Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) manufacturer often referred to as "China's Nvidia," soared by more than 400% on its debut in Shanghai following its $1.1 billion listing .

The stock closed at 600.500 yuan, over five times its IPO price of 114.28 yuan .

Moore Threads' IPO was led by CITIC Securities, which served as the lead underwriter for the offering. The joint book runners on the deal were BOC International Securities, China Merchants Securities, and GF Securities.

The company, which is not yet profitable, said in its listing that the IPO proceeds are needed to accelerate several core research and development initiatives, including new-generation self-developed AI training and inference GPU chips. A portion of the funds will also be used to

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