On the first day of listing, Moore Thread (688795.SH) opened 468% higher in the auction, with giants such as Lenovo (00992) and Tencent (00700) holding shares.

On December 5, 2025, the leading domestic GPU company Moore Threads (688795.SH) officially listed on the Science and Technology Innovation Board. On the first day of trading, the stock opened at a high of 468%, with a price of 650 yuan per share and a total market value exceeding 305.5 billion yuan. Based on this opening price, a lot (500 shares) earned nearly 270,000 yuan, making it one of the most profitable new stocks of the year. As the first A-share listed company with a full-function GPU as its main business, Moore Threads focuses on the research, design, and sales of GPUs and related products, aiming to build a diversified product matrix covering AI algorithm, high-performance computing, and graphics rendering. The company publicly issued 70 million new shares, raising nearly 8 billion yuan, mainly for the research and development projects of new generation autonomous controllable AI training and pushing integrated chips, graphic chips, AI SoC chips, and supplementing working capital to further consolidate its core competitiveness in the domestic computing race. Public information shows that Moore Threads' shareholder lineup includes "all-star" companies such as Tencent (00700), Lenovo (00992), and many industrial capitals. Lenovo GROUP holds 1.92 million shares of Moore Threads through its Lenovo Changjiang Industry Fund, with a shareholding of 0.58%, making it one of the early core strategic investors in the company. Lenovo's investment not only reflects its confidence in the development of domestic GPU technology but also lays the foundation for the deep cooperation between the two parties in cloud computing, data centers, and PC terminals. Furthermore, according to the exchange announcement, one of the "Four Little Dragons" of domestic GPUs, Muxi Corporation, also started its IPO today. The prospectus shows that Lenovo GROUP has been involved since the A-round financing in 2021, and currently, Lenovo's small and medium and Lenovo Hahe holdings together amount to 3.5429 million shares, with a shareholding of 0.98%. Zheshang stated that Lenovo, as an important partner of the two companies, covers multiple dimensions such as products and channels in their cooperation, becoming a deep participant in the expansion of domestic computing power supply.