Moor Thread's Science and Technology Innovation Board IPO "under inquiry", aiming to raise 8 billion yuan.

On July 17th, Moore Thread Intelligent Technology (Beijing) Co., Ltd. (referred to as Moore Thread) applied for the status change of the Shanghai Stock Exchange's Sci-Tech Innovation Board listing review to "inquiry received". CITIC SEC is its sponsor institution, and it plans to raise 8 billion yuan. The prospectus shows that Moore Thread is mainly engaged in the research, design, and sales of GPUs and related products. Since its establishment in 2020, the company has focused on its independently developed full-function GPU as the core, aiming to provide computing acceleration platforms for AI, digital twins, scientific computing, and other high-performance computing fields. The company has successfully launched four generations of GPU architecture and expanded its product matrix to cover application areas such as AI computing, cloud computing, and personal computing. Since its establishment, Moore Thread has always adopted a fabless business model, focusing on the research, design, and sales of full-function GPU chips and related products, while outsourcing wafer manufacturing, packaging testing, board processing, and other processes to wafer manufacturing companies, packaging testing companies, and other processing factories. Currently, the global semiconductor industry is largely monopolized by foreign leading companies such as NVIDIA and AMD. Domestic companies have obtained a certain market share in their respective areas of expertise by closely tracking downstream customers and responding quickly to demand, and they continue to expand into new application areas, achieving some development results. Compared to international leading companies such as NVIDIA and AMD, Moore Thread still needs to continuously improve in terms of technological accumulation and product performance. NVIDIA has deep technical expertise and rich industry experience in the GPU field, and its products have significant technical advantages and cost advantages in terms of performance, compatibility, and the construction of large-scale GPU clusters. The company's products have already reached or approached international advanced levels in some performance indicators, achieving breakthroughs in some "bottleneck" core products. For example, the single-precision floating-point calculation performance of the company's MTT S80 graphics card is close to NVIDIA's RTX 3060; the efficiency of the thousand-card GPU smart computing cluster built based on the company's MTT S5000 product exceeds the computing efficiency of foreign equivalent-generation GPU cluster of the same scale. The funds raised in this issuance will be invested in the following projects: Financially, for the years 2022, 2023, and 2024, Moore Thread's operating income is expected to be approximately 46.0883 million yuan, 1.24 billion yuan, and 4.38 billion yuan, respectively; during the same period, the net profit is expected to be approximately -1.84 billion yuan, -1.673 billion yuan, and -1.492 billion yuan, respectively.