Key Points
- •Moore Threads lands on STAR Market with a 468% surge, amidst controversies.
- •Single bid yields over 267,000 yuan profit.
- •No direct crypto impact identified from Moore Threads' IPO.
Market Debut and Tech Implications
Moore Threads' debut on the STAR Market on December 5th saw its shares soar 468.78% from their initial price, marking a significant moment as China's first domestically-produced GPU stock.
This historic Initial Public Offering (IPO), which is linked to co-founder Li Feng's controversial crypto ventures, underscores a striking overlap between China's traditional finance sector and earlier blockchain-era fundraising efforts.
Moore Threads' introduction to the STAR Market marked a significant leap with shares soaring 468% on debut. This launch positioned it as the first locally-produced GPU firm on the platform. E Fund Management gained nearly 1.9 billion yuan, and early investors including Tencent, ByteDance, and Peixian Qianyao saw substantial returns.
There is no clear evidence linking traditional market excitement to any digital currency fluctuation. The IPO raised 8 billion yuan, marking it as one of the largest offerings since China's STAR Market reforms. However, evidence shows no allocation of this to cryptocurrency ventures. Despite this, Moore Threads’ success has instilled A-share market enthusiasm.
"Moore Threads Technology Co., Ltd. is officially described as a ‘leading Chinese graphics processing unit (GPU) developer’ and made its debut on the STAR Market with shares surging over 400 percent." — Xinhua News Agency, State Media
Past Crypto Controversies and Current Market Dynamics
The STAR Market was launched in 2019 to support innovative companies in China, similar to the NASDAQ in the United States.
Bitcoin, currently priced at $89,524.72, holds a market cap of $1.79 trillion as recorded by CoinMarketCap. Despite a recent dip, trading volume stood at $35.91 billion with a price decrease of 0.09% over 24 hours. BTC remains dominant, controlling 58.54% of the market.
According to Coincu analysts, the success of Moore Threads’ IPO may offer a template for tech innovation within domestic markets. While no direct linkage to crypto investment emerges, the firm’s advancement could stimulate renewed interest in tech equities generally.