Moore Threads Shares Soar in Major Shanghai Trading Debut

Moore Threads Technology saw its share price surge more than fivefold in its Shanghai trading debut on Tuesday. The dramatic jump marks the second-largest first-day gain on China's stock market this year. Shares of the Beijing-based semiconductor supplier opened at 650 yuan ($89.50). This represented a 468 percent increase from its initial public offering (IPO) price of 114.28 yuan. Investors showed strong demand for the company, which makes specialized chips for artificial intelligence (AI) computing. The rally occurred even as China's broader market declined slightly. The benchmark CSI300 Index fell 0.1 percent on the same day. The powerful debut highlights continued investor enthusiasm for companies linked to artificial intelligence and semiconductor technology in China.