Moore Threads Technology Co., which makes equipment used in areas like artificial intelligence and machine learning, received approval from the Shanghai Stock Exchange for its initial public offering on the Star Market.
The Beijing-based company founded in 2020, which is China’s leading provider of graphics processing units, plans to issue no less than 44.45 million shares. About 8 billion yuan ($1.1 billion) of the IPO proceeds will be used in next-generation projects in areas like AI and graphics chips, and to supplement working capital, according to an IPO prospectus submitted to the exchange.