Moore Threads listed on the Sci-Tech Innovation Board, surged fourfold, earning over 240,000
Moore Threads was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with the stock price rising over 5 times at its peak and closing up 4.3 times, becoming the "king of profit" among new stocks in mainland China this year. Baidu's subsidiary Kunlun Chip plans to go public in Hong Kong, stimulating Baidu's stock price to rise. HashKey Group will open its book next Monday, raising USD 200 million
Under the Sino-U.S. chip war, chip stocks are surging to the market. Moore Threads, known as the "Chinese version of NVIDIA," was listed on the Shanghai Stock Exchange's STAR Market yesterday, soaring more than 5 times from its listing price of 114.28 yuan at one point. It closed at 600.5 yuan (RMB, the same below), an increase of 4.3 times, with a single lot (500 shares) earning over 243,000 yuan, making it the "money-making king" of new stocks in mainland China this year. The stock is hard to come by, and after the mechanism for reallocation was activated, the final online issuance subscription rate was about 0.036%, meaning the final subscription multiple reached about 2,751 times.
In addition, it is reported that Baidu (9888)'s artificial intelligence (AI) chip business, Kunlun Core, plans to go public in Hong Kong, which stimulated Baidu's stock to rise by as much as 7.8%, closing at 121.6 yuan, an increase of 5%, making it the best-performing stock in the tech index.
According to Bloomberg, Kunlun Core plans to complete its Hong Kong listing by early 2027, with the earliest application expected in the first quarter of next year. The company completed a fundraising round of over 2 billion yuan in the past six months, with investors including China Mobile Fund, and its valuation increased from 18 billion yuan in the previous round of financing to about 21 billion yuan. Kunlun Core was formerly Baidu's Intelligent Chip and Architecture Department, which completed independent financing in 2021, thus shifting from primarily supplying chips to Baidu to gradually expanding external sales over the past two years. It is expected that this year's revenue will exceed 3.5 billion yuan, with more than half coming from external sales, and it is expected to achieve breakeven. The company's revenue last year was about 2 billion yuan, with a net loss of about 200 million yuan.
HashKey Group Reportedly to Build Book Next Monday
On another front, IFR reported that the local licensed virtual asset trading platform HashKey Exchange's parent company, HashKey Group, will build its book next Monday, raising 200 million USD, which is less than the earlier target of 500 million USD due to the recent weakness in the new stock market and investors being less willing to take risks at the end of the year
