Moore Threads Technology, a Chinese developer of graphics processing units (GPUs), on Friday received approval for an initial public offering (IPO) on Shanghai’s Nasdaq-style Star Market.
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Founded in 2020, Beijing-based Moore Threads plans to raise 8 billion yuan (US$1.1 billion) from its IPO, according to its prospectus.
It took the company just 88 days from filing an application for an IPO in June to receiving regulatory approval from the Shanghai Stock Exchange.
Moore Threads plans to use the proceeds from its public listing on research and development for its multiple integrated circuit projects, including next-generation AI chips for training and inference tasks, according to its prospectus.
Chinese AI chip developer Moore Threads gets go-ahead for Shanghai IPO
