Chinese Challenger To Nvidia Mints A New Billionaire As Its Stock Soars Over 420% In Trading Debut [Forbes]
NVIDIA Corporation (NVDA)
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Source: Forbes
hang Jianzhong, founder of Moore Threads Technology, has joined the billionaire ranks as shares of his Chinese AI chipmaker soared over 420% on its Shanghai market debut amid optimism it could one day become the Nvidia of China. The 59-year-old chairman and CEO of the Beijing-based firm has amassed a fortune of $4.3 billion based on his stake in the company, according to Forbes estimates. Moore Threads raised 8 billion yuan ($1.1 billion) in late November by selling 70 million shares at 114.28 yuan apiece, according to its prospectus The company did not respond to a request for comment. The initial public offering is one of the most anticipated in China this year – with the retail portion of the share sale being oversubscribed by 2,750 times despite a clawback mechanism that eventually allotted more shares to individual investors. Moore Threads now sports a market capitalization of 276 billion yuan and plans to use the proceeds for hiring as well as research and development. Be
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