 per cent model FLOPs utilisation on dense models and 40 per cent on MoE models, with 95 per cent linear scaling efficiency. Those figures matter to Chinese AI labs that cannot buy NVIDIA’s most advanced training chips because of United States export controls.
From STAR Market to Hong Kong
The December 2025 initial public offering raised 7.576 billion yuan net at 114.28 yuan per share. The stock closed the latest trading session at 597.89 yuan, giving the company a market value of 281 billion yuan. Founder Zhang Jianzhong controls 30.94 per cent of the equity through a web of holding platforms and employee share schemes.
The proposed Hong Kong listing gives Moore Threads a venue to raise foreign currency, broaden its shareholder base and build credibility with overseas customers and partners. It also reflects a wider trend: Chinese chip companies are using dual listings to reduce dependence on a domestic investor base that prices them as strategic assets rather than as ordinary technology businesses.
Editor’s note: This is an adapted translation of the original Sohu Tech report. It has been trimmed and restructured for readability for an international business audience.