Moore Thread Science and Technology Innovation Board IPO “Inquired” to raise 8 billion yuan

The Zhitong Finance App learned that on July 17, Moore Thread Intelligent Technology (Beijing) Co., Ltd. (abbreviation: Moore Thread) applied for listing on the Shanghai Stock Exchange Science and Technology Innovation Board and changed its review status to “Inquired”. CITIC Securities is its sponsor and plans to raise 8 billion yuan.

According to the prospectus, Moore Thread is mainly engaged in R&D, design and sales of GPUs and related products. Since its establishment in 2020, the company has focused on self-developed full-function GPUs and is committed to providing computational acceleration platforms for high-performance computing fields such as AI, digital twins, and scientific computing. The company has successfully launched a fourth-generation GPU architecture and expanded a computational acceleration product matrix covering application fields such as AI intelligent computing, cloud computing, and personal intelligent computing.

Since its establishment, Moore Thread has been using the Fabless business model, focusing on the R&D, design and sales of full-function GPU chips and related products, leaving the rest of the process such as wafer manufacturing, package testing, and board card processing to be completed by wafer manufacturers, package testing companies, and other processing companies.

Currently, the global integrated circuit industry as a whole is being monopolized by some leading foreign manufacturers, and companies such as Nvidia and AMD dominate this field. With close tracking services for downstream customers and the ability to respond quickly to demand, domestic manufacturers have gained a certain market share in their fields of expertise, and have continued to expand into new application fields, and have achieved certain development results.

Compared with leading international companies such as Nvidia and AMD, Moore Thread still needs continuous improvement in terms of technology accumulation and product performance. Nvidia has deep technical heritage and rich industry experience in the GPU field, and its products have obvious technical advantages and cost advantages in terms of performance, compatibility, and large-scale GPU cluster construction.

The company's products are close to or have reached the international advanced level in some performance indicators, achieving breakthroughs in some core products in the “stuck neck” field. For example, the single-precision floating-point computing performance of the company's MTT S80 video card is close to the Nvidia RTX 3060; the efficiency of the kilocalorie GPU intelligent computing cluster built based on the company's MTT S5000 product exceeds the computing efficiency of similar foreign GPU clusters of the same scale.

The capital raised by the company in this offering will be invested in the following projects:

On the financial side, in 2022, 2023, and 2024, Moore Thread achieved revenue of approximately RMB 460.883 million, RMB 124 million, and RMB 438 million, respectively; for the same period, net profit was approximately RMB -1.84 billion, RMB -1,673 billion, and RMB -1,492 billion, respectively.