[Beijing = E-Daily Lee Myeongcheol Correspondent] MoorsThread, dubbed the “Chinese NVIDIA,” is set to list on the Hong Kong Stock Exchange following its listing on the Chinese stock market. MoorsThread, which saw significant growth in its first-half results this year driven by demand for artificial intelligence (AI), is expected to expand its fundraising efforts and embark on full-scale technology development.

According to local media outlets such as China’s Cailian and The Paper on the 10th, Moothread announced in its semi-annual report released on the 9th that it recorded revenue of 1.736 billion yuan (approximately 364.4 billion won) and gross profit of 989 million yuan (approximately 207.5 billion won) in the first half of this year. These figures represent year-over-year increases of 147.4% and 103.8%, respectively.

The net loss attributable to shareholders of the listed company was 11,563,100 yuan (approximately 2.43 billion won), a 95.7% decrease from the net loss of 271 million yuan a year ago.

MooreThread attributed the revenue growth to the booming AI industry, strong market demand for graphics processing units (GPUs), and the commercialization of “Quar,” a large-scale high-performance computing cluster.

The company’s flagship product, the MTT S5000 computing cluster—an integrated AI training and inference computing card—has already achieved large-scale sales, with deployment and delivery completed in several regions, including Beijing, Wuxi, and Hangzhou.

The company stated that its product performance has been highly recognized by customers, ensuring a stable supply, and that it is driving rapid revenue growth through various application scenarios.

MooreThread’s research and development (R&D) expenses for the first half of this year totaled 769 million yuan (approximately 161.4 billion won), a 38.2% increase compared to the same period last year. This represents 44.3% of revenue. The increase in investment was driven by efforts to strengthen R&D on existing architecture chips while simultaneously focusing investment on next-generation architecture chips and related application areas.

The book value of inventory stood at 3.55 billion yuan, accounting for 21.0% of total assets. This reflects the company’s proactive efforts to build up inventory in order to meet market demand and ensure supply chain stability.

MooreThread is pursuing the goal of “training domestic models with domestic chips” and has successfully trained a large-scale model consisting of more than 25 trillion tokens entirely from scratch. Furthermore, the company has established a general-purpose computing capability map covering all scenarios—cloud, edge, and device—and is expanding into cutting-edge fields such as embodied intelligence.

As of the end of the first half of the year, the company had filed a cumulative total of 2,167 patent applications, and its R&D workforce of 1,019 employees accounted for 74.2% of its total workforce.

MooreThread is a startup GPU design company that went public on the Shanghai Stock Exchange on December 5 of last year. At the time of its listing, the company’s stock price surged to 584.98 yuan—more than five times the initial public offering (IPO) price of 114.28 yuan—making headlines. The company also raised 8 billion yuan (approximately 1.68 trillion won) through its IPO.

The company also announced in its semi-annual report that it plans to apply for a listing on the Hong Kong Stock Exchange. The goal is to expand the company’s scale by listing on the Hong Kong Stock Exchange following its listing on the mainland Chinese market. In its announcement, the company explained, “This is intended to deepen our internationalization strategy, continue to attract top-tier R&D and management talent, and further enhance our corporate governance and core competitiveness.”

The company stated that it will complete the listing by selecting an appropriate timing and issuance channel within 24 months of the date of approval at the shareholders’ meeting, taking into full consideration the interests of existing shareholders and conditions in domestic and international capital markets. The funds raised are expected to be used for R&D, commercialization, ecosystem expansion, investments in industrial networks, and mergers and acquisitions.

Meanwhile, MetaX, Viren Technology, and Enflame—which, along with MooreThread, are considered China’s “Four Rising Stars of GPU”—are also accelerating their revenue growth.

According to China’s state-run Global Times (GT), MetaX announced in June that it recorded first-quarter revenue of 562 million yuan (approximately 117.9 billion won), a 75.4% increase year-over-year, and that it had begun mass sales of its next-generation general-purpose GPU, the C600. Biren Technology, listed on the Hong Kong Stock Exchange, announced in March that its revenue and gross profit for last year increased by 207.2% and 210.8%, respectively, compared to the previous year.

Enflame, which is pursuing a listing on the STAR Market (Science and Technology Innovation Board)—often referred to as “China’s Nasdaq”—saw its first-quarter revenue grow by 1,474.9% year-over-year. The company expects revenue for the first half of this year to increase by up to 289.1% compared to the same period last year.

Yang Delong, chief economist at First Seafront Fund, said, “As Chinese companies increasingly turn to domestic suppliers, they are accelerating demand for local AI accelerators,” adding, “The combination of surging computing demand and sustained capital expenditures by major cloud providers is driving the domestic GPU and AI chip sectors to transition from the investment phase to the commercialization and revenue-generation phase.”