Moore Threads IPOs in China

Shanghai-based Moore Threads is a Chinese competitor to Nvidia which has raised the equivalent of more than $1bn.  Investors rushed in betting Beijing's push to end foreign technology reliance is now fully on.

The company was founded five years ago in 2020 by former Nvidia executive Zhang Jianzhong. 

Moore designs GPUs which have proven very useful in AI training. While analysts say China made chips lag behind foreign counterparts - friendly policies and investor keenness for AI related businesses - creates a strong environment for continued innovation.

Money raised will go to fund new R&D.