The lucky investors who got in on the first trading day of Moore Threads quintupled their money by the close.
Moore Threads’ blockbuster debut was not all that surprising considering that the Beijing-based chipmaker has been dubbed “China’s Nvidia,” a nod to the most valuable company in the world.
Within a week, early backers had multiplied their stakes more than eightfold. Just a few days later, another domestic semiconductor maker made its debut with an even more spectacular surge of 693%, marking the third-best opening on mainland exchanges this year.
The odds of landing these windfalls were slim: Moore Threads’ offering was oversubscribed 2,750 times. Prospective MetaX investors faced roughly a one-in-3,000 chance of success for each bid.
The fact that neither company has yet turned a profit did not dampen enthusiasm either; if anything, because mainland IPOs averaged 250% first-day gains in 2025. The strong showing stemmed, in part, from Chinese authorities reining in issuance to prevent liquidity from being siphoned off from the broader market.
Regulators deliberately steered capital toward strategic sectors like semiconductors and AI, setting the stage for Moore Threads and MetaX to join domestic incumbents like Huawei, Cambricon Technologies, and Biren Intelligent Technology.
Policy, Protectionism And The Chip War
Beijing’s push for indigenous chip development has unfolded against the backdrop of US export curbs on advanced semiconductors. Those restrictions shifted on December 8—just three days after Moore Threads’ IPO—when Washington cleared the export of Nvidia’s H200 processor to China, subject to a 25% tariff. Chinese buyers were previously limited to weaker models like the H20, as part of America’s bid to balance national security concerns with preserving Nvidia’s global market position.
Chinese technology companies including Alibaba, Tencent, and ByteDance have expressed interest in purchasing the H200 chip. They could find themselves disappointed twice over. Concerned about long-term reliance on American technology after years of investment, Beijing is weighing approval mechanisms to prioritize domestic alternatives.
Despite advances in the homegrown semiconductor sector, technological gaps remain stark. Moore Threads’ latest processor delivers roughly one-tenth the performance of Nvidia’s H200. MetaX’s benchmarks aren’t public, but analysts estimate its chips trail Nvidia by several generations in power and efficiency.
