Moore Threads, a Chinese company specializing in artificial intelligence hardware, has officially signaled its intent to pursue an initial public offering (IPO) in Hong Kong. The company’s board of directors recently approved a plan to issue H shares, which are shares of mainland Chinese companies that are traded on the Hong Kong Stock Exchange.

This strategic move comes as the firm experiences significant financial growth, reporting a 147% surge in revenue for the first half of the current year. Moore Threads, which is currently listed in Shanghai, is positioning itself as a domestic competitor to Nvidia. By seeking a listing in Hong Kong, the company aims to secure additional capital to support its research and development efforts, as well as to expand its international presence. The company stated that the move is intended to deepen its strategic footprint and attract a broader base of investors. As demand for domestic computing power continues to rise within China, Moore Threads is looking to leverage its recent financial performance to fuel further expansion in the competitive AI semiconductor market.